Florida Real Estate Guide

Market overview

• Florida absorbs ~300,000 net new residents per year, concentrated in the Tampa Bay, Orlando, South Florida, and Southwest Florida metros.
• Median single-family prices range from roughly $340K in Jacksonville to $600K+ in Naples and parts of Miami-Dade.
• Inventory has normalized off 2022 lows; days-on-market has lengthened in most coastal cities, giving buyers more leverage than they had two years ago.
• Cash buyers represent 35–45% of closings in many Florida metros — well above the national ~28% — which materially changes negotiation dynamics for financed buyers.

Common challenges

• Homeowners insurance: premiums in coastal counties have doubled or tripled since 2020. Many carriers have exited; quotes vary wildly between brokers.
• Flood zones: properties in FEMA AE/VE zones require flood insurance separate from a standard HO-3 policy. A lender will require it; a cash buyer should still carry it.
• HOA & CDD fees: condo associations have raised dues sharply post-Surfside, and many master-planned communities layer on CDD bonds that show up as a separate tax line.
• Property tax 'recapture' on non-homesteaded purchases: a new buyer loses the prior owner's Save Our Homes cap, and the first year's bill is often 2–3× the seller's prior bill.

Buying in this market

• Get a homeowners insurance quote during your inspection period, not after — a denied or six-figure quote is the #1 reason Florida contracts terminate today.
• Ask for the 4-point inspection and wind mitigation report up front; they directly determine your insurance premium.
• Budget for closing costs around 2–3% of price plus prepaids; sellers commonly cover title insurance in most Florida counties (Sarasota, Manatee, and a few others are buyer-pays by convention).
• If you plan to homestead, file by March 1 of the following year to lock in your Save Our Homes 3% annual assessment cap.

Selling in this market

• Price to the last 30 days of comps, not 6-month averages — Florida is moving fast enough in both directions that older data misleads.
• Pre-list with a wind mitigation inspection ($75–$150). A clean report can reduce buyer insurance quotes by thousands and prevent re-trades.
• Disclose flood history, prior insurance claims, and any open permits. Florida's seller disclosure standard is strict and post-closing claims are common.
• For condos: have the most recent budget, reserves study, and milestone inspection ready. Buyers' lenders will require them under the new condo financing rules.

Taxes

• Florida has no state income tax — a major draw for high-earning and retiree buyers from NY, NJ, IL, and CA.
• Homestead exemption removes $50,000 of assessed value from non-school taxes and caps annual assessment increases at 3% (Save Our Homes).
• Portability lets a homesteader move up to $500,000 of their accumulated SOH benefit to a new Florida primary residence within 3 years.
• For investors: depreciation, 1031 exchanges, and cost segregation all work as they do elsewhere — Florida just adds zero state-level tax drag on top.

Insurance

• Citizens Property Insurance is the state-run insurer of last resort; many coastal buyers end up there after private carriers decline.
• A typical Florida HO-3 policy now runs $3,500–$8,000/yr depending on county, age of roof, and construction type. Roofs under 15 years old qualify for substantial credits.
• Flood insurance through NFIP is capped at $250K building / $100K contents; private flood (Neptune, TypTap) is required above that.
• Always run insurance and tax math before writing an offer — these two line items are the difference between a comfortable payment and a deal-breaker.

Florida cities we cover

Frequently asked questions

Tools that work in Florida