Alachua County is still experiencing a red-hot real estate market. With an increasing number of people moving to the area to work at the University of Florida, the hospitals, and the booming biotech sector, the demand for homes continues, despite higher interest rates than we saw in quarters 1 and 2 of 2022.
One of the factors contributing to the strong real estate market is the still historically low inventory of homes for sale. Currently, there is a 2-month supply of inventory, which has resulted in continued competition among buyers, albeit less than last year when inventory was down to an almost 1-month supply. Homes priced under $300,000 are particularly in demand, as always, with investors and cash buyers quickly snapping them up. Additionally, homes priced over $800,000 are selling rapidly, with a staggering 80% of homes over $1 million being purchased with cash.
Buyers with purchasing power are coming from various regions, including South Florida, New York, and all over the Northeast, and the West Coast. In addition to relocating for job opportunities, these buyers are seeking the high quality of life that Alachua County offers. Many are drawn to the county's natural beauty, with its abundant parks, springs, and trails, making it a haven for outdoor enthusiasts. The county's excellent school system is also a significant draw for families with children. As a result, home prices continue to rise due to the high demand, and sellers are reaping the benefits.
If you're considering selling your home, this spring is the perfect time to capitalize on the favorable market conditions. Contact me today to discuss whether or not selling now is the right move for you.
One of the factors contributing to the strong real estate market is the still historically low inventory of homes for sale. Currently, there is a 2-month supply of inventory, which has resulted in continued competition among buyers, albeit less than last year when inventory was down to an almost 1-month supply. Homes priced under $300,000 are particularly in demand, as always, with investors and cash buyers quickly snapping them up. Additionally, homes priced over $800,000 are selling rapidly, with a staggering 80% of homes over $1 million being purchased with cash.
Buyers with purchasing power are coming from various regions, including South Florida, New York, and all over the Northeast, and the West Coast. In addition to relocating for job opportunities, these buyers are seeking the high quality of life that Alachua County offers. Many are drawn to the county's natural beauty, with its abundant parks, springs, and trails, making it a haven for outdoor enthusiasts. The county's excellent school system is also a significant draw for families with children. As a result, home prices continue to rise due to the high demand, and sellers are reaping the benefits.
If you're considering selling your home, this spring is the perfect time to capitalize on the favorable market conditions. Contact me today to discuss whether or not selling now is the right move for you.
