Miami Real Estate Collapses
Realtor.com has released its July 2025 Monthly Housing Market Trends Report. Among the things it examines is the change in the median price of a home for sale last month, with the figures for 2024 and 2022.
Miami had two huge weaknesses. One, the median home value dropped 17.8% over the two years to $509,950. The second is that the median days on the market of a home for sale was 88 days. The national figure was 58.
Although their figures were not as bad as Miami’s, the results were poor for Tampa, Jacksonville, and Orlando
Jacksonville And Orlando
That the results were poor across Florida’s top four markets is not an accident. Home insurance rates have increased sharply because of hurricanes, flooding, and tornadoes.
There are some cases where insurance companies have left the market completely. Most home buyers cannot get a mortgage without insurance. In a few instances, monthly insurance costs are as high as monthly mortgage costs.
Miami was, for decades, attractive because of its weather and low taxes, but storms and insurance rates have started to offset that.
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