JACKSONVILLE, Fla. – The real estate market during COVID-19, with low interest rates, is a thing of the past.
But after a long period where seller’s were in control, the market has shifted to a “buyer’s market,” according to local real estate agent Jonathan Daugherty and new data from Northeast Florida Association of Realtors (NEFAR).
According to NEFAR, a growing inventory is giving buyers more choices across the region.
“While home prices edged up slightly, the overall market showed healthier dynamics as we continue to see many new listings become available. These shifts suggest a move toward a more balanced market, offering opportunities for both buyers and sellers,” NEFAR said in a news release on Tuesday. “The median sales price for single-family homes in Northeast Florida’s six-county region increased by 2.9% since March, rising to $389,000. This caused the Home Affordability Index* to fall to a score of 67, a 2.9% decrease from March.”
Daugherty said new data shows there are no new construction homes in Duval County to speak of. The average listing price in Duval County is $380,00 and the average sold price is around $355,000, he said.
The decrease in prices reflects the actual market across Florida.
Putnam and Baker counties follow similar trends, but not as much due to low inventory and buyer activity.
Clay and Nassau counties show price increases primarily due to the influx of new construction.
A lot of buyers are going to new construction because they are offering interest rates as low as 3.99% fixed for 30 years and paying all closing costs, which is usually $10,000-$15,000. That is how they can maintain higher prices.
St. Johns is a mix of new construction and existing home sales. That is why prices are more stable there; the price of newer homes supports the pre-existing home market.
Hope Marini knows the meaning of paradise. She and her family lived in Hawaii for years. Recently, they traded one paradise for another and moved to Florida.
“We just moved back to Jacksonville and there are a lot of inventory and there’s a lot of buyers and so we felt like, because we had good representation and a good Realtor that we were able to get a good deal on the house,” Marini said.
For Marini she is enjoying her new piece of paradise and was able to get a 10% price cut.
However, with high monthly mortgage payments, it’s unclear if more people will take the risk and buy a house now.
“To quote Warren Buffett, the best time to buy is when everyone else is scared,” Marini said.
