S
ebastian experienced one of the steepest home price declines in the US, ranking fourth nationwide. The city saw an 8% drop in median home sale prices, from $408,591 to $376,125, according to a study by ConsumerAffairs. This decline is part of a broader trend affecting Florida markets, which have seen rapid appreciation during the pandemic-fueled housing boom.
ConsumerAffairs analyzed Zillow data from 180 US metro areas and found that many Florida cities are experiencing sharp corrections as demand cools. "Some overheated areas are experiencing sharp corrections," said Toni Galeassi, ConsumerAffairs spokesperson. Sebastian's surge in prices during the boom may be contributing to its current price dip.
The Treasure Coast region is not alone in seeing a notable price drop. Port St. Lucie ranked 21st in the US for home price decrease, and popular hubs like Tampa, Orlando, and Jacksonville are also trending downward. The Sebastian-Vero Beach metropolitan area had the fifth steepest decline in home sale prices last year, with Indian River County experiencing a 3.2% decrease in home sale prices, according to ResiClub's analysis of Freddie Mac data.
