Are home prices dropping

By
Real Estate Agent with Berkshire Hathaway HomeServices Florida Network Realty

Are price drops coming to the real estate market? Hang on. There might be great news on the horizon for home buyers for the first time in a long time. 

Now, across the country mortgage people, mortgage companies are laying off mortgage lenders left and right because demand has slowed down, probably because interest rates have doubled, more than doubled, since December. We're also seeing across the country a decrease in showing activity, which is a sure sign that things are changing.

What I want to talk about, though, is right here in Northeast Florida, the area where I work, Jacksonville and all the surrounding areas, at the moment, inventory is still at record lows, although, it's starting to creep up. A few weeks ago, I know that there was only about 1,900 active listings or homes or properties for sale in our area. Today, there's 2,609 listings. And if you add on the coming soon listings, it's 2,756. Now, listen to this, this month alone, there have been 654 price changes, and that's affecting all price ranges, as low as $57,000, all the way up to $13.5 million. So it doesn't matter what value or price range you're in, we're seeing price drops all across the board.

Also, this month, 2,014 homes have gone under contract. So it's still a very robust market, but I think a lot of people are just clamoring to get in before interest rates go higher. Now, we are still seeing multiple offers on the properties that are priced right and conditioned properly, but we're not seeing near as many offers on those properties. So things are starting to look like they're changing a little bit. It may take a little bit longer for that inventory to creep up and demand to go down. And when that does, it's definitely going to put downward pressure on prices on real estate and homes for sale. So hang in there.

If you need to buy, I would encourage you to get out there in the marketplace and do it now. There's still a lot of people making some great deals. If you're on the fence about selling, if you think you ought to wait it out, don't do it. Right now is probably the best time to sell if you missed the last couple of years. 

Mike and Cindy Jones, Jacksonville Real Estate Agents
Berkshire Hathaway HomeServices
Florida Network Realty
3627 St Johns Ave
Jacksonville Fl 32205
904 874-0422

Comments (2)

Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Real Estate is so local yes in my market the prices have dropped and more than what your median price is, Endre

Jun 07, 2022 10:50 PM
Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Great information.  Thanks for sharing and enjoy your day!

Jun 16, 2022 07:59 AM