Florida Housing Market: Shifting in Favor of Buyers?

Despite rising mortgage rates and insurance costs, Florida's housing market remains an attractive place to buy a home. It's currently a balanced market that favors neither buyers nor sellers, but as inventory continues to grow, buyers may find more negotiating power and opportunities to secure favorable deals.Why It MattersFrom 2023 to 2024, Florida saw its population grow by 467,347, according to data from the United States Census Bureau.

However, affordability issues have impacted homeownership in The Sunshine State, driven by several factors. High home prices have made it difficult for many buyers to enter the Florida real estate market. According to data from Redfin, the median home price in Florida is $408,400, which is below the current U.S. median price of $429,963 but still higher than other popular housing markets like Texas and North Carolina. Additionally, rising mortgage rates have increased monthly payments and further strained buyers' budgets.Moreover, homeowners insurance costs in Florida have surged due primarily to inflation, natural disasters and rising insurance claims. As a result, many aspiring homeowners have been finding it challenging to afford homes, leading to a slowdown in the market and an increased inventory of unsold homes.What To KnowThe housing market in 2025 could see a shift that favors buyers in The Sunshine State. Hannah Jones, senior research analyst at Realtor.com, told Newsweek it'll be driven by increased housing inventory and home prices dropping. If mortgage rates fall, it would 'add gas to the fire' and lower another hurdle in people being unable to afford to buy a home in Florida.'Florida is currently in a balanced housing market,' Jones said. 'Though Florida is not yet a true 'buyer's market,' homebuyers are in their most favorable position in more than five years.'According to data from Redfin, November home prices in Florida were up 0.9 percent year-over-year, with a median price of $408,40

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