JACKSONVILLE, Fla. — The Jacksonville housing market is hot! Jacksonville ranks No. 2 just behind Tampa for the hottest market, according to new predictions announced by Zillow, but there could be some relief for buyers as we continue into 2022.
According to the Northeast Florida Association of Realtors, in January 2022, the median home price in Northeast Florida was $343,000 – up 24% from January 2021.
NEFAR president Mark Rosener says a balanced market typically has five to six months of supply. Currently, Jacksonville has 1.1 months of supply.
This is giving sellers an advantage, said Founder of River Birch Realty, Katrina Leek. When she started 20 years ago, she says it was the complete opposite. Now, buyers are having to take an extra step to get a leg-up on the competition.
“You just work a lot more cause, you have the buyer, you’re taking them around to different properties, and then every one house may have like 10 offers if it’s a great house. So, it’s becoming difficult for the buyers and then plus they’re beginning to get priced out of the market," said Katrina Leek, founder of River Birch Realty.
Some tips for buyers include; paying the seller’s closing costs, offering more than the appraised value, putting down a large binder deposit, and shorting the inspection time frame.
There is hope that things are returning to normal, houses are staying longer on market, 20-25 days, potentially adding more inventory and stabilizing the industry.