All eyes have been on the housing market over the last year. The Greater Gainesville area is no exception. Whether newcomers are moving in, or current residents are moving out, things are looking up in GG.
Trends to Look For
Six months ago, the market slowed, interest rates were up and everyone was watching. Currently, there is less inventory and fewer multiple offers. Price appreciation is coming to an end. According to Campus to Coast Realty’s Megan Ryals, the market is stabilizing.
“We are a heavily affected Spring market here in Gainesville. With the University and our medical system, we have several resident students and doctors who sign contracts in the spring and want to secure a house before school starts for their children in the fall,” said Ryals.
Investment properties are popular, especially around campus. Even if someone moves away, they will often keep their home and rent it out to students or other newbies.
“The housing market is fueled by location. The University area is always competitive. However, houses are sitting on the market for a little while longer, giving buyers more time to make an educated decision and find something they love,” Ryals said.
The good news for GG is that housing prices have leveled out. With the market stabilizing, it is similar to what existed pre-Covid, according to Ryals. In 2019, the average interest rate was five percent. In 2020, rates artificially plummeted. The average mortgage rates now are in the high-five to mid-six percent range.
Home Sweet Home
As a hub city with a wide variety of attractions only two to three hours away, GG is a beautiful place to live. For many, it feels like home, even if they are not initially from here. For students, world-renowned professors, small business owners, artists or medical professionals, there is a home for everyone in GG.
“People feel connected to Gainesville. There is a sweet spot and some nostalgia for this area, especially for those who attended school here. The University of Florida alumni often come back because they say it just feels like home,” Ryals said.
Greater Gainesville has buyers from all over the world looking for everything from 150k houses to multi-million-dollar homes. The area is blessed to see so many people from different places looking to come in.
The Forecast
Even though the market is a little slower right now, Greater Gainesville is well insulated due to the constant influx of people moving in and out. A more traditional marketplace is in the making for Spring 2023.
By Meredith Biesinger.