Sunshine State Sweep: All 4 Major Florida Housing Markets Favor Buyers—Here’s What That Means

Florida's red-hot COVID-19 pandemic housing boom is giving way to something not seen in years: a buyer’s market.

Miami, Orlando, Jacksonville, and Tampa have all crossed into buyer-friendly territory, signaling a dramatic shift in bargaining power and a new chapter for the Sunshine State's housing market, new Realtor.com® data shows.

Over the past three years, Florida epitomized the frenzy of a seller’s market. Out-of-state buyers poured in during the pandemic, lured by sunshine, space, and relative affordability compared with coastal hubs like New York and Los Angeles. Homes were snapped up within days, often above asking price, and inventory hit record lows.

Now the pendulum has swung. The population growth into the Sunshine State has slowed, and housing inventory has started to climb. Homes are also sitting on the market for longer, and sellers are more willing to reduce prices, or even delist, when they can’t get the offers they want.

Nationally, housing supply hovers near five months, a level considered to be balanced.

But Florida’s major metros are pushing well past that line: Miami tops the nation with 9.7 months of supply, Orlando stands at 7.0, and both Jacksonville and Tampa are at 6.3. Anything above six months typically signals a buyer’s market.

Florida leads the nation in homes for sale

The scale of Florida’s shift stands out even in a cooling national market.

The state now accounts for more than 167,000 active listings—about 15% of all homes for sale nationwide, despite making up only 6.7% of the U.S. population.

Florida has more active listings than any other state, with Texas second at nearly 140,000 and California a distant third at 77,000.

That surge reflects how quickly Florida’s boom era came to an end. In February 2023, the state recorded the steepest inventory growth in the country: a 143% year-over-year increase. By comparison, Texas rose 109%, and the national figure was just 67%.

Florida’s active listings climbed from roughly 36,000 in early 2022 to more than 86,000 one year later. That early buildup helped bring the market back to balance faster than most other states, setting the stage for today’s buyer-friendly conditions.

How the shift looks on the ground

Miami, which has 9.7 months of supply, has long been synonymous with luxury and international buyers.

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 are sitting 16 days longer than last year.

While sellers remain hesitant to slash prices—only 17% of listings show reductions—the sheer volume of supply gives buyers more leverage.

Tourism hub Orlando, with 7 months supply, surged in popularity during the pandemic, but that is cooling. Here, listings are up nearly 20% from last year, and homes are taking two weeks longer to sell. Nearly a quarter of listings have seen price cuts, reflecting increased seller flexibility.

Jacksonville, with 6.3 months supply, is one of Florida's fastest-growing metros. Here, median listing prices have slipped 2.6% to $399,000, and nearly 30% of homes on the market have had price reductions, highlighting how sellers are adjusting to shifting dynamics.

In Tampa, also with 6.3 months supply, listings are up 16% year over year. More than a quarter of homes have had price cuts, and elevated delistings show many sellers prefer to wait rather than lower prices further.

Not a crash, but a cooldown

Despite the dramatic change in supply, this is not a sign of distress.

Florida’s economy remains robust, with unemployment rates in Miami (3.1%), Orlando (3.6%), Jacksonville (3.8%), and Tampa (3.8%) all below the national average of 4.3%.

Strong job markets and steady in-migration continue to underpin housing demand, even as inventory normalizes.

That distinction matters. Unlike in the late 2000s housing crash, today's buyers are backed by tighter lending standards and healthier household balance sheets.

What’s happening in Florida is less about collapse and more about recalibration—an overheated market cooling into something more sustainable.

What this means for buyers

For would-be homeowners, the takeaway is clear: Conditions are finally tilting in their favor. More listings mean more options. Longer time on market means less competition. And with nearly a third of sellers cutting prices in some metros, buyers have more room to negotiate than at any point in recent years.

Florida’s shift from a pandemic-era seller’s paradise to a buyer-friendly landscape underscores the cyclical nature of housing markets. After years of imbalance, the state is settling into a more mature phase—one where buyers don’t have to rush, overbid, or waive contingencies just to get a foot in the door.

For many, that makes now the best moment in years to take advantage of Florida’s abundant supply and more balanced playing field.