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Published May 3, 2023
Real Estate Market Trends in North East Florida: A Look at Year-to-Date Statistics
If you're thinking about buying or selling a home in Northeast Florida, you're probably curious about how the market is doing. Despite the increase in mortgage interest rates, 2023 has been a great year for the local real estate market, with high demand and rising prices.
According to the latest data from NEFAR, the median home price in has gone up by 0.8% since the beginning of the year. While the increase is not substantial a market normalization was expected after the strong real estate market of 2021 where homes were selling within hours of being put on the market.
The number of homes sold in so far this year have decreased, with 4,795 homes sold, which is 23.8% less than last year (note this data does not include condos, townhouses and vacant land). Homes are currently receiving on average 97% of the list price compared to 100.1% from last year which shows that buyers now have a little more room to negotiate.
But here's the catch: inventory is still extremely low sitting at just 2 months supply! While year over year inventory is up 195% we are comparing it to a time of the lowest inventory in history. A balanced market is 6 months supply of inventory so you can see we are still in a strong seller's market. This low inventory level is contributing to the increase in the average price per sq. ft. at $198 which is an 8.2% increase from last year.
It's important to keep in mind that the real estate market can vary widely depending on factors like location, property type, and price point. Some neighborhoods may be experiencing more competition and higher prices than others. That's why it's essential to work with a local real estate agent who knows the ins and outs of the area.
Overall, the year-to-date statistics show that Northeast Florida is still a strong seller's market, however, buyers have more breathing room with more inventory to choose from and a bit of more room to negotiate. I would think twice about waiting for interest rates to go down before buying as that could cause demand to increase further on an already low inventory environment causing prices to increase higher. Remember, you can refinance into a lower rate, but you can't buy the home at the previous year's prices.
If you're looking to buy or sell a home in the area, it's crucial to work with an experienced agent who can help you navigate the current market conditions and get the best possible outcome for your transaction. I would love the opportunity to speak with you about your real estate needs. Feel free to give me a call at (904) 708-6502 or send me a message on my website at https://www.luisperezroman.com/connect. I look forward to helping you achieve your real estate goals!
I hope this update on the local real estate market has been helpful. If you have any questions about buying or selling a home in North East Florida, please don't hesitate to reach out.
Source: Northeast Florida Association of Realtors
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