Florida Home Prices Ease

MIAMI — The state of Florida remains an attractive destination for real estate. Realtor.com's recently released September 2024 Housing Overview of the 50 Largest Metros report shows there might be some bargains on the Sunshine State as homeowners seem to be trimming prices to revive buyer interest.

The Miami metro area, which encompasses Miami-Fort Lauderdale-Pompano Beach, topped the list, with the median listing price dropping 12.4% in a year-over-year (YOY) basis.

On a per square footage basis, the Miami DMA dropped 9.5% from the same period last year.

In the 10 metro markets with the largest drops, Florida had 3 other areas in addition to Miami make the list:

• Jacksonville at #6 with the median listing price of $399,000, now 6.1% lower
• Orlando-Kissimmee-Sanford area at #8 with a median listing price of $429,950, dropping 5.6%
• Tampa-St. Petersburg-Clearwater market ranked #9 with a median listing price of $414,948, dropping 5.5%.

Miami's median listing price of $525,000 was the 15th highest of the Top 50 metros in the U.S. and highest if Florida.

The Tampa-St. Petersburg-Clearwater market came in at #25, with a median listing price of $414,949.

California topped the list with four the most expensive markets in the U.S., led by the San Jose-Sunnyvale-Santa Clara, California ranking as the most expensive market in the U.S. at a $1,432,170 median listing price, followed by Los Angeles-Long Beach-Anaheim at $1,154,440, San Francisco-Oakland-Berkeley at $997,500 ,and San Diego-Chula Vista-Carlsbad at $997,000

While the median listing price in Miami has dropped, it is still 31.5% higher than pre-pandemic prices (42.8% higher on a per square footage basis).

Nationally, the median price of homes for sale this September decreased by 1.0% compared with last year, at $425,000, while the median price per square foot grew by 2.3%, indicating that the inventory of smaller and more affordable homes continues to grow in share.

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