Florida housing market: Inventory rose, median prices fell in February

In February, Florida’s housing market reported more inventory (active listings) and moderating median sales prices compared to a year ago, according to the latest housing data from Florida Realtors®.

“Florida’s single-family home market appears to be reaching a balance, with inventory for sale continuing to rise, median prices remaining relatively flat and mortgage rates moderating,” said Florida Realtors® 2025 President Tim Wishier, Broker-Owner, Dream Builders Realty and dbrCommercial Real Estate Services at dbrCommercial Real Estate Services. “These trends indicate that market conditions for existing single-family homes are becoming more balanced between sellers and buyers, which should help ease cost constraints.

“On the other hand, ongoing trends in the Florida urban housing market, including a 9.7-month supply of inventory, show that it is a buyer’s market, at least at the state level. With conditions varying by local market, the expertise and knowledge that a local real estate agent brings to the table is an invaluable resource for consumers.”

Closed sales of single-family homes statewide last month totaled 17,698, down 7% from February 2024 levels, while existing townhome sales totaled 6,503, down 13% year-over-year, according to data from the Florida Realtors Research Department in conjunction with local boards/associations of realtors. Closed sales can occur 30 to 90-plus days after sales contracts are written.

The statewide median sales price for existing single-family homes in February was $415,000, the same as the previous year; for townhome units, it was $315,000, down 3.1% compared to February 2024. The median is the midpoint; half of the homes sold for more, half for less.

“Over the past three years, the number of single-family homes coming on the market each month has typically exceeded the number of homes being sold or withdrawn from the market each month,” said Florida’s Chief Economist, Dr. Brad O’Connor. “This means that the number of active listings for sale at the end of each month – what we call active inventory – has generally been on an upward trend. With new listings still higher than recent levels and sales trending below recent levels, we should expect this trend to continue into the spring buying season here in Florida.”

He noted that rising inventory is usually a sign that the market advantage is shifting away from sellers and more toward buyers, while months of supply can also be an indicator.

“For February, we reported a 5.3-month supply of single-family homes, which roughly means that inventory at the end of February will sell in 5.3 months at the 12-month sales rate,” O’Connor said. “There’s an old rule of thumb that balanced markets that favor neither sellers nor buyers are typically between five and six months of supply. In truth, the level of supply in months where you’ll find balance varies by local market; but at the state level at least, single-family home inventory is currently in the 5 to 6 months supply range, which suggests that we’ve moved out of seller’s market territory and into relative balance.”

Inventory across the country last month was higher than a year ago for existing single-family homes, up 31.6%, and for urban apartment units, up 36%. Meanwhile, the supply of existing single-family homes stood at a 5.3-month supply while existing apartment properties stood at a 9.7-month supply last month.

O’Connor added, “If you look at the months of supply of condos and townhomes, it’s pretty clear that we’re in a buyer’s market, at least statewide, with 9.7 months of supply. Buyers have gained an advantage here, and sellers are increasingly going to have to give up on price if they want to sell their properties. Evidence shows that this has happened over the past eight months, including the last seven months. The category is down more than 3% compared to a year ago, down to $315,000.”