PUTNAM COUNTY, Fla. – The pandemic may be slowing down the wheels of the economy, but the real estate market is booming.
If you’re a buyer, you may encounter challenges including stiff competition and high prices. It’s a different story for sellers.
Sellers are capitalizing on high demand for their homes and if priced properly and in good condition, can often receive the asking price for their properties, or close to it.
Numbers from the Northeast Florida Association of Realtors’ Annual Report on the housing market shows the median sales price increases from 2019 to 2020.
In Baker County, prices have increased by 17%. Putnam County prices increased 16.9%. Duval County also saw a double-digit increase at 10%. Clay County shows a 7% increase and in St. Johns County, the numbers showed a 4% increase.
When you look at the four-year growth from 2016, the numbers are even more staggering. In Putnam County, the four-year change shows a 106.6% increase in prices! The only other county in Northeast Florida that gets close to that is Baker County with a 63% increase in the last four years.
Clay County’s increase is 36%. Duval County shows a 37% increase. Nassau County is at 39%. and St. Johns County shows a 20% increase in pricing.
One factor fueling the pricing increase is high demand and low inventory. Several factors are playing into this including sellers who are hesitant to put their homes on the market due to COVID-19.