Photo: manusapon kasosod / Moment / Getty Images
North Port, FL - A Florida city has experienced the steepest drop in home prices nationwide due to soaring insurance costs, inflation, and declining buyer demand.
According to a report from Consumer Affairs, the city of North Port experienced the steepest drop in median home prices among nearly 200 major markets nationwide from April 2024 to April 2025.
The city saw home prices fall by nearly 10%, according to year-over-year data analyzed by real estate platforms including Redfin and Rocket Homes.
Redfin reports that the median sale price in North Port dropped to just over $345,000, while Rocket Homes estimates a slightly higher average around $353,000.
Both sources confirm that most homes in the area are now selling below the asking price, a clear sign of cooling demand.
Real estate experts point to rising insurance premiums, inflation, and expensive condo assessments as major contributors to the dip.
Some analysts also believe an oversupply of new builds and weather-related risks are turning potential buyers away.
Bankrate and the Wall Street Journal have both noted similar patterns in surrounding markets like Cape Coral and Sarasota, where sellers are slashing prices to stay competitive.
Florida-based brokers say the region has always been unpredictable but long-term growth has typically offset short-term downturns.
However, this recent decline appears more widespread, with Orlando, Ocala, and Sebastian also experiencing falling values.
With interest rates remaining high and insurance costs surging, many expect Florida’s housing market to remain under pressure throughout the year.