A new report by Redfin reveals Florida’s housing market struggles with a significant increase in unsold homes, signaling a potential downturn as days-on-market continue to get longer and longer
Fort Lauderdale, FL – A recent report from the real estate brokerage Redfin highlights a striking trend in Florida’s housing market: the state has seen the most significant year-over-year increase in stale inventory across the United States. This surge is characterized by a notable influx of new properties entering the market, even as buyer enthusiasm continues to dwindle. Alongside Texas, Florida now holds the dubious distinction of having the highest proportion of homes that remain uncontracted for over 60 days, reflecting a shift in market dynamics and indicating potential challenges for sellers in attracting buyers.
According to Redfin, six of the top 50 metropolitan areas with the highest shares of stale listings are located in Florida. Miami tops the list with a staggering 63.8% of homes remaining on the market without a contract. A listing is considered stale if it stays on the market for at least 30 days without going under contract; Florida has more than doubled this number, with homes staying on the market for an average of 69 days before being sold.