Parts of Florida’s housing market are looking increasingly vulnerable to possible price declines, according to a new report.
Real estate experts at ATTOM, a property analytics firm, suggested that some counties in the Sunshine State are now among the housing markets in the country most at risk. While this could be could welcome news for some potential buyers struggling to get on the housing ladder, homeowners in those areas may well be dismayed.
ATTOM’s Quarter 3 2024 Housing Market Impact Risk Report, published on Friday, showed some of Florida has joined the list of places that are home to the most at-risk counties. The report follows a string of warnings about Florida’s real estate market.
Florida experienced an overall drop of 10.2 percent in home buying from October 2023 to October 2024 amid fears of hurricane damage, higher insurance costs and new safety regulations, and homes generally took longer to sell, according to a recent report by Redfin. But the median sale price for the whole state was still up 1.3% year on year to $410,000, according to Redfin, and the National Association of Realtors told Newsweek that it doesn’t expect to see price declines.
A foreclosure sign hangs in front of a home in Miami, Florida, in this archive image from December 14, 2006. A new report suggested that some counties in Florida are at risk of declining prices. A foreclosure sign hangs in front of a home in Miami, Florida, in this archive image from December 14, 2006. A new report suggested that some counties in Florida are at risk of declining prices. Joe Raedle/Getty Images
Experts are warning that Florida may face an exodus of residents as homeowners baulk at insurance costs being driven up by extreme weather. Recent storms Helene and Milton, which arrived within a fortnight of one another, have already resulted in $1.4 billion and $2.4 billion worth of damage, respectively.
Embattled homeowners will be concerned that experts are now identifying some Florida counties as being among the most troubled housing markets in the country. Two-thirds of the 50 counties around the U.S. considered most exposed to potential fallbacks were concentrated in California, Illinois, New Jersey and Florida.
Florida’s Housing Market Now Classed at ‘Higher Risk’
