The real estate market in Northeast Florida is gaining strength, offering optimism for those in pursuit of buying or selling a home, as per insights from local Realtors.
Recent data from the Northeast Florida Association of Realtors reveals a notable increase in the number of homes available for sale compared to the previous year, coupled with a trend towards greater affordability.
In December, new listings saw a substantial 19.5% surge compared to the same month in the previous year. The overall inventory of homes on the market also experienced a significant uptick, registering a 15.8% increase from the previous year.
While the “affordability index,” which gauges whether a typical family can afford the typical home, indicated a lower level of affordability compared to the preceding year, there was a positive shift from November to December. This suggests a favorable scenario for potential buyers, according to Realtors.
The affordability index factors in consideration such as interest rates, median income, and median home prices. In December, the index stood at 67. A score of 100 would signify that a family with a median income possesses precisely the amount required to purchase a home with a median price.
