A new report predicts a decline in home prices in specific Florida cities due to economic, demographic, and climate factors.
Home prices could drop by as much as 15 percent next year in three Florida metropolitan areas considered at 'very high risk' of experiencing a downturn, according to a recent report by real estate investment firm Norada.Gainesville, Palm Bay-Melbourne-Titusville (what's known as the Space Coast), and Lakeland-Winter Haven could experience temporary declines of 10 percent to 15 percent throughout 2025, the firm predicts.
A combination of economic, demographic and climate factors make them more vulnerable than other metros in the Sunshine State to price declines.Newsweek contacted Norada for comment by email on Tuesday morning.Florida was one of the hottest housing markets during the pandemic, as the rise of remote work pushed many workers to move from expensive cities in states such as California and New York to the Sunshine State, attracted by good weather, a decent quality of life, and cheaper prices.But as Florida is increasingly getting battered by extreme weather events and demand has cooled down since the pandemic, activity in the state's housing market has significantly slowed down, with inventory climbing, demand dwindling and prices dropping in many metros.The ongoing insurance crisis in the state, combined with rising homeowners association (HOA) fees and soaring property taxes, is contributing to the instability of the market.Norada experts say that Florida's housing market is unlikely to crash in the next two years, even as they expect some areas to fare badly throughout 2025 and 2026.The university town of Gainesville, which experienced overvaluation in recent years, is likely to be negatively affected by changes in the way students approach studying, specifically remote learning, as well as potential drops in student enrollment, the real estate investment firm wrot
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