Florida real estate is some of the highest priced in the United States. As of Sept. 1, 2024, the average Florida home value is $399,130 — up 1.8% over the past year. And mind you, that’s just the average. Some cities are astronomically more expensive. For example, the median list price for homes in Jupiter Island was $10,293,976, according to Zillow.
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Florida real estate prices are steep for a few reasons, including high demand and an inventory shortage, as stated by Gator Rated, a Realtor group focused on the southern state’s housing markets. But it’s not all sunshine in the Sunshine State. Some cities in Florida could be headed for a housing crisis.
A new study by GOBankingRates found seven Florida cities with high mortgage delinquency rates, a high share of listings with price cuts and more. Let’s look at the seven cities where the housing market appears to be in some serious trouble.
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Punta Gorda
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Percentage of mortgages 30 to 89 days delinquent: 0.9%
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Percentage of mortgages over 90 days delinquent: 0.3%
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Percentage of sales under list price: 78.9%
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Average days to close: 93
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Share of listings with price cut: 24.1%
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Tallahassee
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Percentage of mortgages 30 to 89 days delinquent: 1.6%
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Percentage of mortgages over 90 days delinquent: 0.9%
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Percentage of sales under list price: 53.2%
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Average days to close: 39
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Share of listings with price cut: 29.0%
Panama City
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Percentage of mortgages 30 to 89 days delinquent: 2.1%
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Percentage of mortgages over 90 days delinquent: 0.5%
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Percentage of sales under list price: 77.2%
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Average days to close: 83
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Share of listings with price cut: 25.6%
Jacksonville
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Percentage of mortgages 30 to 89 days delinquent: 1.9%
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Percentage of mortgages over 90 days delinquent: 0.7%
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Percentage of sales under list price: 64.8%
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Average days to close: 64
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Share of listings with price cut: 32.5%
Gainesville
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Percentage of mortgages 30 to 89 days delinquent: 2.2%
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Percentage of mortgages over 90 days delinquent: 0.6%
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Percentage of sales under list price: 63.9%
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Average days to close: 49
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Share of listings with price cut: 27.2%
Ocala
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Percentage of mortgages 30 to 89 days delinquent: 1.9%
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Percentage of mortgages over 90 days delinquent: 0.9%
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Percentage of sales under list price: 69.2%
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Average days to close: 69
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Share of listings with price cut: 27.8%
Port St. Lucie
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Percentage of mortgages 30 to 89 days delinquent: 2.1%
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Percentage of mortgages over 90 days delinquent: 1.0%
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Percentage of sales under list price: 73.4%
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Average days to close: 68
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Share of listings with price cut: 28.5%
Methodology. For this study, GOBankingRates analyzed housing markets in Florida to find places that could be headed for a housing crisis. GOBankingRates found the metros with a delinquent rate of 30 to 89 days and a delinquent rate of over 90 days, as sourced from the Consumer Financial Protection Bureau; the homeowner vacancy rate and rental vacancy rate, both sourced from the US Census American Community Survey; mean days from when a house hits the market to pending sale; percentage of homes sold below listing price; mean days from pending to close; and percentage of listings with a price cut with items being sourced from Zillow Research Data. All the scores were summed and sorted to show the places in Florida that could be poised for a housing crisis. All data was collected on and is up to date as of August 26th, 2024.
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This article originally appeared on GOBankingRates.com: 7 Florida Cities That Could Be Headed for a Housing Crisis
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