Davidson Realty, Inc.

Northeast Florida Real Estate Market Update

April 25, 2022

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Posted by in News, Northeast Florida Market Trends

“A true friend is someone who thinks you’re a good egg, even if you’re cracked.” — Unknown

I hope everyone had a wonderful Easter! It is an amazing time of year.

 

The Northeast Florida Association of Realtors market stats for March 2022 show a continuing seller’s market with low available inventory and prices continuing to rise. The buyer demand remains strong.

 

The median sales price for March is $340,600 for all property types in all 6 counties of Northeast Florida. This is an increase of 3.2% from February and 24.8% from last March. The median price for a single-family home in St. Johns County jumped to $558,700. This compares with $330,000 in Duval, $345,000 in Clay, $222,000 in Putnam and $385,000 in Nassau.

 

The active available inventory for the entire market area is 2,888 properties which is down 8.0% from February and 32.7% from last March. We have 1.0 months supply of inventory which is down 24.3% from last year.

 

We continue to see new listings, but they are selling quickly with multiple offers if priced correctly. We will have to watch the market in April and through the summer to see the impact of rising home mortgage rates on demand.

 

A recent Harris Poll survey conducted for Coldwell Banker of more than 2,000 US adults shows 44% of Gen Z (18-25) and 35% of millennial (26-41) homeowners say they plan to sell their homes in the next 12 months. Many of these first-time homebuyers bought smaller starter homes that have gone up in value and they have enough equity to make a sizeable down payment on a larger home.

 

A Realtor.com housing report says the two primary motivations for selling are new familial needs (31%) and the desire for updated features (15%). The study indicates the majority of sellers planning to make a move are millennials ready to swap their starter homes for larger ones (49%). The study continues “compared to all survey respondents, higher shares of millennials want a more affordable home (34% vs. 21%) and need the sale money as soon as possible (14% vs. 11%) to help offset inflation, student loan debt, and other economic burdens.”

 

Given the projected increase in interest rates and increase in properties available for sale, it would appear to be wise to sell sooner rather than later. Additionally, the current market favors the seller with buyers agreeing in many instances to waive inspections, repairs, and pay cash.

 

If we can help you analyze your home’s value and discuss options, please let us know. We love to talk about real estate. Enjoy our beautiful weather and all the great activities outdoors this spring.

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About the Author
Sherry Davidson
President of Davidson Realty

Since launching Davidson Realty in 1989, Sherry Davidson has built the firm to include nearly 60 agents and exceed $100 million in annual sales. She is known throughout the First Coast as an authority on all things residential real estate, having served on the Board of Directors for Northeast Florida Association of Realtors, Florida Realtors® (a division of the National Association of Realtors), and Builders Care (charitable arm of Northeast Florida Builders Association).

Thanks to Sherry’s leadership, Davidson Realty has been recognized as one of the state’s Best Companies to Work For (Florida Trend Magazine), as well as one of the region's Best Places to Work and 50 Fastest Growing Companies (Jacksonville Business Journal). Get to know Davidson Realty’s talented team of agents by clicking here or call us at (904) 940-5000.

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