{"id":9184,"date":"2024-02-16T15:07:07","date_gmt":"2024-02-16T21:07:07","guid":{"rendered":"https:\/\/nwfl4sale.com\/ne-fla-markets-in-2024-a-bit-more-stabilized\/"},"modified":"2024-02-16T15:07:07","modified_gmt":"2024-02-16T21:07:07","slug":"ne-fla-markets-in-2024-a-bit-more-stabilized","status":"publish","type":"post","link":"https:\/\/nwfl4sale.com\/ne-fla-markets-in-2024-a-bit-more-stabilized\/","title":{"rendered":"NE Fla. Markets in 2024: ‘A Bit More Stabilized’"},"content":{"rendered":"
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More inventory potentially hitting the market paired with stabilizing interest rates allows buyers some breathing room, NEFAR president says.<\/p>\n<\/div>\n
JACKSONVILLE, Fla. \u2013 According to Northeast Florida Association of Realtors data, the median price for a single-family home increased over $23,000 between January and December last year, with the median price ending the year at $384,750, down from its peak of $395,000 in July.<\/p>\n
Home sales data in Baker, Clay, Duval, Nassau, Putnam, and St. Johns counties also showed a shift in the market as the median number of days a house was on the market fell from 57 days in January to 48 days in December.<\/p>\n
Real estate agents say that as housing inventory increased, it took longer for buyers to close a deal.<\/p>\n
Diana Galavis, the Northeast Florida Association of Realtors 2023 president, said, “More inventory potentially coming on the market allows for buyers to take a breather, especially with the interest rates being a little bit more stabilized to shop longer.”<\/p>\n
NEFAR also expects home affordability to improve in 2024, as the Home Affordability Index has shown signs of improvement, rising to 67 out of 100 in December.<\/p>\n
Rory Dubin, the 2024 NEFAR president, said, “It is showing positive signs, not year-over-year, but at least month-over-month when we’re looking at the trend line.” Most expect pending rate decreases to impact the market, with more homeowners willing to sell their existing homes, increasing the inventory available.\u00a0<\/p>\n
Source:\u00a0Jacksonville Daily Record (01\/26\/24) Macdonald, Dan<\/p>\n
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