Alachua County Home Prices Drop 13.4% in April 2024

Alachua County, Florida's median home list price decreased 13.4% to $345,123 in April 2024 compared to the same month last year. The median home size is 1,649 square feet, with a price per square foot of $209.

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Aqsa Younas Rana
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Alachua County Home Prices Drop 13.4% in April 2024

Alachua County Home Prices Drop 13.4% in April 2024

The median home list price in Alachua County, Florida, has decreased by 13.4% to $345,123 in April 2024 compared to the same month last year. The median home size in the county is currently 1,649 square feet, with a price per square foot of $209.

The significant year-over-year decrease in median home list price suggests a cooling of the local housing market. Factors such as rising mortgage interest rates, economic uncertainty, and shifts in housing demand and supply may be contributing to the downward pressure on prices.

Why this matters: This decline in home prices has broader implications for the local economy, as it can impact consumer spending and confidence. Moreover, it may also affect the overall housing market in the region, potentially leading to a ripple effect on neighboring counties and cities.

Despite the drop in median list price, Alachua County remains an attractive location for homebuyers due to its proximity to the University of Florida, diverse economy, and high quality of life. The county seat, Gainesville, has consistently been ranked as one of the best places to live in the United States.

The decrease in median home list price may present opportunities for buyers who have been priced out of the market in recent years. However, it is important for potential buyers to carefully consider their financial situation and long-term housing needs before making a purchase decision in the current market environment.

As of April 2024, the median home list price in Alachua County stands at $345,123, a notable 13.4% decrease from the previous year. With a median home size of 1,649 square feet and a price per square foot of $209, the local housing market appears to be undergoing a significant shift, presenting both challenges and opportunities for buyers and sellers alike.

Key Takeaways

  • Alachua County, FL median home list price drops 13.4% to $345,123 in April 2024.
  • Median home size is 1,649 sqft with a price per sqft of $209.
  • Falling prices may impact local economy and consumer confidence.
  • Despite decline, Alachua County remains attractive due to UF and quality of life.
  • Buyers should carefully consider finances and long-term needs in current market.