Jacksonville, FL Real Estate Market Review: June 2022
In this video Michael Braddock breaks down the June 2022 real estate market data report from (NEFAR) Northeast Florida Association of REALTORS® released on July 10, 2022.
The report indicates that there are some signs of slowing demand as properties are sitting a bit longer on the market, but this is relative to the hot market we were experiencing this past year and still ways away from a market equilibrium. On Wednesday, July 27th 2022, the Federal Open Market Committee (Fed) announced their decision to increase the federal funds rate by 75 basis points to 2.25-2.5%. With the increase in rates this year, rising inflation, and talks of a recession in the coming quarters, we expect to see home sales prices begin to stabilize. Current active inventory at 2,513 is still about half of the average of the previous three years of 4,550. This should continue to put upward pressure on prices since as there is still a lack of supply on the market, even as demand has slightly decreased.
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: email@example.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.