Summary
The housing market in Florida is now more favorable for buyers as homes take longer to sell and there are more available properties. However, local incomes have not kept up with housing prices, meaning many people still struggle to afford homes. Even though home prices have decreased slightly, buying a house in Florida still requires a significantly higher income than the average earnings in the state.
Key Facts
- Florida's housing market is experiencing increased home inventory and slower sales.
- The median sale price of a home in Florida was $404,200 in July, down 1.3% from the previous year.
- There were 224,165 homes for sale in Florida in July, a 9.3% increase from the previous year.
- The number of homes sold in July decreased by 7.3% compared to July 2024.
- The salary needed to buy a home in Florida is approximately $98,000, but the median income is around $77,000.
- Home prices increased sharply from 2021 to 2022, with required salaries jumping from $46,000 to $86,000 due to higher mortgage rates and price spikes.
- Pre-pandemic, a $40,000 income was enough to buy a house in Florida, but now the salary requirement is much higher.
- Home values in Florida have been decreasing for five straight months, but the market remains more expensive than pre-pandemic levels.
