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Hurricane-battered Florida has four of the top 10 cities where home prices are dropping the most
Florida has four of the the top ten cities where house prices are falling the most in the last year, according to new data.
The state, which was battered by Hurricane Milton last week, is also suffering from a real estate crisis.
The Sunshine State experienced a major boomduring the pandemic when remote high earners fled to the state for space and lower taxes.
‘Remote work trend certainly played a role, but I think many of the people that have come to Florida were more focused on the benefits of no state income tax as well as political ideologies,’ Robert Washington, owner of Savvy Buyers Realty in St. Petersburg told Realtor.com.
The influx of demand led builders to start constructing heavily in the area, adding inventory and driving down median prices.
Prices have also been effected by rising premiums due to more frequent natural disasters, and hikes in HOA fees following the Surfside Collapse in 2021 which killed 98 people.
Median list prices are also falling in popular cities in the Midwest, West and the South, according to Realtor.com’s September housing report.
This is good news for buyers who finally have the upper hand after years of price increases following the pandemic.
‘The median price of homes for sale this September decreased by 1% compared with last year, at $425,000,’ Realtor.com economist Joel Berner said.
‘However, the median price per square foot grew by 2.3%, indicating that the inventory of smaller and more affordable homes continues to grow in share.’
10. Nashville, Tennessee
Hurricane-battered Florida has four of the top 10 cities where home prices are dropping the most
Median list price: $547,865
Percentage change year over year: -5.4 percent
9. Tampa, Florida
Hurricane-battered Florida has four of the top 10 cities where home prices are dropping the most
Median list price: $414,948
Percentage change year over year: -5.5 percent
8. Orlando, Florida
Median list price: $429,950
Percentage change year over year: -5.6 percent
7. Denver, Colorado
Hurricane-battered Florida has four of the top 10 cities where home prices are dropping the most
Median list price: $610,250
Percentage change year over year: -6 percent
6. Jacksonville, Florida
Hurricane-battered Florida has four of the top 10 cities where home prices are dropping the most
Median list price: $399,000
Percentage change year over year: -6.1 percent
5. Austin, Texas
Hurricane-battered Florida has four of the top 10 cities where home prices are dropping the most
Median list price: $520,000
Percentage change year over year: -6.6 percent
4. Kansas City, Missouri
Hurricane-battered Florida has four of the top 10 cities where home prices are dropping the most
Median list price: $389,500
Percentage change year over year: -8.4 percent
3. San Francisco, California
Hurricane-battered Florida has four of the top 10 cities where home prices are dropping the most
Median list price: $997,500
Percentage change year over year: -8.9 percent
2. Cincinnati, Ohio
Hurricane-battered Florida has four of the top 10 cities where home prices are dropping the most
Median list price: $337,000
Percentage change year over year: -9.5 percent
1. Miami, Florida
Hurricane-battered Florida has four of the top 10 cities where home prices are dropping the most
Median list price: $525,000
Percentage change year over year: -12.4 percent