A rush of Northeasterners in search of sunshine and cheaper living sent Florida’s housing market into a frenzy throughout the pandemic. The manic demand is finally starting to subside.
Florida single-family home prices have leveled off for the first time since 2011, after climbing nearly 50% over the past three years. Incoming motion slows down. And skyrocketing mortgage rates and insurance premiums have eroded one of the Sunshine State’s most alluring qualities: affordability.