Summary
Home prices in Florida are dropping sharply, with Miami seeing a 12.4% decline, followed by Jacksonville (6.1%), Orlando (5.6%), and Tampa (5.5%).
This decline comes amid escalating climate risks and rising insurance costs, worsened by recent hurricanes Helene and Milton.
Florida’s insurance crisis—exacerbated by insurers leaving or going bankrupt—has made it increasingly difficult and expensive to insure homes, prompting some residents to sell flood-damaged properties “as is” to investors.
Despite these challenges, new construction continues in high-risk flood areas, heightening long-term vulnerabilities.
Home prices do tend to plummet when all the still-standing homes have severe damage from the two massive hurricanes that just went through.
And when people say “Fuck this, I’m getting out of Florida.”