{"id":78059,"date":"2024-06-11T05:00:38","date_gmt":"2024-06-11T12:00:38","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78059"},"modified":"2024-06-10T14:18:22","modified_gmt":"2024-06-10T21:18:22","slug":"housing-markets-cooling-fast-florida","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-markets-cooling-fast-florida\/","title":{"rendered":"Housing Markets on Florida\u2019s West Coast Are Cooling Faster Than Anywhere Else in the U.S., With Supply Rising and Demand Falling"},"content":{"rendered":"

A new-construction boom is contributing to listings surging to pre-pandemic levels on Florida\u2019s west coast, cooling competition during a period when natural disasters and rising insurance costs are already discouraging homebuyers. But while high housing costs are hampering many U.S. housing markets, Rochester and Buffalo are heating up, with homebuyers attracted to relatively low prices.\u00a0<\/span><\/i><\/p>\n

Housing markets in western Florida are cooling faster than anywhere else in the country as natural disasters intensify, new construction soars and the pandemic-era homebuying demand boom fades further into the rearview mirror.\u00a0<\/span><\/p>\n

North Port\u2019s housing market is cooling fastest, followed by Tampa and Cape Coral. There are three other Florida metros on the list of 10 housing markets cooling quickest: Orlando, FL comes next, followed by Denver, Houston, Minneapolis, Jacksonville, FL, Lakeland, FL and Dallas.\u00a0<\/span><\/p>\n

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This is according to a Redfin analysis that ranks the 100 most populous U.S. metros for which full data is available, based on how quickly measures of homebuying demand and competition cooled from April 2023 to April 2024. The measures are year-over-year changes in home prices, price drops, inventory, sale-to-list price ratio and the share of homes that sell within two weeks.\u00a0<\/span><\/p>\n

Measures of homebuying demand and competition are dropping off quickly in Florida, and listings and price drops are surging. Take North Port, the nation\u2019s fastest cooling market, as an example: The supply of homes for sale is up 68% year over year, the second-biggest increase of the metros in this analysis. Meanwhile, the median price per square foot is down 1.2%, making North Port one of just four metros where price per square foot declined (the others are Cape Coral, San Antonio and Austin, TX), and 42.6% of sellers are dropping their asking price\u2013up from 36% a year earlier. In Cape Coral, inventory is up 64%, median price per square foot is down 2.9%, and 37.5% of sellers are dropping their price, up from 32.9% a year earlier.\u00a0<\/span><\/p>\n

There are several reasons housing markets on the west coast of Florida are cooling quickly, most of them tied to the growing prevalence of natural disasters in the area:<\/strong><\/b><\/p>\n