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.
That really only works though if everyone else is willing to spend that money and do it. You can bet Ron DeSantis won’t mandate it. In Galveston when one of the hurricanes hit, there was a picture of an entire part of town leveled except one house that was built for it. What happened? It still got condemned because the entire area was unlivable.