How was Gainesville’s real estate market in April 2023? This update looks at Alachua County home and condo sales during the month including sale prices, whether Gainesville was a buyer’s or a seller’s market, and how this latest market news affects Gainesville home and condo buyers and sellers.
This short real estate market report video update for April goes over all the highlights if you’re just not up for reading the whole thing.
Gainesville Real Estate Market Video Update for April 2023
Alachua County Home Sales
Gainesville FL Real Estate Market snapshot for April 2023
Despite an increase in housing inventory levels, Gainesville home prices continued to rise in April. Statewide, median sale prices were flat for single family homes, breaking an 11 year stretch of rising sale prices.
Median sale price for Gainesville homes in April 2023 was $350,000, a 2.8% increase from April 2022. This is despite a nearly 37% jump in the number of homes for sale in Alachua County compared to last year.
Home sales were down 18.3% from April 2022 and it typically took 17 days for homes to go under contract, up from 6 days last April.
Even with a softening of home buyer demand, Gainesville was a seller’s market in April, reporting only 1.9 months supply of inventory.
A seller’s market (meaning low housing supply to meet buyer demand) is when there is less than 6 months supply of inventory.
So even with Alachua County housing inventory levels rising, 1.9 months supply of inventory is still a strong seller’s market.
Whether Gainesville home prices keep rising depends in large part on whether buyer demand keeps up with increasing inventory levels.
Alachua County home sales breakdown
The strength of a seller’s market varies by price point. When there are a lot of buyers purchasing in a price point and there is a limited amount of homes for sale to meet demand, that price point is more favorable to home sellers than one where there are fewer buyers and a larger amount of homes available for sale.
Comparing Alachua County home sales to the amount of housing inventory available for sale in April and breaking that information down by price point not only gives us a look at the most popular price ranges for home sales during the month — but also highlights the price points facing the greatest inventory challenges in meeting buyer demand.
Gainesville homes priced between $400,000-$599,999 were the biggest seller In April, with 67 homes sold. This was closely followed by homes priced between $300,000-$399,999, with 64 homes sold.
Home buyers in April faced the greatest challenges finding Gainesville homes for sale priced under $300,000 due to a severe lack of inventory.
Sellers looking to sell a home in Gainesville should consult with their Realtor to come up with a pricing strategy to best position their home for sale in the Alachua County real estate marketplace.
Alachua County Condo Sales
Gainesville FL Real Estate Market snapshot for April 2023
Similar to what was seen statewide in April, Gainesville condo prices during the month continued to rise despite increasing inventory levels.
A median sale price of $177,450 during the month for Alachua County condos represented a 7.3% increase from April 2022.
This was despite a 17.3% increase in condo inventory compared to last April.
Alachua County condo sales were down almost 31% from April 2022, and it typically took 19 days for condos to go under contract, up from 10 days last year.
Despite lower sales and increasing inventory levels, Gainesville was still a seller’s market for condos in April with only 1.4 months supply of inventory reported for the month.
A seller’s market (meaning low condo supply to meet buyer demand) is when there is less than 6 months supply of inventory.
So even with Alachua County condo inventory levels rising, 1.4 months supply of inventory is still a strong seller’s market.
How condo prices will be affected going forward depends in large part on whether buyer demand keeps up with rising inventory levels.
Alachua County condo sales breakdown
Just like with single family homes, the strength of a seller’s market for condos varies by price point. When there are a lot of buyers purchasing in a price point and there is a limited amount of condos for sale, that price point is more favorable for condo sellers than one where there are fewer buyers and a larger amount of condos available for sale.
Comparing Alachua County condo sales to the amount of condo inventory available for sale and breaking that information down by price point not only gives us a look at the most popular price ranges for condo sales during the month — it also highlights the price points facing the greatest inventory challenges in meeting buyer demand.
Gainesville condos priced between $150,000-$199,999 were the biggest seller in April.
Condo buyers in April faced the greatest challenges finding Gainesville condos for sale priced under $250,000 due to a severe lack of inventory.
Sellers looking to sell a condo in Alachua County should consult with their Realtor to come up with a pricing strategy to best position their property for sale in the Gainesville real estate marketplace.
Gainesville real estate market in April: Key takeaways
- Alachua County home and condo sales were lower than last year.
- There were more homes and condos for sale than last year.
- Even with inventory levels increasing, Alachua County was still a seller’s market for homes and condos in April.
- Sale prices were up in April for both homes and condos despite growing inventory levels. It remains to be seen whether and how much Gainesville home and condo prices will be affected going forward if inventory levels continue to rise.
The figures presented in this Gainesville real estate update for April are a snapshot in time. Gainesville home buyers and home sellers should check with their Realtors for the most up to date information to help them best navigate the Gainesville real estate market.
Gainesville FL real estate: Further reading
Buyers market vs sellers market: What’s the difference?
Best selling Gainesville neighborhoods in 2023
Tips on buying a home in Gainesville Florida
Florida Realtors Monthly Market Report for April: Alachua County Homes
Florida Realtors Monthly Market Report for April: Alachua County Condos
