TAMPA, Fla. — Florida home sellers are slashing their asking prices at some of the highest rates in the country, according to new data from Redfin, as a record share of sellers nationwide lowered list prices in February amid a buyer-friendly market.
A record 34.2% of U.S. home sellers in February cut their list prices, up from 31.5% a year earlier and the highest February share since Redfin began tracking the data in 2012. Sellers who made cuts reduced prices by an average of $40,915, or 7.3% — the highest February percentage since 2023. Across all February sellers (including those who held firm), the average price reduction was $13,463, or 2.4%, also a record high for the month.
In Florida, the trend stands out sharply. Among the nation’s 50 largest metro areas, Tampa ranked fourth with 45.9% of February sellers cutting list prices, while Fort Lauderdale placed fifth at 44.9%. Other Sunshine State metros followed closely: Jacksonville at 44.6%, Orlando at 43.4%, Miami at 43.1%, and West Palm Beach at 42.3% — all well above the national average.
Redfin pointed directly to Texas and Florida as states where sellers were most likely to make price cuts.
“Texas and Florida are home to some of the nation’s strongest buyer’s markets in part because they have been building more homes than other states,” the report stated.
“That has given buyers options, and thus, bargaining power. Florida is also grappling with intensifying natural disasters, soaring insurance premiums and rising condo HOA fees, which has prompted some homeowners to leave.”
The national uptick in price reductions comes as sellers outnumber buyers, fueled by high mortgage rates, elevated home prices and economic uncertainty. Many homeowners who struggled to sell last year delisted their properties and are now relisting this spring, betting on stronger seasonal demand. Redfin reported nearly 45,000 such relistings in January 2026 alone — the highest January total in records dating back to 2016.
Longer-term owners in Florida and across the U.S. were somewhat less likely to cut prices. Just 31.8% of sellers who had owned their homes for seven years or more reduced asking prices, compared with 37.4% of those who had owned for two years or less.
Spring remains the best window for sellers hoping to avoid cuts. In six of the past 10 years, May posted the lowest share of price reductions, with April close behind.
For Florida buyers, the data signals opportunity. With more inventory and motivated sellers in key markets like Tampa Bay, South Florida and Central Florida, negotiations are increasingly common. Statewide, Florida’s median home price stood at $413,000 in February, up a modest 0.3% year-over-year, even as the share of homes with price drops reached 27.1%.
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