JACKSONVILLE, Fla. – The Northeast Florida Association of Realtors says the housing market is shifting toward affordability.
Rates skyrocketed over the last few years. High rent, inflation, insurance companies leaving the state and a property insurance crisis have all contributed to this.
Mark Rosener, the 2022 president of NEFAR, says we could start to see some relief 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 interest rates have leveled off — which, earlier this year, made it hard to afford places to stay.
Now, more people are working in our area, which bumps up median incomes.
The affordability index fluctuates. NEFAR gave News4JAX data showing where some Northeast Florida counties rank as of August. Duval County came in at 79.5 — a small increase from July at 79. Clay County was at 75 — a 5.6% increase from July. St. Johns County remained the least affordable area to live in the region — with the index at 49. Putnam County saw a decrease when it was registered at 113, but compared to other North East Florida counties, it continues to be the most affordable place to live. Nassau County has a 67.5 index — a 42.3% increase 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.”
Inventory is still historically low in our area, and we’re still a ways away from homes being affordable for people making the median family income. But Rosener says the house affordability index inched up 2.9% to a 70 for a single-family home, so he says it’s moving in the right direction.
There isn’t an immediate fix to the problem. Rosener recommends reaching out to the Jacksonville Housing Authority if you need to find a home immediately, as well as shopping around with different insurance companies.