An unprecedented number of people are looking to move from one metropolitan area to another, and thousands are landing in Jacksonville as they try to escape high housing prices.
Although the housing market has slowed lately with inflation and rising interest rates, people who can afford to buy are continuing to move, according to a new report by Redfin, an online real estate brokerage.
Surging housing costs are putting expensive metros further out of reach, Redfin says.
Miami was the most popular destination in the country among 2 million Redfin users in the second quarter. Tampa was second. Jacksonville was 13th of 148 metro areas.
Data analyzed by WJCT News shows that the greatest number of people were looking to leave Orlando for Jacksonville, followed by New York, Washington, D.C., and South Florida — all substantially more expensive areas than Northeast Florida.
The average home price in Jacksonville in June was $370,983, according to the latest research from Florida Atlantic and Florida International universities. The average price in South Florida was $456,489; Washington, D.C., $556,296; and New York, $614,826.
Overall, Jacksonville attracted 3,818 more buyers than it lost in the second quarter, Redfin says.
Those people pay a premium to live here, though. Prices, on average, were 46% higher in June than they should have been, based on historical trends, the FAU/FIU study found.
Homes have been growing more overvalued every month since July 2020, the study said.
