Jacksonville Home Prices Drop as Florida Mortgage Borrowers Take Advantage

The Florida housing market continued its decline in January, as the Jacksonville area was hit as hard as the rest of the state.

Sales of existing single-family homes fell 17 percent in the Jacksonville housing market, while the median price dropped 5 percent to $185,000. The numbers, from the Florida Association of Realtors, did not include data from the Amelia Island-Nassau County Association of Realtors.

The drop in sales was not as severe as the 27 percent drop across the state, but the median price decline was steeper than the state’s 2 percent drop to $239,300. While this is bad news for sellers, it does open up the door to those seeking Florida mortgage loans. You can find a great deal today.

One of the few bright spots was a livelier market in existing Florida condominiums. While sales of condos fell 30 percent across the state, sales in Northeast Florida rose 10 percent.

However, the median price fell 13 percent to $147,600. The statewide median price of condos dropped 1 percent to $209,000. This follows the same line of reasoning as houses, therefore: home loan borrowers are in the unique position of negotiating for lower prices.

Take advantage of it today.