Real estate agent Bettina Geel is showcasing a four-bedroom, two-bathroom home in Brandon, spanning over 2,600 square feet.

“This is it! Welcome to your new home,” she greets potential buyers.

Listed at $450,000, the home faces increased competition as Florida’s housing market reaches an all-time high.

“Right now, there are a lot of houses on the market,” Geel told Bay News 9 in a recent interview..

According to real estate brokerage Redfin, Florida now has over 172,000 homes for sale, including more than 24,000 in the Tampa Bay area and 17,500 in Orlando.

Despite the surge in listings, Geel notes that local sales have slowed.

“You’re not seeing a lot of movement in Florida,” she explains. “Insurance and taxes have gone up, but incomes haven’t kept pace with the economy.”

As homeownership becomes less attainable, more young adults are delaying their move out of their family homes.

“College graduates, trade school grads, even high schoolers—they’re staying home longer to save up, just to afford first-class rent and security deposits,” Geel says.

With more people choosing to rent, homes are lingering on the market longer, often attracting investors or out-of-state buyers instead.

“That ultimately prices out longtime Florida residents,” she adds.

Geel highlights a unique appeal of Florida homes: screened-in outdoor spaces, which are especially popular among buyers from northern states.

However, she points out severe weather influences the real estate market.

“Hurricane damage and rising insurance costs are driving many homeowners to sell,” she says.

Condo owners, too, are facing financial strain due to new safety regulations introduced after the Surfside collapse.

“We’re in uncharted territory,” Geel states.

“COVID took the market to a level we hadn’t seen in years. But we’re not there anymore. Sellers may look at their home’s value and think, ‘Yes, this is what it’s worth.’ But the real question is—who can afford it? Right now, not many.”

With no clear end in sight, Geel says realtors are preparing for a prolonged market slowdown.

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