Prices in some pandemic boomtowns have fallen sharply

Summary

Home prices in Florida are dropping sharply, with Miami seeing a 12.4% decline, followed by Jacksonville (6.1%), Orlando (5.6%), and Tampa (5.5%).

This decline comes amid escalating climate risks and rising insurance costs, worsened by recent hurricanes Helene and Milton.

Florida’s insurance crisis—exacerbated by insurers leaving or going bankrupt—has made it increasingly difficult and expensive to insure homes, prompting some residents to sell flood-damaged properties “as is” to investors.

Despite these challenges, new construction continues in high-risk flood areas, heightening long-term vulnerabilities.

  • cdipierr@lemmy.world
    31·
    2 months ago

    However, in cities such as Miami, median list prices are still 50% higher than before the pandemic,”

    This is still pretty much the case in Tampa too, property values are so inflated from 2021 and 2022 that a 5% drop really just shows the market leveling off.

    But the home insurance market is a sword of Damocles hanging over the state, and Desantis is too busy campaigning against universally popular ballot measures to do anything about it (and has found other culture war bullshit to distract himself from it for years now).