Florida’s real estate market is experiencing a shift. Inventory is rising, and price growth is slowing.
* **Inventory:** Increased significantly in many metro areas year-over-year. Some areas have seen inventory doubling or tripling from previous lows.
* **Price Growth:** Decelerating after significant gains in 2021 and 2022. Some markets are seeing price reductions. Median sales prices are still elevated compared to pre-pandemic levels, but the rate of increase has moderated substantially.
* **Interest Rates:** Elevated interest rates impact affordability and buyer demand. High rates are contributing to longer times on the market.
* **Days on Market:** Homes are staying on the market longer than in the recent past, indicating a cooling trend.
* **Sales Volume:** Total sales volume has decreased year-over-year in many areas due to decreased demand.
* **Regional Differences:** Market conditions vary significantly across the state. Coastal areas often differ from inland areas. Demand in certain areas remains robust due to migration patterns.
