Florida Real Estate Market: Will it Crash in 2023?


  • Florida was the hottest market post-pandemic, but it has significantly slowed down. In 2023, experts forecast that the Florida home prices can fall upto 20%.
  • Mortgage rates dropped from 6.33% to 6.15% for the week ending on January 19, 2023.
  • The number of listings dropped by 19.6% in December 2022 as homeowners are reluctant to sell their homes.
  • Florida homes stayed on the market for an average of 47 days, up by 17 days from last year.

Florida Housing Market Statistics


1. Average Home Prices in Florida

The average median home price in Florida is $384,500, up by 5.8% YoY. By 2023, experts predict the median sale price growth to drop by roughly 4% to the first annual drop since 2012. 

Also, there’s an early sign of the Florida real estate market slowing down in its sale-to-list price ratio.


👉 Note: If the sale-to-list-price ratio is less than 100%, buyers often pay less than the asking price.


Currently, it is at 96.9%, with a decline of 2.1 pt YoY as of January 2023. 


2. Home Sales In Florida


As per December 2022 data, home sales are at a record low of 38.1% YoY. Compared to December last year, 27,233 homes were sold, down from 43,985 homes.


As mentioned above, the increasing home prices in the state and record-high mortgage rates might be a major contributing factors to the decline in sales. 


3. Average Rent Prices


Florida leads the nation with a 28% increase in average rental costs from 2021 to 2022. An average tenant pays $1,218 as rent. 


Buyers who can not afford to house due to high home values will simply rent. As a result, it’s not surprising that Florida has a highly competitive rental market.


4. Pending Sales


For the fourth consecutive month, pending home sales declined in all regions in September by 10.2%. There are currently 51,110 pending listings for sale in Florida. 


5. Median Days on Market


The median days on the market for homes for sale was 47 days, up by 17 days YoY.