6 Cities in Florida Where Home Sales Are Plunging

Housing markets across the country are cooling fast, and perhaps nowhere is the deep freeze more apparent than in Florida.

The Sunshine State was one of the hottest destinations for homebuyers during the flurry of real estate activity that swept the country as the COVID-19 pandemic raged.

But now, home sales are plunging in Florida, especially in a handful of places, according to a new Redfin report.

Following are the cities in Florida where Redfin data shows home sales are tanking the most.

West Palm Beach

This metro area’s year-over-year change in:

• Pending home sales as of mid-October: 43% decrease
• New listings as of mid-October: NA

In West Palm Beach, 272 homes sold in September this year, down from 446 in the same period the year before. Still, prices were up 25.6% year over year, to a median of $375,000.

As we reported in August, West Palm Beach and several other Florida locales are among the “10 Cities Where Remote Workers Drove up Home Prices.”

Jacksonville

This metro area’s year-over-year change in:

• Pending home sales as of mid-October: 46% decrease
• New listings as of mid-October: 33% decrease

Home sales in Jacksonville dipped in September year over year, to 1,119 homes sold compared to 1,713 in the same period the year before. The median price increased 10.3% year over year to $300,000.

Jacksonville remains one of “America’s 15 Most Affordable Cities for Retirees.”

Miami

This metro area’s year-over-year change in:

• Pending home sales as of mid-October: 47% decrease
• New listings as of mid-October: NA

There were 898 home sales in Miami during September, down sharply from the 1,365 homes sold in September 2021.

Still, finding an affordable home here is a challenge. The median home price in Miami jumped 24.5% year over year in September, up to $530,000.

North Port

This metro area’s year-over-year change in:

• Pending home sales as of mid-October: 51% decrease
• New listings as of mid-October: 40% decrease

North Port was one of the cities on Florida’s west coast that took a heavy blow from Hurricane Ian. Sales in September dropped to 138, down from 247 the prior September.

Still, prices rose 14.7% year over year in September, to a median sales price of $375,000.

Naples

This metro area’s year-over-year change in:

• Pending home sales as of mid-October: 52% decrease
• New listings as of mid-October: 53% decrease

Hurricane Ian also damaged parts of Naples, and home sales in September dropped to 325, down from 571 the prior September.

However, prices here remain in the stratosphere, up 29.4% year over year in September to a median of $614,500.

Cape Coral

This metro area’s year-over-year change in:

• Pending home sales as of mid-October: 58% decrease
• New listings as of mid-October: 59% decrease

Nowhere in Florida are pending sales falling harder than in Cape Coral. Hurricane Ian pounded the region, and pending home sales cratered 58% year over year, nearly double the nationwide drop of 32%.

Still, this market is doing very well, all things considered. The Redfin report noted that in August — prior to Ian’s unwelcome arrival — Cape Coral had the fastest-rising home prices in the nation.