Home listings and sales have bounced back in Florida towns hit by Hurricane Ian last fall, according to a report from Redfin (RDFN).

In the two months following the impact of Hurricane Ian, there were 900 fewer new listings in Cape Coral-Fort Myers. In the six months to follow, there were 1,314 more new listings than projected, more than offsetting the shortfall.

Redfin states that the new listings a🤪re cropping up due to many reasons, including homeowners who paused their selling plans or delisted their properties after Hurricane Ian and are now putting their🉐 homes on the market as well as homeowners looking to sell their houses and move to safer areas. 

Climate Change Adds To Cost Of Homeownership

Hurricanes hitting the state are getting more intense each year due to climate change and are expected to worsen. Despite that,🌼 homeowners want to buy houses in Florida for warm weather and comparatively lo💖wer prices.

While home sales are rebounding, insurance companies are moving out of the state, leaving homeowners with fewer and more and more expensive coverage options.

"Ultimately, lower-income residents may be pushed out of the riskiest areas due to rising insurance and rebuilding costs. Those who can afford to remain will likely see their home values appreciate at a slower clip as the dangers of climate change become impossible to ignore,” said Redfin Senior Economist Sheharyar Bokhari.

Overall, hurricane Ian didn’t significantly impact the average house price in Florida. While it created a supply crunch in housing, leading to a jump in average house prices in the short run, that was offset by new listings.