Florida housing market cools into buyer’s market, Realtor.com data show

Florida’s once red-hot housing boom is cooling into a buyer’s market, with four major metros—Miami, Orlando, Jacksonville and Tampa—now tilted toward purchasers, Realtor.com data show. The shift comes as population growth slows and housing supply climbs, giving buyers more options and leverage than in recent years.

Across the United States, housing supply sits near five months’ inventory. In Florida, the picture is even more pronounced. Miami currently has 9.7 months of supply, Orlando 7.0, and both Jacksonville and Tampa at 6.3 months. Anything above six months typically signals a buyer’s market. Florida also now accounts for more than 167,000 active listings, about 15% of all homes for sale nationwide, even though the state holds roughly 6.7% of the U.S. population. Florida leads the nation in active listings, with Texas second at nearly 140,000 and California third at about 77,000. The inventory surge reflects how quickly Florida’s pandemic-era boom ended; in February 2023, Florida posted the steepest year-over-year inventory growth in the country: 143%. By early 2023, active listings had climbed from roughly 36,000 in early 2022 to more than 86,000 a year later, setting the stage for today’s more balanced market.

On the ground, Miami has long been associated with luxury buyers and international demand. Now it leads the nation in delistings, with 57 homes pulled from the market for every 100 newly listed. Inventory is up 24% year over year, and homes sit about 16 days longer than last year. While sellers remain hesitant to slash prices—only about 17% of listings show reductions—the sheer scale of supply gives buyers more leverage.

Orlando’s 7-month supply reflects cooling demand as the market’s pandemic-era surge eases. Listings are up roughly 20% from a year earlier, and homes take about two weeks longer to sell. Nearly a quarter of listings have seen price cuts, underscoring increased seller flexibility as buyers gain negotiating power.

Jacksonville, with 6.3 months of supply, is among the fastest-growing Florida metros. Median listing prices slipped 2.6% to about $399,000, and roughly 30% of homes on the market have had price reductions, signaling more room for buyers to negotiate.

Tampa also sits at 6.3 months of supply. Listings are up about 16% year over year, and more than a quarter of homes have had price cuts; elevated delistings suggest many sellers would rather wait than further reduce asking prices.

Despite the shift in supply, Florida’s economy remains robust. Unemployment rates in the four metros—Miami at 3.1%, Orlando 3.6%, Jacksonville 3.8%, and Tampa 3.8%—remain well below the national average of 4.3%. Strong job markets and steady in-migration underpin housing demand, even as supply normalizes. Unlike the late-2000s housing crash, buyers today operate under tighter lending standards and healthier household balance sheets, contributing to a recalibration rather than a collapse.

For would-be homeowners, the reversal from a pandemic-era seller’s paradise to a buyer-friendly landscape matters: more listings mean more options; longer time on market means less urgency; and with price cuts occurring in a substantial share of listings in several metros, buyers have more room to negotiate than in recent years. The shift also reflects Florida’s cyclical nature: after years of imbalance, the state is settling into a more sustainable, balanced market where buyers can avoid rushing, waiving contingencies, or overbidding while chasing a deal.

Analysts say the change is not a crash, but a cooldown in a state whose economy remains resilient. As Florida’s population continues to grow more slowly and inventory continues to normalize, buyers who have waited for more favorable conditions may find this to be one of the better moments in years to purchase in the state’s largest markets.