Residential real estate booming in Northeast Florida

Residential real estate booming in Northeast Florida

South Florida has developed a reputation for having a robust housing market, but it is not the only part of Florida where the housing market is booming. Northeast Florida's residential real estate market is also continuing to improve and draw the interest of homebuyers. This area witnessed a 10 percent rise in sales during the month of October, compared with the same period last year.

More than 2,240 deals were completed in October of this year, compared with a little over 2,000 last year. The number of pending sales has gone up more than 17 percent from 2014. During the past seven months, the area has been a seller's market, which means home prices have been increasing.

The Northeast Florida median sales price this year increased by almost 5 percent, as compared to October 2014. Meanwhile, the priced increased by nearly 8 percent this year from the year 2014, now standing at $170,000. More homes were listed in October, as compared to October 2014, and, more specifically, over 2,900 homes were added, which is nearly 80 more than were listed in October of last year. Also, due to the demand for residential real estate, homes have not stayed on the market as long as in prior years; a home is now staying on the market for about 81 days on average.

Right now is an ideal time for homeowners to sell their residential real estate in Northeast Florida because of rising demand and increasing prices. It is also a wise time to buy, as aspiring homeowners have the opportunity to purchase properties in a growing and, thus, promising area. Proper legal guidance may help both buyers and sellers to successfully complete their real estate transactions in the Sunshine State.

Source: bizjournals.com, "Northeast Florida housing market surges", Derek Gilliam, Nov. 17, 2015