7 Florida Cities That Could Be Headed for a Housing Crisis

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7 Florida Cities That Could Be Headed for a Housing Crisis

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Florida

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is some of the highest priced in the ******* 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

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Florida real estate prices are steep for a few reasons, including high demand and an inventory shortage, as stated by

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, 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

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Punta Gorda

Percentage of mortgages 30 to 89 days delinquent: 0.9%

Percentage of mortgages over 90 days delinquent: 0.3%

Percentage of sales under list price: 78.9% 

Average days to close: 93

Share of listings with price cut: 24.1%

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Tallahassee

Percentage of mortgages 30 to 89 days delinquent: 1.6%

Percentage of mortgages over 90 days delinquent: 0.9%

Percentage of sales under list price: 53.2% 

Average days to close: 39

Share of listings with price cut: 29.0%

Panama City

Percentage of mortgages 30 to 89 days delinquent: 2.1%

Percentage of mortgages over 90 days delinquent: 0.5%

Percentage of sales under list price: 77.2% 

Average days to close: 83

Share of listings with price cut: 25.6%

Jacksonville

Percentage of mortgages 30 to 89 days delinquent: 1.9%

Percentage of mortgages over 90 days delinquent: 0.7%

Percentage of sales under list price: 64.8% 

Average days to close: 64

Share of listings with price cut: 32.5%

Gainesville

Percentage of mortgages 30 to 89 days delinquent: 2.2%

Percentage of mortgages over 90 days delinquent: 0.6%

Percentage of sales under list price: 63.9% 

Average days to close: 49

Share of listings with price cut: 27.2%

Ocala

Percentage of mortgages 30 to 89 days delinquent: 1.9%

Percentage of mortgages over 90 days delinquent: 0.9%

Percentage of sales under list price: 69.2% 

Average days to close: 69

Share of listings with price cut: 27.8%

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Port St. Lucie

Percentage of mortgages 30 to 89 days delinquent: 2.1%

Percentage of mortgages over 90 days delinquent: 1.0%

Percentage of sales under list price: 73.4% 

Average days to close: 68

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 ********* Community Survey; mean days from when a house hits the market to pending *****; 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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#Florida #Cities #Headed #Housing #Crisis

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