Part 3/10:
- Population Dynamics: As insurance costs rise and the threat of climate change looms, Florida is witnessing a mass exodus of residents and investors, further straining the housing market.
Local Markets in Distress
Let’s explore some of the hardest-hit markets in Florida to understand the underlying issues more clearly:
1. Jacksonville’s Southside
Once highlighted as a burgeoning tech hub, Jacksonville's Southside has seen median home prices drop by 12% just since January. Inventory has ballooned by 178% year-over-year, leading to a stark oversupply. New construction projects are halting at a critical completion rate of 63%, given rising financing difficulties and decreased buyer interest.