Florida Real Estate Update: Market Stabilizes, Buyers Gain Power, and Insurance Relief Expands

Florida’s real estate market is showing signs of stabilization as the property insurance industry rebounds, reporting $944 million in net income by the end of 2024, a sharp contrast to the $741 million in losses after Hurricane Ian in 2022—though high premiums and limited coverage remain concerns. Buyers are gaining leverage, with 15% of pending home sales canceled in June 2025—the highest rate since 2017—especially in Sun Belt states like Florida. Interestingly, older condos (over 30 years old) are selling faster than newer ones, likely influenced by new laws requiring safety inspections and urgent repairs. The state’s “My Safe Florida Home” program received $280 million in funding for the 2025–2026 fiscal year, helping 45,000 homeowners strengthen their properties and save an average of $1,014 annually on insurance premiums. In the luxury market, ZIP code 33109 (Fisher Island, Miami Beach) was named the most expensive in the country, housing around 600 residents with access only by boat or helicopter. Meanwhile, St. Petersburg saw a record-breaking residential sale of $8.8 million in Snell Isle, marking the highest sale in Pinellas County so far in 2025. For more information click here.