Florida Housing Prices Start To Collapse
As home prices continue to rise across much of the nation, they have moved sharply in the opposite direction in some Florida cities. This is particularly true in cities hit by hurricanes or those with a real future threat.
*Florida Storm Trouble
The National Realtors Association (NAR) examined home prices in America’s 220 largest cities from 2021 through the third quarter of this year. The data included median home prices and the market price change from the third quarter of 2023 to the third quarter of 2024.
Nationwide, home prices rose 3.1% in the third quarter to a median of $418,000. Low inventory is among the factors keeping prices up, and many Americans’ incomes continue to rise.
Rising Prices
Most of the really large increases came in small cities—homes in Blacksburg, VA, by 10% to $324,000. They rose by 10.1% in Columbia, MO, to $348,000. In Decatur, IL, they were up 10.9% to $142,000. In Norwich, CT, they were up 10.6% to $400,000.
Florida was different. Destroyed homes. High insurance rates. Years of rebuilding. It damaged net worth. Prices in Punta Gorda, FL, 60 miles south of Tampa, are down 6.7% to $350,000. In Sarasota, FL, they are down 5.5% to $485,000. In Cape Coral, they are down 3.7% to $390,000. Home prices have risen by double digits in the last decade in each of these places.
As the storms become more violent and frequent, home prices will continue to decrease.
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