Florida’s housing market is experiencing a record surge in unsold homes, making two key metros, Sarasota and Bradenton, hot markets for buyers as prices plummet and inventory climbs.
The number of homes piling up on the market in Florida has hit record highs for two months in a row—and two cities in particular are becoming hot markets for buyers as prices fall dramatically.
According to recent data, Florida has seen a significant increase in unsold homes, particularly in the Miami-Dade and Broward counties.
As of 2022, there were over 120,000 unsold homes in Florida, with many sitting on the market for extended periods.
This surplus is attributed to a combination of factors, including an oversupply of new construction, high interest rates, and a decline in buyer demand.
Statistics show that nearly 30% of unsold homes have been on the market for over six months, indicating a potential inventory bubble.
In February, 168,717 homes hit the market in the Sunshine State, the highest number in the history of Realtor.com data going back to July 2016—and nearly 40% higher than a year ago. ‘For-sale home supply has climbed annually in the state since May 2022, but have only exceeded pre-pandemic levels since mid-2024,’ says Hannah Jones, senior economic research analyst at Realtor.com. ‘High home prices and mortgage rates have stifled demand in the state, leading to a buildup in home inventory.’
The February upswing followed January’s historic boost in inventory, which saw 157,221 homes on the market across the state, a 33.1% year-over-year increase. That was the highest number ever recorded by Realtor.com to date, before it was surpassed by more than 100,000 listings a month later.
2 Gulf Coast Cities Emerge as Hot Markets for Buyers
As inventory surges and prices plummet, two Gulf Coast cities—Sarasota and Bradenton—are becoming decidedly more buyer-friendly. ‘Home shoppers in Bradenton and Sarasota are in for a treat with climbing inventory, falling prices, and longer time on market,’ says Jones. ‘Buyers are likely to find more seller flexibility as homeowners aim to attract buyer attention.’
Bradenton, Florida, is a growing city with a diverse economy.
The median home price in Bradenton is around $340,000, while the average rent for a single-family home is approximately $1,800 per month.
The city has seen significant growth in recent years, with a 10% increase in population between 2020 and 2022.
Major industries in Bradenton include healthcare, education, and tourism, contributing to its strong job market.
According to Zillow, the city's housing market is considered 'hot' , with homes selling quickly due to high demand.
Bradenton: A City with Falling Prices and Increasing Inventory
In Bradenton, a city of 57,000 residents located south of Tampa, median list prices have been in a steady decline since March 2023, after peaking at $549,000 in June 2022. As of January this year, a typical home in Bradenton cost $432,000, more than $100,000 less than a year and a half ago.
At the same time, residential properties in Bradenton lingered on the market for 67 days in January, three days more than a year ago—and more than 40 days longer compared with the height of the COVID-19 pandemic. The number of for-sale listings in Bradenton was 1,900 as of January, up from around 1,600 during the pre-pandemic January.
Sarasota: A City with Softening Market Conditions
In the city of Sarasota, which sits on the Gulf Coast south of Tampa, median list prices fell almost every month from November 2023 to January 2025. The median list price reached a high point of $725,000 in July 2023, but by January of this year, it shed $150,000, settling at $575,000.
Homes in Sarasota typically stayed on the market for 67 days in January, two more days compared with the same time last year—and close to 40 days longer than during the peak of the pandemic. According to the January report from RASM, single-family home sales grew by 6.8% in January year over year, with 520 homes sold.
Townhome and Condo Sector Cooling Off
Townhomes and condominiums in both Sarasota and Manatee counties lingered on the market for longer than before and were more affordable than a year ago. In Sarasota, the number of townhomes and condos shot up to 2,463 last month, while the median sale price plummeted 17.4%, to $347,000.
Similarly, in Manatee County, which is home to Bradenton, the roster of active listings reached 1,714, as the median sale price dropped by more than 6%, to $335,990. In both counties, townhomes and condos stood unsold more than 85 days, bolstering buyers’ negotiating power.
‘Median home prices have adjusted in response to increasing inventory, particularly in Sarasota’s condo market,’ says Reynolds. ‘With townhomes and condos in both counties exceeding eight months of supply, market conditions now favor buyers.’
The Florida townhomes and condos market is a thriving segment of the state's real estate industry.
According to recent data, the median price for townhomes in Florida is around $270,000, while condos average at approximately $220,000.
The Miami-Dade and Broward counties lead the market with high demand and prices.
Key factors influencing the market include migration from colder climates, tourism, and a strong economy.
As of 2022, inventory levels are relatively low, driving up competition among buyers.
Developers continue to invest in new construction projects, catering to the growing demand for luxury townhomes and condos.
