Florida Real Estate Forecast Next 5 Years: Will it Crash?

The statewide median sale price in Florida for single-family homes in 2022 was $402,500, up 15.7% year-over-year. For condo-townhouse units, it was $306,500, up 21.6% year-over-year. The supply of for-sale homes continues to slowly build, easing inventory constraints in many markets across the state. Statewide inventory was higher last year than a year ago for both existing single-family homes, up 116.8%, and for condo-townhouse units, up 65.0%. The supply of single-family existing homes increased to a 2.7-months supply while existing condo-townhouse properties were at a 2.8-months supply in 2022.

When house prices are as high as they are now, increases in mortgage rates and homeowners insurance might have a major impact on a homeowner's monthly payment and drive affordability out of reach. U.S. News & World Report announced its rankings of the most and least affordable states for housing and total cost of living. When producing statistics on Florida's housing affordability, experts compare median house prices to median family incomes and mortgage interest rates. Florida is ranked #31 in affordability, indicating that it has one of the least affordable housing markets among the fifty states.