Housing Inventory On The Rise In Some Florida Cities

Housing inventory
Rising housing inventory throughout many markets in Florida is welcome news for buyers.

Florida’s housing market, once a red-hot seller’s paradise, is starting to see a shift. While the Sunshine State still boasts warm weather and beautiful beaches, some cities are experiencing a rise in housing inventory, giving prospective buyers a much-needed edge. In fact, in many markets we are not only seeing properties take longer to sell, but many are even having to implement price reductions to entice buyers.

Housing inventory on the rise

Across the nation, housing inventory has seen a modest increase. But Florida stands out, with a whopping 34% year-over-year surge according to recent data [U.S. Cities With the Biggest Increase in Housing Inventory]. This doesn’t translate to a uniform rise across the state, however. The hike is particularly significant in Southwest Florida, specifically in areas impacted by Hurricane Ian. Places like Cape Coral and Fort Myers saw a significant number of homes sidelined for repairs, boosting available inventory.

Of course, this trend isn’t limited to hurricane-affected zones. Jacksonville, another major Florida metro area, is also experiencing a rise in listings, making it a potentially good time for buyers to enter the market there.

Increasing housing inventory and home prices

While a rising housing inventory is positive news for buyers, it could also signal a softening in home prices. We’re already seeing price declines in some Southwest Florida markets, particularly those with the biggest inventory jumps. This trend could continue if more houses become available.

The increase in inventory creates a more balanced market, giving buyers more options and potentially some negotiating power. However, it’s important to remember that Florida’s housing market is still recovering from the recent surge. Inventory levels haven’t reached pre-pandemic baselines in most areas.

Summary

The Florida housing market is evolving. While some cities are experiencing a rise in available homes, it’s not a uniform trend across the state. If you’re considering buying a home in Florida, research the specific market you’re interested in. Look for data on inventory levels and price trends to understand the landscape and make informed decisions. Most importantly, even with a more balanced market, consulting a local and knowledgeable real estate agent is always a wise move to navigate the buying process.

Are you thinking about buying or selling a property in the South Florida area? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, be sure to download the free Florida Home Search app for your smartphone or tablet.

By natasha moore

REALTOR® with Live South Florida Realty, Inc.