Housing Inventory is Continuing to Make a Meaningful Recovery
The month of August showed a slight increase in available housing inventory over the previous month with listings staying on the market longer, giving buyers more breathing room to find a home.
Both the Median Sales Price and the Median Price Per Sq. Ft. slightly decreased as compared to last month, but increased by 17.6% and 21.2% respectively, compared to August 2021.
While the rise in interest rates has slowed the frenzied pace of the past year in the real estate market, Northeast Florida continues to grow. More millennials are moving closer to the age for first-time home purchases and interest has increased from out-of-state buyers, whether they’re investors, retirees or employees that are able to work remotely. Prices may not significantly rise in our area, however, predictions are that housing demand will continue for quite some time.