Yes, there is a genuine housing shortage across much of the United States, and Florida is no exception. The shortage stems from a combination of underbuilding after the 2008 crash, rising construction costs, labor and material constraints, and zoning restrictions that limit density in high-demand areas.
Spring Hill and Hernando County have felt the impact directly. The area absorbed significant population growth from buyers relocating from Hillsborough and Pinellas counties as affordability eroded in those markets, and local builders have not produced enough new inventory to fully meet that demand. The result is a constrained supply that has kept prices elevated even as interest rates rose.
For buyers navigating a shortage market in the Hernando County area, the practical response is preparation over patience. Pre-approval, a clear wishlist, and a local agent who monitors the MLS daily and has broker-to-broker relationships puts you in position to act on properties before they sit long enough to attract multiple offers.
Kevin Neely & Kaitlynd Robbins | K2 Sells, Keller Williams Elite Partners
Yes there is a real shortage, but it is a shortage of affordable homes, not homes in general. The country is estimated to be short over two million units when you factor in population growth and the decades of underbuilding that followed the 2008 crash. Seeing homes for sale does not mean the shortage is resolved, it means the homes that are available are often priced beyond what most buyers can actually afford at current rates.
Think of it this way. There are houses on the market, but many of them are priced for a world where rates were three percent. At six percent the monthly payment on those same homes is dramatically higher, which pushes them out of reach for a large portion of buyers. The shortage is most severe at the entry level and workforce housing range, where demand is highest and supply is thinnest. Move-up and luxury inventory tends to sit longer, which creates the impression that there are plenty of homes available when the reality is more complicated.
Many experts are saying that there is a housing shortage, which means that the inventory is low compared to the population demands. As inventory is low and demand is up then usually prices follow the demand.
The number of homes available is much lower than previous years. Several reason for the current shortage:
-Rising interest rates has paused homeowners from selling or moving up.
- Building restrictions on new home constructions has made it challenging limiting the supply of new homes. High cost of building materials and home prices has paused the rush for new homes.
-The supply chain for building materials, which has led to delays in new construction and renovations
Home prices have been rising rapidly in many areas, making it more difficult for some people to afford a home
Justin - a housing shortage means there are more buyers than homes for sale, so there are not enough homes for every buyer looking to purchase. Here in Fernandina Beach, Nassau County, Florida, we see low inventory, and sellers may still receive multiple home offers.
Justin yes or no, it depends on your area. Every city has a different market trends. Your Realtor should be able to help identify what type of market your area is in. There's a lot of data to look at when determining whether you're market is in a housing shortage or not. This is called inventory and generally 6 months of inventory is considered a balanced market. Less than that is considered a seller's market and more is considered a buyer's market.
