Florida’s housing market is facing a slowdown, impacted by factors such as back-to-back hurricanes and rising property insurance costs, according to a recent report from Redfin Real Estate.
Lindsay Garcia, a Redfin agent based in South Florida, noted that the market is currently “very slow,” and with the holiday season approaching, it is expected to slow even further. However, she pointed out that vacation rentals remain a steady market, particularly with the influx of snowbirds.
The report highlights that while Orlando’s housing market is showing signs of recovery after a 14% drop following Hurricane Milton, Florida still accounts for five of the U.S. metro areas with the fastest-declining home sales. These areas include Fort Lauderdale, Miami, West Palm Beach, Jacksonville, and Tampa.
Garcia explained that condos are hit hardest, noting that single-family homes typically have more options. She also cited the impact of the 2022 Surfside condo collapse, which led to stricter building safety regulations. As a result, condo homeowners are facing higher HOA fees and special assessments for mandatory inspections and repairs, causing some condos to sit on the market for over a year.
Despite the current challenges, Garcia remains optimistic. With a recent drop in interest rates, she anticipates further reductions by the Federal Reserve in the coming year, which could help improve the housing market outlook.
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