Florida’s Sunshine Fades on Housing Market: Prices Dip After Pandemic Boom, But What’s Next?
Fort Lauderdale, FL – Florida’s once scorching hot housing market is showing signs of cooling down, with a significant drop in prices reported in September 2024. According to a recent report by Realtor.com, the median listing price in the state fell compared to the previous year, with some cities experiencing a steeper decline than others.
Florida’s housing market experienced a notable downturn in September 2024, with home prices falling across several major cities. According to data from Realtor.com, Miami saw the most significant decrease, with home prices dropping by 12.4%. Jacksonville and Orlando also reported declines, contributing to a broader trend of falling home prices across the state. The broader Florida housing market has seen prices decrease across many of its major cities, suggesting a widespread cooling of the real estate landscape.
Several factors are contributing to the decline in Florida home prices. One major reason is the rise in mortgage rates, which have increased significantly over the past year, averaging over 7% for a 30-year fixed-rate mortgage. This has made homes less affordable for prospective buyers, leading to decreased demand and lower prices.