September Update for the Ocala Housing Market
With so much having happened in the last year and a half or so, it can feel pretty tricky to keep up with the housing market. But if you’re planning any kind of real estate transaction, it’s vital for you to be up to date on your local market. Here’s some information on changes the Ocala housing market experienced in September based on the report from Florida Realtors.
September 2021 Transactions
Just like we reported about for June sales, sellers are, on average, still getting 100% of their asking prices for their homes. However, home prices are up significantly from where they were last year. The September 2021 report states the average home price in September was just over $284,000, which is up 20.7% from last year. The median sale price was also nearly $250,000 which is up a whopping 35% from last year. The total volume was sales in the area was $213.9 million, up from last year by 34.6%. All of this aligns with the housing market trend we’ve been seeing of significant appreciation.
Time on the Market.
While it’s taking more time for houses to sell than this summer (which is normal), it’s still taking much less time compared to a year ago. The median amount of time a home had to stay on the market before being under contract was just 10 days in September 2021, down by more than 10% from the previous year. The median time to sale was 57 days, down by more than 30% from the previous year. Clearly, the market is as competitive as ever. If you want a certain property, you’ll likely have to act fast.
The Implications for Investors
If you’re an investor who has been holding a property and waiting for the right time to sell, you definitely haven’t missed your window. The market is still very much in your favor. But if you’re looking to expand your portfolio, you’ll probably want to be a little more patient unless you get lucky with a property that’s an outlier to these current statistics. If you’re determined that now is the time to buy, be prepared to pay a little (or perhaps a lot) extra.
Should you buy in the Ocala Housing Market?
When the time is right to buy again, you’ll find that Ocala is a fantastic place for you to invest if you haven’t already. There are so many reasons why this is an attractive area to live for people in many different life stages. As the sixth fastest-growing place in the U.S. Moving to Ocala allows residents to experience an exciting up-and-coming Florida neighborhood.
Buyers or even renters who are looking to live in a family-friendly location can’t do much better than Ocala. This central Florida city is ranked as the fourth safest place to live in the United States. This is a huge reason for families to relocate to the city or stay here long-term if they’re already here. We all know that Florida is the ultimate place to retire, but Ocala specifically is in the top 20 places to retire in the entire country! It’s also considered the ninth best place to live in the state.
Continue to Wait for the Perfect Time to Invest
With all of these amazing things going for it, you can be sure that investing in Ocala is a smart choice. There will always be people who want to live here! Although we told you in our June update to be patient, you’re going to have to continue waiting until the Ocala housing market is back in the favor of investors!