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This could potentially lead to a cataclysmic decline in the Florida 2025 housing market.
Ranked from 10 to 1, the highest amount of housing market crashes could occur in these 10Florida cities.
Similarly, inventory is spiking in Broward County.
The average homeowners insurance premium in Florida, according to Reuters, has skyrocketed by 60% since 2019.
As a result, rising insurance premiums are driving down Florida home prices.
These home prices are dropping on a month-over-month basis because there are around 4,000 homes for sale.
According to Reventure Consulting, this is the highest level of inventory in Jacksonville in 10 years.
This spike indicates there are fewer buyers and more sellers in Florida right now.
Today, this number has jumped to nearly 3,000.
What about the number of days that homes are still on the market?
This is up to 68 days in Marion County.
Port St. Lucie
Port St. Lucie is considered the most overvalued area in Florida.
Home prices are overvalued by 41%, indicative of price downside.
Home values are expected to keep dropping thanks to the excess inventory of homes for sale.
There are 9,600 homes on the market in Lee County alone.
The best guess from Reventure Consulting is this inventory will continue to increase.
Data presented in the video shows home values are down by 2% month over month in Polk County.
There are now 4,800 homes on the market for sale in Lakeland.
Prior to the pandemic, it was only 3,000.
Prior to the pandemic, there were only 2,200 homes for sale and now there are 3,800 and counting.
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