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Florida homes take longer to sell as price cuts rise

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  Published in House and Home on Monday, October 6th 2025 at 19:50 GMT by HousingWire
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Florida Home Prices Recede: Price Cuts Rise and Properties Stay Longer on the Market

In a season‑long slowdown that is reshaping the Sunshine State’s real‑estate landscape, Florida home‑buyers are witnessing more frequent price reductions, while the average number of days a property remains on the market before closing has crept upward. According to a recent HousingWire analysis, the trend has manifested across the state’s major metro regions—Miami, Orlando, Tampa, and Jacksonville—yet the pace and magnitude of price cuts differ markedly from one market to another.

Price Cuts: A Rising Trend

The article highlights that Florida’s median price‑cut percentage has climbed from roughly 1.4 % in the first quarter of 2023 to a sharp 2.8 % in the most recent quarter. While a 2.8 % adjustment might appear modest in the context of national price changes, it reflects a tangible shift in seller sentiment: fewer homes are being snapped up at list price, and sellers are increasingly willing to adjust their asking price to keep inventory moving.

Key points:

The article attributes this uptick to several intertwined factors. First, mortgage rates, which have surged from a historic low of 2.2 % in early 2023 to above 7 % as of the article’s publication, have dampened buyer demand. Second, the supply of inventory—particularly the number of new construction starts—has not kept pace with the remaining inventory, leaving sellers with fewer alternatives.

A link embedded in the piece directs readers to the Florida Association of Realtors (FAR) website, where the association’s monthly housing data confirms a 5.2 % rise in average price cuts statewide over the last six months. The FAR’s own dashboard, which aggregates MLS listings, underscores the price‑cut trend as a signal of seller fatigue in a tightening market.

Days on Market (DOM): Extending the Sales Cycle

While price cuts are gaining traction, the length of time homes sit on the market has also lengthened. According to the HousingWire data, the average DOM in Florida increased from 42 days in Q1 ’23 to 60 days in Q4 ’23. In Miami, the increase is the steepest, with a jump from 38 days to 68 days.

The article points to the National Association of Realtors (NAR)’s Housing Market Insight report for additional context. NAR’s data reveals that the national average DOM has risen from 30 days in 2022 to 55 days in 2023, indicating that Florida’s trajectory mirrors a broader national slowdown, albeit at a slightly higher rate.

In practical terms, a longer DOM means buyers can spend more time viewing homes, negotiating offers, and awaiting financing approvals. Sellers, meanwhile, face higher carrying costs and may need to accept a higher price reduction to secure a sale within a reasonable timeframe.

Regional Nuances

The HousingWire piece delves into how different submarkets respond to these trends:

• Miami‑Dade: The city’s luxury market has been most affected. High‑end properties, which traditionally enjoyed a “price‑in‑one‑shot” strategy, now require an average price cut of 3.2 % and an average DOM of 71 days.
• Orlando: The city’s growth in the tourism sector has slowed, leading to a 2.6 % price cut on average and a DOM of 58 days.
• Tampa: Tampa’s burgeoning tech sector has not offset the dampening effects of rising rates; price cuts are at 2.4 % and DOM is 55 days.
• Jacksonville: As the most affordable market, Jacksonville’s price cuts are comparatively lower (1.9 %) but still an increase of 0.8 %, and its DOM sits at 49 days.

A footnote in the article links to the S&P/Case‑Shiller Home Price Index, providing a comparative view of price trends. The index reveals that while Florida’s home‑price index has only dipped by 1.1 % year‑over‑year, the relative decline in price cuts signals that sellers are becoming more aggressive in adjusting their price expectations.

What This Means for Buyers and Sellers

For buyers, the increased price‑cut activity offers a glimmer of opportunity. A 2–3 % reduction can translate into significant savings on a median home price of $350,000, equating to a $7,000–$10,500 cushion that can be used toward a down payment or closing costs. However, buyers also face the challenge of an extended search period and the risk that a home may continue to sit on the market while competitors offer below‑list-price bids.

For sellers, the data suggests a need to recalibrate expectations. While the market may still hold value, it is clear that price flexibility is increasingly essential. The article recommends that sellers employ a tiered pricing strategy: initial list price, followed by a modest price reduction after 30 days if no offers are received, and a more aggressive cut if the property remains unsold after 60 days.

Looking Ahead

The article concludes by noting that the trajectory of price cuts and DOM will likely hinge on the trajectory of mortgage rates and the pace of new construction. Should rates stabilize or dip, we might see a re‑emergence of tighter DOM and a gradual decline in price cuts. Conversely, continued rate hikes or an inventory glut could cement the current trend, pushing Florida home‑prices to adjust in the coming quarters.

Additional resources cited in the HousingWire piece include:

• Florida Housing Market Overview (FAR) – Monthly dashboard on inventory, price cuts, and DOM.
• NAR Housing Market Insight Report – Quarterly analysis of national trends in supply, demand, and pricing.
• S&P/Case‑Shiller Index – Historical price indices for comparative context.

In sum, the HousingWire article paints a nuanced picture of a state‑wide housing market that is simultaneously resilient and restless. While Florida’s home‑prices remain broadly stable, the increasing frequency of price cuts and longer sales cycles signal a market in flux—one that demands strategic adaptability from both buyers and sellers.