The Florida housing market has been a topic of much discussion lately, with many asking questions about whether or not prices are dropping and if they should wait to purchase a home until they get a better deal. The truth is, to make a wise decision about buying a home, you need to understand the facts of the market. This article provides information on these questions and statements based on facts from economists and the author’s years of experience in the real estate industry.

Are housing prices dropping in Florida?

The first question is whether or not prices are dropping. The answer is that prices are corrected, mainly in the listed price, not the sold price. However, the median price is still strong, and sellers receive around 98% of their asking price if they have corrected it to the current market. Some economists predict prices will remain flat or rise by about 5% in Florida.

The next question is whether prices will continue to drop. The answer is that sales have slowed down, but this is not the only factor in correcting the market. A flooded supply was one of the root causes of the last recession, but this is not the case in the current market. New listings are about the same as in 2019, and home builders have learned from the past and are unlikely to overbuild homes. Mass foreclosures are also unlikely because homeowners have gained a lot of equity and will not want to give their keys to the bank.

What is driving home buyer demand in Florida?

The state is a hot location for remote workers, with lower housing affordability compared to the east and west coasts of the United States and no state income tax. Over a thousand people are moving to Florida every day, putting more demand on the market. This demand is keeping the Florida housing market very competitive.

The cons of Florida’s housing market in 2023

There are some negatives in the Florida housing market, such as high mortgage rates and insurance costs. However, if you need to move because of a job or family situation, buying a home may be a better option than paying the high rental rates. It is impossible to predict what will happen in the next year or two with the economy and home prices, but if you need to purchase now, prices are expected to remain flat or increase by a small amount.

In conclusion, if you are considering buying a home in Florida, it is a good time to do so. You can take a breath and decide, and there are some great deals on new construction homes. If you have any questions or thoughts about the real estate market, the author encourages you to reach out.

Are you worried about the Florida housing market? Is the market about to crash? In this video, 🎬 we will discuss the Florida housing market and whether or not you should be concerned. Although the Florida housing market has been doing well lately, things might not last. In this video, we’ll discuss why the Florida housing market may change and what you can do to protect yourself. Although the market is unpredictable, it’s important to be prepared for anything. So if you’re worried about the Florida housing market, watch this video and get the information you need to make an informed decision.

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I am Maria Wells, Broker/Owner of Lifestyle Realty Group. Located on the Treasure Coast of Florida, I am your neighborhood expert in Stuart, Jensen Beach, Palm City, Hobe Sound, Sewalls Point, Hutchinson Island, and more.  With six real estate designations, I bring you knowledge and insights beyond the average Realtor.  I will listen to what you are asking, read between the lines, and give you the information you may not know to ask. 

As the 2017 elected State President of Florida Realtors, the largest state trade organization in the US serving over 180,000 members, and, in 201,9 elected Region 5 Vice President for the National Association of Realtors, I convey tremendous experience and knowledge to handle the complexities of real estate to be your strong advocate. My Concierge philosophy and resources will provide you with personalized attention and service!  As a persuasive negotiator, I will get you to the closing table, manage all the details for a worry-free transaction, and be a resource for all your real estate needs for years to come.

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I live in Jensen Beach, Florida with my husband, where we raise Orchids 🌸, polish up our Harleys 🏍 , and enjoy our grown children and one adorable grandson.👶🏻 🍼.  Photos 🎥 by Dragonfly Aerials – dragonflyaerials.pics  

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