In this video Michael Braddock reviews the November 2022 real estate market data report from (NEFAR) Northeast Florida Association of REALTORS® released on December 10, 2022.
In Duval County, the median price of a single-family home fell 2.1% to $325,000 in the month of November 2022. The median number of days on the market increased to 40, which is approaching the pre-pandemic level, and inventory rose 5.7% to 2,738 homes on market. The decrease in home prices also helped boost the Housing Affordability Index to 79, an increase of 2.6%.
For the month there were 1,221 Closed Sales, down 27.4% from the previous month in the three counties Duval, Clay, and St Johns. This was due in part to seasonal affects and the two Hurricanes in the month of October.
The benchmark fixed rate on 30-year mortgages topped 7 percent in October, but has since returned to the mid-6s and ended the month of November at 6.5%.
Michael Braddock is a partner and Head of Sales of Thirdstone Properties. He has over 15 years of real estate experience and has helped investors throughout the USA and several different countries invest in real estate in the northeast Florida region including Jacksonville, FL.
Learn more about Thirdstone Properties: https://www.thirdstoneproperties.com
Contact Michael Braddock: michael@thirdstoneproperties.com
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This video has been prepared for informational and educational purposes only and is not intended to provide, and should not be relied on for, accounting, legal, tax, investment or other advice. You should consult your advisers regarding such matters. An investment in real estate will involve significant risks and there are no assurances against loss of principal resulting from real estate investments or that the investment’s objectives will be attained.