Jacksonville home prices rise again as affordability worsens
Jacksonville-area home selling prices rose again last month, pushing the median price to a record $ 307,230, the Northeast Florida Association of Realtors reported on Tuesday.
Up 19.7% from the median 12 months earlier, the increase in September continued to exclude more people from offers, creating the least affordable housing market in 15 years, according to data from the organization.
“It’s having some buyers reassessed,” said Diana Galavis, a real estate agent who is NEFAR’s treasurer. The Jacksonville market is more affordable than much of Florida and many cities nationwide, Galavis said, but some people interested in the homes are just being sidelined, hoping they will be better. placed to buy later.
In September:Home prices in the Jacksonville area edged down in August from the previous month’s high
From August:The Jacksonville housing market remains hot through July; the median price reaches $ 303,600
An “affordability index” used by NEFAR, which in January indicated that the median household income was 141% of the income needed to qualify for financing a typical home, fell in September to 113. That’s at roughly the affordability level in 2006, before a real-estate bubble based on dangerous borrowing collapsed during the Great Recession.
This time around, “we don’t see a crisis,” said NEFAR President-elect Mark Rosener, but the market appears to be adjusting after a summer frenzy.
Sales of pending homes and those that were closed or completed both fell between August and September and were down from September 2020.
Demand for homes remained strong, however, with the average time that homes spent on the market before selling fell to 30 days. The 4,850 homes for sale last month represented only a month and a half of sales, and only represented a shadow of the inventory that hung over nearly 10,000 homes before the COVID-19 pandemic.
And the September median price was more than $ 7,000 above the August median and $ 50,000 above the January figure.
Showing that the bidding wars were not dead, about 35% of homes sold in September sold for more than their asking price, and the average selling price was 99% of the original list price.