Florida’s real estate market is experiencing a shift.

* **Rising Interest Rates:** Mortgage rates are significantly higher than in recent years, impacting affordability and buyer demand.
* **Inventory Increase:** Housing inventory is growing in many Florida markets, offering buyers more choices but potentially slowing price appreciation.
* **Price Adjustments:** While some areas still see price gains, price reductions and slower appreciation are becoming more common. Some markets have experienced price declines year-over-year.
* **Days on Market:** Properties are staying on the market longer compared to the peak of the pandemic-era boom.
* **Regional Variations:** Market conditions vary greatly across Florida, with coastal areas and major metropolitan regions often behaving differently than inland or rural locations. Specific markets like Miami continue to show strength, while others are cooling more rapidly.
* **Seller Incentives:** Sellers are increasingly offering incentives like paying closing costs or providing concessions to attract buyers.
* **Inflation Impact:** General inflation and rising insurance costs are contributing to affordability challenges.
* **Migration Trends:** Florida continues to experience population growth, although net migration may be slowing compared to peak pandemic levels.
* **Median Sales Price:** The median sales price for existing single-family homes in Florida was $420,000 in April 2024.
* **Months’ Supply of Inventory:** Florida had approximately a 4.5-month supply of inventory in April 2024. This is up from previous lows, but still indicates a moderately balanced market.