Housing inventory levels in Florida are up the most in the nation on a year-over-year basis (34%), but the bulk of the increase is really concentrated in sections of Southwest Florida. In particular, in markets like Cape Coral and Fort Myers, which were hard-hit by Hurricane Ian in September 2022.
Hurricane Ian left behind thousands of damaged homes, and the subsequent need for renovations has resulted in a surge of available housing inventory. According to the National Oceanic and Atmospheric Administration (NOAA), Hurricane Ian caused an estimated $112.9 billion worth of total damage, making Ian the third-costliest U.S. hurricane on record.