According to the latest data from Florida Realtors, single-family home prices fell by 4% in April 2025 (NB: +50% compared to 2020), and sales by 4.5%.
Sales are slowing as buyers and sellers struggle to agree on a sale price.
Apartment sales fell by 16% in April in Florida, with a median price of $315,000 (down 6% statewide).
“As long as mortgage rates stay at about where they’re at, we should continue to expect some price erosion in most markets around the state, particularly in those markets where there’s still a lot of competition from new construction,” said Brad O’Connor, chief economist for Florida Realtors.
“That could all change, however, if mortgage rates start trending downward, closer to 6%, which would spur more buyer competition. There is still a lot of latent housing demand out there, with lots of would-be buyers just waiting for affordability to improve enough for them to jump into the market.”
Southwest Florida
Tom Hudson of WLRN’s Florida Roundup spoke with Karen P. Moore, editor of Southwest Florida Business Today, about the real estate market in that region. She said the slowdown in sales is nothing like the one that began in 2006. There are some red flags right now, but there are more safeguards in place today to prevent a crisis.
However, the Southwest region is still slowly recovering from the impacts of Hurricane Ian in 2022 and Milton and Helene in 2024. Buyers remain cautious, even inland, and Moore predicts that the condo market will be slow to recover.
Tampa Bay region
Hudson also spoke with Tampa Bay Times reporter Rebecca Liebson, who said that high interest rates and rising prices since 2020 are holding buyers back. “Financially, it just doesn’t make a lot of sense for a lot of people,” she said.
On the other hand, despite the market slowdown, they are still buying. The market is not at a standstill, but those who are buying are doing so because they really need a new home, not just because it’s a good opportunity, unlike in 2020.
After the hurricanes of 2024, there was a market surge, corresponding to sales of heavily damaged properties requiring total renovation to buyers looking to flip (renovate and resell quickly). That said, even this movement was relatively moderate, according to Liebson.
Northeast Florida
Stuart Korfhage, director of the Jacksonville Business Journal, reports that, according to local real estate agents, the decline in prices is a market adjustment back to normal rather than the beginning of a real estate crash.
Sellers still believe they are in a sellers’ market, while buyers believe they have entered a buyers’ market. This makes compromises and sales agreements difficult. The slightest flaw in a property is scrutinized and can jeopardize a sale (an old roof, outdated air conditioning) or at least cause the price to be renegotiated.
“Nothing is collapsing here,” says Korfhage. “It’s not that people no longer want to live here. It’s just that the indicators are no longer at their peak.” The region remains financially attractive and has benefited from the recent arrival of new buyers looking for more space.
