According to a new report from Cotality, the number of homes for sale across the tri-county area of South Florida is at its highest level in nearly 10 years.
Cotality chief economist Selma Hepp told The Daily Mail that “the last 25 years have seen home prices, homeowners’ insurance and property taxes surge in Florida. When you add in the unflagging migration that is straining the state’s public services and inflated costs across the board, the pressure on the quality of life has become so great that it is beginning to tip the balance. Many households are finding it increasingly difficult to stay in the state.”
More than 52,000 homes in Miami-Dade, Broward and Palm Beach counties were listed for sale in April, up from just 12,825 listings during the peak of the COVID and post-COVID migration boom, when so many buyers flooded into the state. Floridians pay the highest average home insurance premiums in the country, at around $11,000/year—nearly four times the national average.
Labor shortages, the rising cost of materials and extra costs from tariffs are adding additional hurdles for developers who have had to pause projects. Out of the top areas where investor purchases have dropped the most, three are located in Florida, according to a report by Redfin.
