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Florida home sales sink amid hurricane recovery
Research shows Tampa is currently the fifth-worst city in the U.S. for home sales. Florida cities took all the top five spots on the list, pointing to a trend of many leaving the state after this hurricane season.
TAMPA, Fla. - Florida’s housing market is experiencing a significant slowdown, with home sales falling statewide, including in the Tampa Bay area.
The biggest factors driving this trend are rising insurance and HOA fees, along with the impact of the recent hurricane season.
Tampa is ranked as the fifth-worst city in the country for home sales, with a 7% drop this year compared to last, according to a study by Redfin.
READ: Here's what the housing market will look like in 2025
Nationwide, home sales rose by nearly 5%, highlighting Tampa's unique struggles. In the weeks following Hurricane Helene in September and Milton in October, pending home sales in the city fell by 32%.
Many people are selling in flood zones, and likewise, people aren’t buying in the hardest hit areas.
"We’re not going to move back into our house. It was very traumatic. We actually have a contract on a new house. We’re not going to come back here," said Jody Hameroff, a St. Petersburg resident in the flooded neighborhood of Shore Acres.
READ: Realtors warn of wholesalers flipping hurricane-damaged homes for quick profit
"The market went crazy during the pandemic, then slowed with rising interest rates and inflation. Two back-to-back hurricanes only added to the slowdown," said Denise Antonewitz, a local realtor. "We came off a really crazy market with the pandemic, everyone came to Florida and the prices increased and then that slowdown happened, interest rates started to rise, inflation is rising."
Florida has seen the largest drops in home sales, with Fort Lauderdale experiencing a 15% decline, while Miami, West Palm Beach, and Jacksonville also face major drops.
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