As Housing Market Rebounds, Speed of Recovery Varies
Published November 2nd, 2012
GAINESVILLE - Five years after the collapse of the nation's housing market, some parts of the country are finally showing signs of life. Florida suffered as much as anyone, with home prices bottoming out near record lows. But as the wheels of recovery begin to turn, the speed may depend on where you live.
According to statistics from Realtor.com, the median price of a home continues to rise in larger cities like Tampa and Jacksonville, increasing by seven and six percent respectively, year-over-year. But as prices in large metropolitan areas continue to rise, the exact opposite can be said of many smaller cities, like Gainesville. According to the same set of statistics, median home prices in Gainesville actually fell a little more than one percent year-over-year.
"Our metropolitan areas were hit much harder than our small towns," says Gainesville realtor Gia Arvin. "Gainesville, for instance, was hit significantly with the market change. However, we were insulated compared to Tampa, Orlando, Miami, and even Ocala," says Arvin. She says Gainesville's economy, based largely on it's prominent healthcare and higher learning sectors, helps to protect the city's housing market from sudden swings in either direction.
But while home prices in Alachua County are continuing to fall, the pace keeps getting slower. Arvin says she doesn't expect to see those prices rise again until another year or two, meaning there is still time to get in on this buyer's market.
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