In yet another sign that its a seller’s market on the First Coast, a new report ranks the Jacksonville metro area No. 4 in the nation for most competitive homebuyers.
Among the nation’s 50 largest metropolitan areas, Lending Tree found Jacksonville had a 62.8% share of homebuyers with a credit score of at least 720, making those buyers more likely to qualify for a mortgage.
The median down payment made in the Jacksonville area was 22.2%, and 75.09% of homebuyers shop around for a mortgage before looking for a house, the study by the online lending marketplace estimates.
According to Lending Tree, while low interest rates are likely to benefit many would-be buyers, many housing markets are “more competitive than ever.”
Lending Tree found that the coronavirus pandemic has resulted in low inventory, in turn pushing home prices up, while lenders have tightened their borrowing standards.
San Jose, Calif., was ranked to have the most competitive homebuyers while Memphis, Tenn., was ranked as having the least competitive.
Metros With The Most Competitive Homebuyers
The Lending Tree report comes on the heals of Redfin's saying Friday that nearly 55% of the offers received on its platform resulted in a bidding war in August.
Friday’s Redfin report didn’t break out the Jacksonville market. However, in the Florida markets that were included, Miami buyers faced bidding wars 32.1% of the time in August, and Tampa buyers faced bidding wars 50% of the time last month.
In July, 15.7% of the Jacksonville area homes listed on Redfin sold above their asking price, while 22.4% saw price drops.
Redfin said an offer is considered part of a bidding war if an agent reported it received at least one competing bid.
The housing market's competitive streak is happening during the emergence of “Zoom towns,” communities that are newly booming as remote work takes off. For more on that part of the story, read this Planet Money story on WJCT.org.
Last month, Fiance Buzz found Jacksonville was among the nation's most attractive cities for remote workers, ranking it ninth in the country. More on that story is available here.