If you are interested in purchasing a home in the area of northeastern Florida, you have probably noticed that the current housing market is challenging and competitive. High housing prices and a limited amount of available housing are some of the factors contributing to the state of the market. Despite the current challenges, it is still possible to find a home in the current market. If you are interested in buying a home in Jacksonville, Florida and the surrounding area, North Star Mortgage, Inc. can help. Read on to learn more about the market conditions in northeastern Florida.
What Are the Recent Real Estate Market Trends In Northeastern Florida?
Potential homebuyers in northeastern Florida are facing an increase in housing prices because of inflation, the recent increase in interest rates and due to the fact that there is currently a limited supply of housing available. The average cost of a home is approximately $380,000 and they are typically selling in 13 days. Many homes are being sold well over the listing price, so buyers need to be prepared to make a higher offer and need to act quickly in order to obtain a home.
The Housing Affordability Index For Regions in Northeast Florida
The housing affordability index measures whether a typical family has the ability to earn enough money to be eligible for a mortgage for an average home at both national and regional levels based on current income and pricing information. Throughout the United States, 82% of household incomes were found to have the amount deemed necessary to be eligible for a typical home with the current interest rates. In northeastern Florida, the housing affordability index varies across each county.
- Duval County – In recent months, the average price of a home went up to $340,000 here with an average of 12 days on the market, and the amount of homes for sale actually increased by 4%.
- Putnam County – The average price of a home here has dropped to around $201,000, making it one of the more affordable areas in northeastern Florida.
- Johns County – This continues to be one of the more expensive areas in the region, with homes costing an average of $567,927 and selling in 12 days.
- Clay County – The average cost of a home increased here to $358,495, and sellers are receiving 100% of their asking price.
- Nassau County – Homes are selling fast here, on an average of 8 days for a median price of $386,250.
Assistance With the Housing Market In Northeastern Florida
Even though you may encounter certain challenges if you are looking for a home right now in and around Jacksonville, Florida, it is still possible to obtain your dream home. Contact North Star Mortgage Network, Inc. today to help you navigate the current housing market.