From 2020 to 2022, the U.S. housing market strongly favored sellers. More recently, the U.S. has entered a neutral market with one exception: Florida.
According to Zillow’s Market Heat Index, Florida cities make up seven out of the 12 top buyer’s markets in the country. Construction on new properties is a priority for the state and is driving inventory back to pre-pandemic levels. This gives buyers more housing options while facing less competition from other prospective homebuyers. Buyers may also receive seller concessions that can help lower homebuying-related costs.
Meanwhile, home prices are also dropping in Florida. U.S. News reports that 30.7% of Florida homes are experiencing price drops and staying on the market 16 days longer than last year. Zillow reports that an impressive 71.4% of houses in Florida sold for under listing price.
Between lowering prices and increasing inventory, now could be a great time to purchase a home in Florida.