Florida's housing market has "flipped" for homebuyers, according to real estate analyst Nick Gerli, but not the way they might have wished for.

While the Sunshine State can solidly be considered a buyer's market , as homes are taking the longest in the country to sell and inventory has risen by double-digits in recent months, locals are just not earning enough to afford the properties for sale.

"The growth in inventory in Florida has started alleviating buyer's affordability issues. Home values are down 4.7 percent over the last year, and now the salary needed to buy in Florida is down to $98,000, which is an improvement from several years ago," Gerli, CEO of Reventure App, told Newsweek . "However, the market is still about two times more expensive than it was before the pandemic.

See Full Page