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Housing Market 2024: 5 Florida Cities That Are Suddenly Affordable

By:Dawn Allcot

Although interest rates (and therefore mortgage rates) are likely to stay elevated for a while longer, per the most recent Federal Open Market Committee discussion, home prices in some regions are finally starting to fall.

As pandemic-related supply chain struggles and high costs of building materials begin to even out, builders have flooded the Florida market with new houses. However, the homebuying boom in Florida has slowed to a trickle as people return to office places and can no longer work wherever they choose. Add high home prices and high interest rates, coupled with difficulties obtaining home insurance, and the Florida housing market is beginning to level out, according to a recent Redfin report.

“Out-of-town homebuyers no longer see Florida as a place to get amazing value. Now they’re moving to North Carolina or Tennessee to get a good deal,” said Eric Auciello, a local Redfin sales manager, in the report.

He added, “My advice to sellers is to price your home fairly; the comps from six months ago don’t exist now. And if you’re a buyer, know that the odds of getting an offer accepted below market value are pretty high.”

With prices dropping, you may be able to snag a great deal on a home in one of these top Florida metros.

North Port – Sarasota

Market analysis showed that 48% of real estate listings in North Port-Sarasota had cut prices, more than anywhere else in the country. The West Coast Florida city saw a 51% year-over-year home inventory increase, which contributed to the drop in listing prices. Median sale prices in the city dropped by 4.6% since March 2023, according to the Redfin analysis.

North Port is a smaller town with roughly 85,000 residents and tends to be more affordable than some nearby Florida cities. Quicken Loans named North Port the second-fastest-growing U.S. city in 2023, and with even more affordable housing, that trend promises to continue.


If you’d like to move a little farther north to a bustling metropolis, consider the West Coast city of Tampa. According to market reports, 44% of home listings showed price drops in Tampa, while inventory increased by 29%, year-over-year.

Close to some of Florida’s best beaches, vibrant nightlife, sports teams, and entertainment, Tampa offers something for everyone. Rated one of the most affordable places to live in the U.S. by ExtraSpaceStorage, the housing price drop just made Tampa even more desirable.

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