Sales are down in May 2025 in Florida in the two main categories of residential real estate:
– Single-family home sales fell by -5.7% in May 2025 compared to May 2024;
– Sales of condos and townhouses (including mobile homes) fell by -19.9% in May 2025.
On the other hand, the inventory of properties for sale rose significantly in May 2025, with +28.8% more active listings compared to May 2024 across the entire market. Results: the inventory of single-family homes is now balanced with 5.6 months of coverage; however, the inventory of condos and townhouses is at 10.3 months, which is quite high and indicates an unbalanced market.
In addition, research and media company ResiClub studied Realtor.com listings in March 2025 and found that Florida had the largest inventory of real estate in the country, with 57% more properties for sale compared to March 2024.
Dr. Brad O’Connor, chief economist at Florida Realtors, points out that inventory is well below 2008 levels, which explains why prices are varying relatively little at the moment. They are still up 54% from May 2020 prices.
Relative decline in prices
However, with the increase in the number of properties for sale in Florida, some decline in price in both categories of real estate is to be expected.
According to data from the Florida Realtors Research Department, in partnership with local real estate agent associations in the state, median prices for single-family homes in Florida fell by 2.7% in May 2025 to $415,000. This is the third consecutive month that median home prices have fallen, but the decline was more pronounced in April 2025. Prices in May 2025 are roughly the same as they were in early 2022.
At the same time, median prices for condos and townhouses fell by 6.1% compared to May 2024, to $310,000.
Overall, prices are holding up fairly well, and these general trends mask significant nuances in each local market. In fact, median home prices have fallen in only 13 of Florida’s 22 metropolitan areas. However, the decline in median prices for the second property category (apartments and townhouses), which began in July 2024, is evident in 19 of the 22 metropolitan areas, marking a statewide phenomenon.
Dr. O’Connor adds: “For more than a year, within both property type categories, inventory levels have been in excess of the levels that were typical of the period of housing market stability we experienced from 2014 through 2019. They remain well below the levels we were seeing in 2008 when we experienced a large price correction during the Great Financial Crisis, which is why right now we are only seeing some minor price erosion by comparison.”
No collapse in sight
While concern is growing in some local markets, experts remain calm: a collapse of the Florida market is not on the cards. However, both buyers and sellers need to surround themselves with an experienced real estate agent to navigate the current uncertainties. Properties priced right are still selling, and the market is far from stalling.
