Miami, Tampa Home Prices Drop

By Douglas McIntyre  •  August 26, 2025
Daniel Alvarado Pexels

The S&P Case-Shiller Home Price Index rose again in June. Across the nation, they were up 1.9% year over year in June. Two of the notable exceptions were Miami and Tampa. Tampa prices dropped the most among the 20 cities measured. 

Nicholas Godec, CFA, CAIA, CIPM, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices commented The regional rotation from Sun Belt to traditional industrial centers likely reflects more sustainable fundamentals—employment growth, relative affordability, and demographic shifts that favor established metros over speculative markets.” The study’s only Florida cities are Miami and Tampa.

What is notable, according to Godec, is that this reverses a long-term trend. Outside the reasons he gave, there are several others. People moved to Florida for favorable taxes and the weather. They currently face hurricane damage and some of the highest home insurance rates in America. The total cost of owning a home in some parts of Florida has skyrocketed. 

Detroit And Cleveland

Where are prices rising? In the old industrial cities of the Midwest. These are cities people left to go to Florida, and some have lost half of their population since the 1950s. Home prices rose 4.47% year over year in Cleveland and 4.32% in Detroit in June. Both markets still have extremely low home prices as well. 

Florida has been one of the fastest-growing states in the U.S until recently. That’s changing

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