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Northeast Florida housing market shows signs of moderation

February 9th, 2022 · Leave a Comment

Although sellers are still firmly in the driver’s seat, the housing market in Northeast Florida has begun to show “signs of moderation” at the start of the new year.

For single-family homes, the median sales price in Northeast Florida registered $345,000 in January, a 1.4% drop from December 2021, but still 24% higher than it was a year ago. Condominium prices continued to climb to a median price of $220,000, a 4.8% jump from December and a 27.9% increase from January 2021. Townhouse prices performed similarly, posting a median price of $256,000, which is 2.4% more than a month ago and 21.9% more than last year.

“The Northeast Florida real estate market continues to show signs of moderating, although, as we expected, still is firmly entrenched as a sellers’ market,” said Mark Rosener, president of the Northeast Florida Association of REALTORS®. “The concern of rapidly escalating median prices, which impacts the home affordability index, is also moderating with the median price of single-family homes hovering between $345,000 and $350,000 since November. Slight movement from month to month is normal and indicates a more normalized rate of appreciation. Northeast Florida’s home affordability index has remained at or near 100 for the better part of the last four months,” he said.

During the past month, new single-family listings increased 11.1% from December to 2,100 but remain significantly lower than January 2021’s mark of 3,641. Northeast Florida’s active inventory also dropped 14.7% since December 2021 to 2,389 homes for sale, and this is a 34.4% decline from a year ago.

NEFAR’s market reports are available at nefar.com.

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