Florida’s four largest markets – Miami, Orlando, Jacksonville and Tampa – have shifted into buyer’s markets over the past month, according to a Realtor.com analysis.
The report classifies buyer’s markets as those that have a growing inventory, homes staying on the market longer and increasing price cuts or delistings. A balanced market typically has between four and six months of supply; anything more than six months fits the category of a buyer’s market.
Florida’s shift highlights stark regional contrasts that can be masked by national trends, according to Realtor.com. On average, the country has about five months of housing supply. However, there is a great disparity between some markets. For example, Miami has 9.7 months, while Milwaukee has 2.7.
“In one city, buyers face bidding wars; in another, builders pile on concessions,” said the report.
“It’s key to take note of what’s happening in different regions within the housing market because national figures can hide the various conditions throughout the country.”
Florida’s inventory has been building in the post-pandemic period, growing by 143% by February 2023. That represented an increase from roughly 36,000 listings in 2022 to 86,000 a year later. Today, Florida has more than 167,000 active listings, representing more than 15% of the nation’s for-sale housing inventory of nearly 1.1 million. The state has more active listings than any other state and is followed by Texas, which has nearly 140,000 active listings. California is a distant third with 77,000 listings.
Miami has become one of the nation’s relocation destinations in the wake of the pandemic, attracting buyers from costlier coastal hubs such as New York City, but homes have started to linger for longer, signaling softening conditions. Miami leads the nation in seller pullbacks with 57 homes delisted for every 100 newly listed in July, the highest delisting-to-new-listing ratio among major metros. This suggests many Miami homeowners prefer to pause plans to sell rather than reduce prices to find a buyer, according to the report.
Orlando, a tech and tourism hub, surged in popularity during and after the pandemic as buyers were drawn to its relative affordability. Homes are spending 14 more days on the market than a year ago, and the percentage of inventory that had a price reduction is nearly 24%, highlighting increased seller flexibility, according to Realtor.
Jacksonville has 6.3 months of supply, signaling a tilt toward buyers. The active listing count in Jacksonville is up 12% over the past year, and the median listing price has fallen 2.6% to $400,000. Nearly a third of homes have seen at least one price reduction.
Finally, Tampa has 6.3 months of inventory, with the active listing count up 16.3% year-over-year and the median listing price holding at $415,000. One home is delisted for every three newly listed, a high ratio that signals seller frustration.
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