All four of Florida’s major metro areas have shifted into buyer’s market territory, just years after people were desperate to buy in the Sunshine State.
The Covid-19 pandemic sent the housing market into a frenzy, and no state was affected more than Florida.
The housing boom saw rapid price increases, mass migration to the state, high demand and low inventory.
People from across the US poured into the state to enjoy the sunshine, space, low taxes and suburban lifestyle that Florida has to offer, and property developers worked fast to meet demands.
Now, just five years later, the market has fully shifted.
Thanks to overdevelopment, rising insurance and homeowners association fees, and economic uncertainty under President Donald Trump, homes are no longer selling in the state.
Miami, Orlando, Jacksonville, and Tampa are all officially buyer’s markets.
A buyer’s market occurs when there are more homes for sale than buyers. This gives buyers leverage: they can negotiate lower prices, ask for concessions, and take their time finding the right property.
Florida’s four major metro areas – Miami (pictured), Orlando, Tampa, and Jacksonville – are all buyer’s markets now
CoreLogic chief economist Selma Hepp
By contrast, a seller’s market has more buyers than available homes, meaning houses sell quickly — often above asking price — and buyers have less negotiating power.
The months of supply metric shows how long it would take to sell all homes currently on the market if no new listings were added, assuming homes keep selling at the current pace.
Low supply — characterized by two to three months — favors sellers, while high supply — of six months or more — favors buyers.
In a buyer’s market, homes sit on the market for longer, and sellers are more likely to reduce prices or delist their properties when asking prices aren’t met.
While Florida was the ultimate example of a seller’s market just a few years ago, the state is now leading the charge of areas transitioning to buyer’s markets.
Florida accounts for more than 167,000 active listings — about 15 percent of all the homes for sale nationwide, despite only making up 6.7 percent of the US population, according to Realtor.com.
In February 2023, Florida recorded the steepest inventory growth in the country with a 143 percent year-over-year increase. By comparison, Texas rose 109 percent and the US figure was just 67 percent.
Of the top 50 US metros, seven had at least six months of supply in June, placing them in the buyer’s market category.
Miami (pictured) topped the list of metro areas that are currently buyer’s markets with a 9.7 months’ supply, meaning it would take almost 10 months to sell all of the city’s listings at the current pace
During the pandemic people were eager to buy property in Florida as Americans flocked to the state for sunshine and space (pictured: Jacksonville)
Due to the pandemic housing boom, builders developed tons of new properties to meet demand (Pictured: Tampa)
Miami, was at the top of the list — with a 9.7 months’ supply, meaning it would take almost 10 months to sell all of the city’s listings at the current pace.
In June, the median price of a home in Miami was $510,00 — down 4.7 percent from the same time last year.
Meanwhile, the city’s inventory surged 35 percent compared with the same period in 2024, and the average home waited for a buyer 15 days longer than last year.
Another sunny Southern metro came in third — Orlando, with a 6.9 months’ supply.
In June, the city — which famously houses Disney World — saw a median listing price of $429,473, a 3.4 percent decrease. Orlando has been a buyer’s market since January.
Also in the rankings were Austin (7.7 months’ supply), New York City (6.7 months’ supply), Jacksonville (6.3 months’ supply), Tampa (6.3 months’ supply), and Riverside (6.1 months’ supply).
While a buyer’s market is obviously great news for buyers, it can be an ominous sign for the economy as a whole.
A buyer’s market can be an early warning sign of a cooling market, or even a housing market crash, because it usually indicates other economic struggles — such as affordability crises, high interest rates and weak consumer confidence.
Now there are too many properties on the market and not enough sellers in Florida, placing the state firmly in buyer’s market territory
Orlando, another sunny Southern metro, came in third place in the rankings of buyer’s markets with a 6.9 months’ supply (Pictured: Orlando’s Disney World park)
The 2008 financial crash started with a buyer’s market.
It was also fueled by the subprime mortgage collapse (when lenders gave loans to borrowers with poor credit or unstable incomes), foreclosures, and job losses.
Florida has already seen house prices drop, and CoreLogic chief economist Selma Hepp warned earlier this year that ‘further price deceleration is ahead.’
‘While this year’s cold winter and large natural disasters play a role in dampening demand, falling consumer sentiment suggests potential homebuyers are wary of the short-term economic outlook and future inflation,’ Hepp said.
