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Florida's Real Estate Market Has a Split Personality: What To Know If You're Buying or Selling in the Sunshine State

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Florida's Real Estate Market Has a Split Personality: What To Know If You're Buying or Selling in the Sunshine State


Florida’s housing market is a tale of two states. On the coast, condo prices are falling with residents being driven out by high insurance costs and assessment fees, while inland, the cost of single-family homes is holding steady.

Local experts say this divergence is driven by soaring insurance premiums and rising assessment fees under new state regulations, which have significantly affected condo owners.

“I am feeling a major slowdown in the market,” says Realtor.com® senior economist Joel Berner. “I feel like it’s a buyer’s market right now, unless the house is perfect and perfectly priced.”

After years of demand and robust equity gains, Florida’s housing market is changing—but it might not be on a downturn. Realtor.com has analyzed the data to provide insights into the current state of Florida’s housing market.

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The cost of single-family homes inland is holding steady.

(Getty Images)

Why the fuss over Florida?

Florida is the biggest housing market in the country, with the most homes for sale. Despite California having almost twice as many residents, Florida has nearly double the number of home listings in any given year, accounting for about 1 out of every 8 listings in the U.S.

“Florida remains a bellwether state,” Jenny Lenz, the managing director of Dolly Lenz Real Estate in Naples, FL, says of the state’s reputation. “Consistently attracting people from around the globe due to its significant tax advantages, perfect weather, and booming economy.”

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Housing stock has been on a tear in Florida since early 2022, and especially over the past year. In recent months, the number of homes for sale is up 50% compared with the same time in 2023, and that’s after inventory rose by around 30% the year before. Instead of a winter dip in homes hitting the market this past year, they just kept piling up.

This means, in 2024, Florida listings made up about 1 out of every 5 in the U.S.

That surge in listings has led to falling home prices, especially in some Southern Florida markets.

More than one market

Florida is a large and diverse state, and that’s certainly reflected in its various housing markets.

The main distinction: Single-family homes—which are mostly found inland—are experiencing stable market conditions. In contrast, there’s turbulence in the state’s vast condominium market, with inventory surges and a concentration of price reductions.

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The reason for the divergence, according to local experts, is two-fold.

First, rising insurance premiums in Florida are squeezing the condo segment, according to Lindsey Johnson, a Realtor® with Keller Williams in Gainesville.

“Insurance is a massive factor right now in the state of Florida, especially for some of those southern lower coastal areas,” Johnson says. “The insurance rates are going up a lot.”

Recent studies found Florida to be among the most expensive states for home insurance, with more rising premium costs expected.

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But just as important is the continuing fallout from the deadly collapse of Miami’s Surfside condominium building in June 2021, says Jennifer Levin, a Realtor with Compass in Fort Lauderdale.

In the wake of the disaster, which killed 98 people, new state laws have been put in place to attempt to prevent the same thing from happening again. But the measures come with steep costs to cover additional inspections and new condo-owner association reserve fund requirements.

“The big pullback in the market is in the condo market because of the rising insurance costs and new laws that require buildings to have full reserves by next year,” Levin explains. “Prices are pulling back, because nobody can afford the association fees anymore.”

Champlain Towers South Condo in SurfsideChamplain Towers South Condo in Surfside
In the wake of the deadly collapse of Miami’s Surfside condominium building, which killed 98 people, new state laws have been put in place to attempt to prevent the same thing from happening again.

(David Santiago/Miami Herald/Tribune News Service via Getty Images)

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Some condo owners, Levin says, are facing assessments that can add up to more than $100,000, in the case that a condo building needs newly required maintenance and additional reserve funds.

It’s a combination of conditions that’s sapping value from the condo market, local real estate experts agree.

Condo prices are down around 12% since the peak of demand in 2022, while single-family homes are roughly even compared with the same time. In fact, there’s been a year-over-year decline in condo prices, but single-family home prices are now on the upswing—even if they’re not seeing the kinds of COVID-19 pandemic-driven increases like they did in 2020 and 2021.

The same divergent trends appear when separating coastal areas from noncoastal areas. In Florida ZIP codes that touch the coast, list prices are down year over year, by 1.3% on average. In noncoastal ZIP codes, prices are up 2% on average.

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And for properties with a “beach” designation in the listing, the time spent on the market has been growing faster than for single-family homes. Whereas “beach” listings and “non-beach” listings were selling in almost the same amount of time during the peak of the pandemic demand surge, now properties near the beach take about eight days longer to sell—and that gap has been widening.

Experts say sellers of these kinds of homes need to adjust their strategies.

“A lot of sellers are still unrealistic. They’re still living in 2022, and they just can’t get over it,” Berner says. “If a house is on the market for six months, that says that the seller’s expectation is unreasonable.”

 

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Southern stagnation, northern growth

There’s also a meaningful difference between the southern and northern ends of this peninsula. In general, the upper half of the state is more affordable, leading to persistent demand and stabilized prices. And South Floridians have caught on.

“There’s a migration from Dade and Broward County to Palm Beach County,” Levin says.

Amy Simmonds, a Realtor and the principal of The Simmonds Team Compass in Palm Beach, sees it plainly, too. Folks are moving north, she says, trading pricey, big cities for smaller, cheaper communities.

“They’re cashing out in Miami and buying a brand-new, adorable little house in Port St. Lucie for $600,000,” she says.

Florida’s fate

“We continue to see strong sales and high demand for quality products in prime locations,” Lenz says, characterizing the current state of Florida’s market as a “shift toward a more balanced and healthier average.”

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But what happens next will depend largely on mortgage rates, which are expected to drop later this year. If and when that happens, experts predict Florida’s housing market will send fewer mixed signals.

“If interest rates magically plummeted tomorrow,” Johnson says, “this market would take off again.”





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Florida

A Shakeup the Florida Gators Need ahead of LSU

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A Shakeup the Florida Gators Need ahead of LSU


The Florida Gators can almost taste the bowl invite. Yet, with twelve quarters of football remaining in the season, the team needs to rapidly improve their pass rush. While detractors look up the fact that their 20 sacks sit in a three-way tie at 11th in the SEC, the problem goes deeper than that. 

Florida tends to send the house at times, employing defensive backs into the fray, just to generate even a scintilla of pressure. Teams know what’s coming and show absolutely-zero fear. The lack of quality pass rushing up front continues to hound the Gators. With a bowl berth on the line, they need to change what doesn’t seem to work.

Shuffle The Lineup

By now, everyone knows and understands what Tyreak Sapp brings to the table, but what about the players behind him? With far fewer snaps, LJ McCray flashed upside. Why not deploy him into a defense that plays a team that does not have too much film, since he does not see the field often? 

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At 6 foot 6 inches and 265 pounds, McCray possesses the arm length and strength to win on the outside, keeping clean and collapsing one side of the line. With so many athletes in the front seven, not using all of them, especially the youngest ones, does not help. Florida needs to wins now and a passive approach to pass rushing isn’t working. 

Versatility and Aggression

Using an even front as a base does not hurt anyone. In fact, you can game the line of scrimmage. By using stunts and loops, offenses will struggle to quickly adjust, not knowing where the pressure begins. Zone blitzes, overloading a side, delayed blitzes all could bring a positive end result. 

Basically, Florida cannot operate with the thought that if the rush doesn’t get home, the secondary gets toasted. In actuality, the secondary, to this point, performed well against the majority of their opponents. Can’t count Texas as the Longhorns slice defenses with relative ease. Florida needs to let the athletes on the team play athletically. Turn them loose upfield and see what they generate.

Overview

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The University of Florida navigated a brutal schedule with heart and a belief. Now, the pass rush needs to join the party. The Gators need to win two of their final three games. That includes a win versus either LSU or Ole Miss.

As only a 3.5-pount underdog to LSU, that doesn’t look like an impossible task. The Tigers and Rebels both love to throw the ball. As a result, a competent and consistent pass rush could shift the narrative.



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New Jersey Devils take down Florida Panthers 6-2

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New Jersey Devils take down Florida Panthers 6-2


SUNRISE, Fla. — The Panthers were hoping to take back a win against the Devils after that 4-1 lose earlier this week.

But that was not the case — as New Jersey heads out of South Florida with back to back wins with a 6-2 victory.

Although it wasn’t the result they were looking for, the Panthers luckily have a long season ahead of them.

“Obviously we have not been happy about our last two games, especially tonight’s game. So obviously move on, learn from it and move on,” said Aleksander Barkov.

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“Like we worked for those and they got it so obviously it sucks for us but they needed it so, forget and move on I guess,” said Jesper Boqvist.

It’ll be a tough schedule ahead — as the Panthers will have back to back games against Winnipeg — and the Devils and Florida will have one more game in the regular season, but not till Jan. 14.

So hopefully then the Panthers will get that much needed payback.





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Florida AG sues FEMA over ‘damning’ revelations agency deliberately ignored homes of Trump supporters: ‘Swift legal action’

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Florida AG sues FEMA over ‘damning’ revelations agency deliberately ignored homes of Trump supporters: ‘Swift legal action’


FEMA’s disaster of its own making keeps getting worse.

Florida Attorney General Ashley Moody is suing current and former Federal Emergency Management Agency officials, claiming they “conspired to interfere with the civil rights of Trump voters” in the state by withholding aid in the aftermath of Hurricanes Helene and Milton.

The bombshell lawsuit follows alarming revelations its workers were given orders to avoid dozens of homes of Trump supporters in Lake Placid in a shocking display of political favoritism.

The scandal came to light after FEMA fired agency supervisor Marn’i Washington, who later claimed that systemic discrimination at the disaster relief agency was “colossal” both in Florida and beyond and alleged she’s been made a “scapegoat” by the agency.

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Florida Attorney General Ashley Moody is suing several current and former FEMA officials over their avoidance of homes belonging to Trump supporters, a lawsuit which Gov. Ron DeSantis threw his full support behind. Getty Images

“Hurricane season is not over, and the federal agency in charge of emergency response is embroiled in scandal – caught withholding aid from storm victims in Florida who support President Trump,” Moody said in a press release announcing the suits.

“I am taking swift legal action to find out how far this political discrimination reaches and to make sure all Americans who fall victim to devastating storms are served, regardless of their political affiliation.”

Highlands County, where Lake Placid is located, went 70% for President-elect Trump in the election.

A FEMA official backed up Washington’s claims, telling The Post the agency’s practice of skipping Trump-supporting houses — or avoiding “white or conservative-dominated” disaster zones altogether — is an open secret at the agency that has been going on for years.

Field agents were told to avoid storm-battered homes with Trump signage in their yards, which one fired worker admitted was part of a “colossal” systemic campaign of discrimination. AP

In her announcement of Washington’s termination, FEMA administrator Deanne Criswell, who is named as a litigant in the legal action, called the directive to skip homes based on political affiliation violated the agency’s “core values and principles,” and vowed to do everything she could to ensure it never happens again.

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Florida Gov. Ron DeSantis, incensed by FEMA playing politics with disaster victims in the state, also blasted the federal agency in announcing his support for the legal action.

“It’s unacceptable for the federal government to discriminate against Floridians who voted for Trump, and especially egregious in the aftermath of a hurricane,” the governor said in a press release.

Congressional Republicans have vowed to investigate whether the agency abdicated its duty to the American people. ZUMA Press

“I’m supportive of this legal action by the Attorney General’s Office, and I have instructed state agencies to likewise take any action necessary to investigate and ensure those who engaged in this behavior are held accountable.”

Congressional Republicans said they plan to launch multiple investigations into whether FEMA abdicated its duty to the American people.

“This will be investigated,” promised North Carolina GOP Sen. Ted Budd on Tuesday in an X post.

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“Anyone who abuses the power of the federal government to hurt North Carolinians in need will be held accountable,” Budd added. “I will personally see to it.”

AG Moody’s complaint outlines what the office calls “the terrible facts of the civil rights violations” in the aftermath of the devastation wrought by Hurricanes Helene and Milton in September and October.

The legal document names both Washington and Criswell, and is seeking both nominal and punitive damages on behalf of affected Florida homeowners, includin legal fees.

A FEMA spokesperson told the Post Thursday that the agency “does not comment on pending litigation” and included a link to the agency’s website on employee conduct.

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