Florida’s housing market continued to shift toward normalization in March and throughout the first quarter of 2025, with a surge in new listings, expanding for-sale inventory, and slight easing in median home prices, according to the latest data from Florida Realtors.
"After years of incredibly low inventory and ever-increasing home prices across Florida, we are experiencing a normalization of the real estate market in our state," said 2025 Florida Realtors President Tim Weisheyer.
"This is great news for homebuyers that have been sitting on the sidelines as increased for-sale inventory and the easing of median prices brings more opportunities in Florida's housing market."
Weisheyer added, "Buying a home is always a long-term decision that requires expert guidance to navigate the process and understand the nuances of local market dynamics; a Realtor will put their knowledge of local market conditions and expertise to work to help consumers find the best opportunities to achieve their version of the American dream."
Sales Volume Shows Slight Decline
Closed sales of existing single-family homes statewide totaled 23,128 in March, a 1.3% dip from March 2024. Existing condo and townhouse sales fell more sharply, down 9.8% to 8,414 transactions.
While single-family closed sales declined for a second consecutive month, the drop was more modest than earlier in the year. "While closed sales of Florida single-family homes were down year-over-year for the second consecutive month in March, it was only by 1.3%," said Florida Realtors Chief Economist Dr. Brad O'Connor. "That's a big improvement over February's more than 7% decline."
He noted that pending sales improved: "The number of single-family homes that went under contract in March was actually up year-over-year by over a half of a percent."
O'Connor pointed to mortgage rates as a key factor. "One reason for this is likely that we had the average 30-year fixed mortgage rate hovering at around 6.75% for most of March, in stark contrast to January and February when it was largely north of 7%. That bodes well for closed sales in April, but this boost is going to be short-lived, as mortgage rates have since returned to those 7% levels."
By contrast, condo and townhouse demand remained weaker. "Demand remains relatively weaker over in the condo and townhouse property type category," he said. "Closed sales in this category were down 9.8% compared to a year ago in March."
For the first quarter overall, single-family home sales dropped 1.9% year-over-year to 56,209 transactions, while condo-townhouse sales fell 9.2% to 20,704 transactions.
Prices Ease From Pandemic Highs
The statewide median sales price for existing single-family homes in March stood at $412,500, a 1.9% decrease from a year earlier. Condo-townhouse units posted a median price of $315,000, down 4.5% year-over-year.
Quarterly data showed similar trends. For 1Q 2025, the median single-family price was $414,555, essentially flat compared to a year ago (down just 0.1%), while the median condo-townhouse price dropped 3.2% to $315,000.
Inventory Climbs, Easing Pressure
The supply side of the market showed notable gains. New listings for existing single-family homes rose 10.8% year-over-year in March and 9.6% for the quarter. Condo-townhouse new listings increased 5.8% in March and 4.1% for the quarter.
Active inventory grew across both property types. The supply of single-family homes rose to a 5.5-months' supply, while condo-townhouse inventory climbed to a 10.1-months' supply — suggesting a shift toward a more balanced market, favoring buyers with more options.
