Several cities in Florida are experiencing a decline in house prices, according to the latest report from the National Association of Realtors (NAR) released on Wednesday. The report indicates that amidst a nationwide trend of rising home prices, fifteen metropolitan areas, including three in Florida, saw a decrease in home prices during the first quarter of 2024.
In Cape Coral, Florida, the median home price dropped by 4.4 percent year-on-year, falling from $434,000 in the first quarter of 2023 to $415,000 in the same period of 2024. Despite this decline, prices in Cape Coral have risen from the previous quarter’s median of $400,000.
Similarly, Panama City experienced a 3.8 percent year-on-year decline in home prices during the first quarter of 2024. The median home price in Panama City decreased from $365,000 to $351,000 compared to the same period last year. Prices in Panama City were also lower than in the previous quarter of 2023 when the median home price was $361,900.
These declines in home prices in certain Florida cities contrast with the broader trend of increasing home prices seen across more than 90 percent of metropolitan areas nationwide during the first quarter of 2024. While many areas are experiencing robust price appreciation, these localized declines in Florida highlight unique market dynamics affecting specific regions within the state.
