Realtors in Northeast Florida believe the housing market is trending toward affordability
JACKSONVILLE, Fla. – According to the Northeast Florida Association of Realtors, the trend in the housing market is trending toward more reasonable prices.
Over the course of the last several years, rates have significantly increased. This problem has been made worse by a number of factors, including high rent, inflation, the departure of insurance firms from the state, and a crisis in the property insurance market.
According to Mark Rosener, who will serve as president of NEFAR in 2022, we may start to see some respite very soon.
“The median prices in the market as in total, as well as the individual markets that we do business in, seems to have stabilized,” Rosener said. “It bumps up a little bit, down a little bit. But, if you average it out, it pretty much stayed the same.”
Rosener also says that interest rates have reached a plateau, which is important because it was hard to find cheap places to stay earlier this year.
The fact that there are now more individuals holding jobs in our region contributes to an increase in the median income.
The index of affordability is subject to change. The Northeast Florida Association of Counties (NEFAR) provided News4JAX with statistics indicating the counties’ standings as of August. The number for Duval County was 79.5, which is a little improvement from July’s reading of 79. The reading for Clay County was 75, representing a 5.6% jump from July’s reading. With a score of 49 on the index, St. Johns County continued to hold the title of most expensive place to live in the region. Although the cost of living in Putnam County has gone down since it was last recorded at 113, the county is still the least expensive area to live in North East Florida when compared to other counties in the region. The index for Nassau County is now at 67.5, representing a rise of 42.3% when compared to July.
“There are affordable homes in our marketplace,” Rosener said. “But I think, overall, the big picture is we have to do something within our communities to make more affordable housing available.”
In our region, the number of available houses is still at a historically low level, and we have a long way to go before homes are priced affordably for families earning the average wage. However, according to Rosener, the housing affordability index for a single-family home has increased by 2.9% and now sits at 70, so he believes that it is heading in the right way.
The issue does not have a solution that can be implemented right now. If you are in urgent need of finding a place to live in Jacksonville, Rosener suggests that you get in touch with the Jacksonville Housing Authority. He also suggests that you get quotes from a number of different insurance providers.