Recent data from Zillow reveals that homeowners in Florida are adjusting their home prices to appeal to hesitant buyers. Approximately one in four sellers have reduced their original asking price.
With 220,036 listings in Florida including single-family homes, apartments, condos, and lots, 52,469 listings – or over 23% – have experienced price reductions.
Out of 33,703 properties listed for sale, 28% saw a decrease in their initial asking price, indicating a significant trend among sellers.
Even condos reflect this trend, with about 27% of the 164,162 available units experiencing price reductions.
Florida sellers have been adapting to changing market conditions since March, making the housing market more favorable for buyers.
Though Florida remains an expensive market, with an average home value of $399,944, it has observed significant construction activity – notably in conjunction with Texas – addressing previous underbuilding post the Great Recession.
Despite the boom-years during the pandemic, Florida sellers are now faced with a reality check.
Five of the ten most overpriced markets in the U.S., as per a report by Florida Atlantic University, are in Florida – including Cape Coral, Tampa, Palm Bay, Orlando, and Lakeland.