‘Nothing’s falling off the cliff’: A look into Florida’s real estate market, slowdown of home sales

The Florida real estate market is experiencing a noticeable slowdown, but experts agree it’s far from collapsing. According to WUSF’s The Florida Roundup, sales of single-family homes and condos have declined across the state. In April, condo sales dropped by 20% in Hillsborough County, 21% in Miami-Dade, 15.5% in Southwest Florida, and 27% around Panama City.

Home prices have dipped about 4% compared to April last year, following a 50% surge since 2020. Affordability remains the biggest challenge, with rising mortgage rates, insurance premiums, and HOA fees—especially after the Surfside condo collapse—putting pressure on buyers and sellers alike.

Inventory levels are rising sharply in South Florida: up 46% in Miami-Dade, 44% in Broward, and 30% in Palm Beach. Median prices are softening slightly (down 5–7%) but remain relatively stable. Pending sales show steady demand in most areas.

Unlike the 2006 housing bubble, today’s market is more regulated and better structured. The shift is seen as a correction rather than a crash. Older condos are being hit hardest, with some losing over 20% in value due to soaring insurance and maintenance costs.

Looking ahead, analysts expect a moderate adjustment, not a market collapse. While Florida is moving past its pandemic-fueled boom, resilient markets like Miami and Jacksonville remain strong, even as cities like Orlando and Tampa face. For more iformation click here.