• Increased Listings: Florida has experienced a significant rise in housing inventory. For instance, active listings in Miami-Dade County have surged by 44% year-over-year, with similar increases in Broward (+46%) and Palm Beach (+30%) counties. 

• Price Adjustments: While median home prices remain relatively stable, many sellers are reducing prices to attract buyers. In Southwest Florida, over 2,100 price reductions were recorded in a single week in late April.

• Extended Time on Market: Homes are taking longer to sell, with 44% of listings nationwide remaining on the market for 60 days or more as of April 2025.

• South Florida: The market is rebalancing with increased inventory and stable prices. Buyers now have more options, and sellers are advised to price competitively to attract interest. 

• Tampa Bay: The median sale price for single-family homes has held steady at approximately $411,000. Inventory levels are approaching equilibrium, and homes are staying on the market longer, prompting more negotiations and seller concessions. 

• Southwest Florida: After months of rising inventory, active listings have slightly declined, indicating a potential shift toward market normalization. However, the region still shows all the signs of a strong buyer's market.

• Insurance Premiums: Homeowners insurance costs in Florida have skyrocketed, with premiums increasing by as much as 400% over the past five years. This surge is attributed to heightened risks from hurricanes and other climate-related factors.The Times

• Mortgage Rates: High mortgage rates, averaging 6.89% as of April 2025, continue to deter potential buyers, contributing to the market's slowdown.

• Vacation Homes: The demand for vacation homes has plummeted to its lowest level since 2018. Factors such as rising homeownership costs and stricter short-term rental regulations are the largest factors influencing this decline, which is especially affecting Florida.

Could Florida Eliminate Property Taxes Statewide?

In early 2024, Representative Ryan Chamberlin introduced House Bill 1371 (HB 1371), which proposed a study to assess the impact of eliminating all property taxes in Florida. The bill had directed the Office of Program Policy Analysis and Government Accountability (OPPAGA) to conduct this study and report findings by February 1, 2025. However, HB 1371 did not advance beyond the House State Affairs Committee and effectively died in March 2024, and the Report was never done.

So why are we still hearing about this?

Governor Ron DeSantis has expressed support for eliminating property taxes and has suggested placing a constitutional amendment on the 2026 ballot to achieve this goal. With continued ongoing discussions on this issue, it seems like this would be the timeline if this ever were to become a reality: New York Post+1

📅 Earliest Proposed Timeline

• A Constitutional Amendment could appear on the November 2026 ballot, requiring at least 60% voter approval to pass.

This would result in a huge loss of revenue for the State of Florida and their Towns & Cities, who rely on this income.  Of course, an alternative stream to an equal amoung of income will need to be determined, and although the elimination of property tax could help keep Floridians on fixed incomes in their home, it might also hurt their day-to-day spending.

The Wall Street Journal recently cited a study by the Florida Policy Institute that estimated the state’s sales tax would need to be doubled to 12% in order to replace property tax revenues.

Such a "Tax Swap" would seem to simply shift the taxpayer base from Homeowners, to the much wider entire Florida population.  However, taking into consideration Florida's robust tourism industry, which welcomed a record 143 million visitors in 2024, approximately 16.1% of the state's total sales tax revenue was generated by tourists, guests and visitors. 

In light of these numbers, any proposed shift from property taxes to an increased sales tax would not only broaden the tax base to include renters and tourists, but also tie a larger portion of state revenue to the ebbs and flows of tourism. While this could ease the burden on homeowners, it raises important questions about long-term stability and who ultimately carries the financial load in Florida’s evolving fiscal landscape.