Gainesville Area Home Prices

By
Real Estate Agent with RE/MAX Professionals, Inc.

 

According to Zillow, the value of single-family homes smaller than 1,200 square feet fell by just 1 percent.  Meanwhile, values of midsize homes between 1,200 and 1,900 square feet fell an average of 3.1 percent, and homes larger than 1,900 square feet declined 2.8 percent.

Zillow.com also offers a comparison of 66 metropolitan statistical areas on Zillow.com. These findings are culled from that analysis:

The highest-appreciating metropolitan areas (year-over-year):

· Grand Junction, Colo. (18.6 percent)

· Corvallis, Ore. (11.2 percent)

· Charlotte-Gastonia-Rock Hill, NC-SC (9.0 percent)

· Eugene-Springfield, Ore. (6.9 percent)

· Spokane, Wash. (6.1 percent)

· Seattle-Tacoma-Bremerton, Wash. (5.3 percent)


Most-depreciating metropolitan areas (year-over-year):

· Sarasota-Bradenton, Fla. (-16.4 percent)

· Melbourne-Titusville-Palm Bay, Fla. (-14.3 percent)

· Stockton-Lodi, Calif. (-13.5 percent)

· Charleston-North Charleston, SC (-12.8 percent)

· Daytona Beach, Fla. (-12.5 percent)

· Modesto, Calif. (-12.4 percent)

From Zillow's report, we can see why current home prices in the Gainesville area are depreciating as opposed to the last few  years of appreciation.  In some areas we see the price of homes adjusting downard just as fast as the price went up in the past few years.  Although not as bad as we see in the three Florida areas above, I would guess that we are seeing some depreciating price adjustments in the 8-10% range.  Hopefully this is now leveling out and we can begin to move some overbuilt inventory.  Buyer's....now is the time to buy.

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Jack Patton

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