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I wanted to get you caught up on the current market trends with all the activity we're seeing. A lot of people have been asking me lately if we're in a buyer's market or a seller's market here in Northeast Florida. We're currently transitioning from a buyer's market to more of a seller's market.
Currently, inventory is low with about 8,300 homes for sale, with an average of about 2,000 homes being sold per month. That means we're working with about 4.6 months' worth of supply. That limited supply has shown us prices inching up each month. We're seeing an increase in values as a result, some bigger than others. If you're curious about your area and how it affects your home's value, let us know, and we can help you determine it.
Single-family home prices have gone up for the last two years and continue to do so because of the lack of supply. Sellers get to command a little bit more of a premium for their properties, and interest rates have an effect as well. With rates as low as they are, more buyers are out in the market looking to buy a home and lock in these historically low rates. If you're looking to buy a home, it's actually a great time, because the interest rates this low mean more buying power for you.
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We're transitioning from a buyer's market to a seller's market.
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The current rate for a 30-year fixed mortgage stands around 3.5% right now.
If you're looking to sell, the good news is that you'll have plenty of buyers out in the marketplace bidding on your home. Additionally, with the lack of supply, homes are selling in about 60 days or fewer.
If you're buying or selling a home and are interested in any more information, please feel free to reach out to me via phone or email. Let's talk soon!
