Coastal homes, once prized, now losing cache among buyers amid flood concerns

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New Jersey homes damaged in Hurricane Sandy (Credit: DVIDSHUB via Flickr)

Growing concern over flooding and climate change are making once highly sought-after coastal homes nationwide less attractive to buyers.

An analysis of pricing in coastal areas around the country by Realtor.com and the Wall Street Journal found that homes with high flooding risks have appreciated slower than homes farther inland.

The analysis tracked homes over the last few years, and found the slowing prices was greater along the Eastern seaboard, in states like Florida, North Carolina and New Jersey, where hurricanes have caused hundreds of billions of dollars in damage. The study looked at 1.2 million homes nationwide. Homes in the Hamptons on Long Island are also at risk of losing their value, given they will face chronic flooding over the coming years, according to a separate recent report.

In Monroe County, Florida, which includes the Keys, home prices