Florida affordability shift follows slower migration
Florida Realtors Chief Economist Dr. Brad O’Connor told Homes.com that Florida remains attractive to buyers, but higher prices have cooled some relocation activity. The story found affordability improved in Jacksonville, Ocala, Orlando, Tampa and Port St. Lucie as some markets gained inventory.
Some Florida housing markets are showing signs of improved affordability as the post-pandemic migration rush cools and inventory grows, Homes.com reported.
Brad O’Connor, chief economist for Florida Realtors®, told Homes.com that the shift does not mean Florida has lost its appeal. It means higher home prices have slowed some of the relocation momentum that helped drive the market after 2020.
“It’s more expensive to buy here, that’s why it’s slowing down,” O’Connor said. “I know a lot of people who would still like to come here.”
Homes.com reported that several Florida metros moved in a more buyer-friendly direction in a Consumer Affairs affordability ranking of 200 U.S. cities. The Florida markets showing improvement include:
- Jacksonville: Improved 21 spots, moving from No. 87 to No. 108 on the list of most unaffordable cities.
- Ocala: Improved 20 spots, moving from No. 124 to No. 144.
- Orlando: Improved six spots, moving from No. 62 to No. 68.
- Tampa: Improved six spots, moving from No. 79 to No. 85.
- Port St. Lucie: Improved six spots, moving from No. 59 to No. 65.
Amber Strong of eXp Realty in Jacksonville said the added inventory is forcing sellers to adjust expectations. “We’re seeing a lot of price changes, and when the property gets to market value, it will go under contract,” she told Homes.com.
O’Connor said the biggest price declines are showing up in areas with the most new construction, giving buyers more choices and putting more pressure on sellers to price realistically.
The shift is playing out market by market. In some communities, buyers have more choices and more room to compare, while sellers are facing a different set of competitors than they did a year ago – including new construction and homes purchased during the pandemic boom that are now coming back on the market.
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