Prices in Most Coastal Florida Housing Markets Are Down in 2024

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• Rising demand and limited supply have driven U.S. home prices up by nearly 4% so far in 2024.
• In many popular coastal areas, price increases have far exceeded the national average.
• In Florida, however, not all oceanfront housing markets align with the broader trend.
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The United States has nearly 12,400 miles of coastline, more than all but seven other countries globally. Many coastal communities along the Atlantic and Pacific Oceans, as well as the Gulf of Mexico, are among the most popular places to live in the country.

Across the 50 states, there are more than 3,200 counties and county equivalents -- and though fewer than 8% of them are located along an ocean, these coastal areas are home to nearly 30% of the U.S. population. Between 1970 and 2020, the population of coastal counties climbed by more than 40 million, according to the National Oceanic and Atmospheric Administration

While demand for real estate on or near an ocean has climbed in recent decades, available waterfront acreage is inherently limited. With rising demand and fixed supply, many coastal communities are reporting skyrocketing home prices -- a reflection of the nationwide housing shortage and ongoing affordability crisis.

Though home prices have fallen slightly in recent months, the housing market is still generally more expensive today than it was at the beginning of the year. According to data from Realtor.com , the typical American home was listed for $425,000 in September 2024, a $15,500, or 3.8%, increase from the median list price in January 2024.

In Florida, one of 23 U.S. states with oceanfront real estate, homes have gotten less expensive in recent months. Among the 185,696 homes statewide that were on the market in September 2024, the median list price was $437,251, about 4.9% lower than in January. In some coastal Florida housing markets, home prices have fallen by even more.

Of the 67 counties in Florida with available housing market data, 35 border the Gulf of Mexico or the Atlantic Ocean. In some of these places, home prices have climbed by more than 10% in 2024. In other coastal counties, price increases have been far more modest -- and in 22, a typical home is cheaper now than it was at the beginning of the year. (Here is a look at the most affordable housing market in each state .)

It is important to note that median list prices vary between $304,500 to $1,250,000 in these counties as of September 2024, the most recent month of available data. And while some of these housing markets may be cheaper than they were at the beginning of the year, not all are affordable areas for a broad range of budgets. (Here is a look at the cities where most homes cost less than $125,000 .)

These are the coastal counties in Florida where home prices have climbed or fallen the most in 2024. All 35 oceanfront counties in the state, with available data from Realtor.com, are ranked on the percent change in median list price from January to September 2024.

Why It Matters

In recent years, limited supply and rising demand have fueled a surge in home prices. This year alone, the list price of a typical American home has climbed by about 3.8%. In many popular coastal areas, the same supply and demand dynamics that led to the ongoing housing affordability crisis have been even more pronounced. In Florida, however, most oceanfront housing markets have gotten less expensive in 2024.

• Change in median home list price in 2024: +31.6% (+$107,950)
• Median home list price in January 2024: $342,000 ($117,945 less than statewide median)
• Median home list price in September 2024: $449,950 ($12,699 more than statewide median)
• Median size of a listed home in September 2024: 2,344 square feet (719 sq. ft. larger than statewide median)
• Number of homes for sale in September 2024: 45 (>0.1% of all listed homes in Florida)
• Population: 14,458

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