Gainesville Housing Market Summary May 2022
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Today we look at the Gainesville property market after the close of the 2022 1st quarter. Read on to learn why Gainesville has a bright future – with summary stats including appreciation, avg sold price, price per sq ft, days on market, and more.
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Gainesville Florida
From Neighborhood Scout
Gainesville is a larger medium-sized city located in the state of Florida. With a population of 141,085 people and 42 constituent neighborhoods, Gainesville is the 13th largest community in Florida.
Gainesville is a decidedly white-collar city, with fully 89.01% of the workforce employed in white-collar jobs, well above the national average. Overall, Gainesville is a city of professionals, sales and office workers, and service providers. There are especially a lot of people living in Gainesville who work in teaching (12.87%), office and administrative support (12.66%), and sales jobs (9.86%).
Also of interest is that Gainesville has more people living here who work in computers and math than 95% of the places in the US.
Gainesville is made interesting by being both a reasonably big city and having a major college student population: students here will find that the city provides a lot of amenities, culture, and opportunities for them. Gainesville is more than just a college town, however, though the thousands of students certainly are a major part of the character of the city, as well as a contributor to the local economy.
Not only is Gainesville a city with many college students, but it also retains many recent graduates who are looking to start new careers, creating a decent-sized population of people who are young, single, educated, and upwardly mobile. This makes it a good choice for other relocating single professionals. Here, these young singles will find many others like themselves, with opportunities for friendships, socializing, romance, and fun.
There are 28 neighborhoods in Gainesville. University Park has a median listing home price of $418.9K, making it the most expensive neighborhood. North Lincoln Heights is the most affordable neighborhood, with a median listing home price of $97.5K. Currently, there are 969 homes for sale, ranging from $14.9K to $9M.
Gainesville is dominated by renter-occupied one, two, or three bedrooms apartments. 65.46% of Gainesville’s dwellings are rentals.
The following statistics have been compiled in part from the Colliers 1st Quarter 2022 Gainesville Market Report.
Key Takeaways from 1st Quarter 2022
- The office market remains surprisingly strong
- Retail leasing activity vibrant
- Industrial space is very limited, and rent growth high
- The housing market continues to boom
Avg Median Price
– In April 2022, the median listing home price in Gainesville, FL was $298K, with $275K as the median sold home price.
Appreciation
– Up 14.6% year-over-year.
Price per sq ft
– $189 median listing home price /sq ft
Days on market
– On average, homes in Gainesville, FL sell after 43 days on the market. The trend for median days on market in Gainesville, FL has gone up since last month, and slightly down since last year.
Average home & apartment rent
– $1,330 / per month
Home demographics
- Owners 34.5%
- Renters 65.5%
- Vacant 15.9%
Comparisons
With 141,085 people, 51,180 houses or apartments, and a median cost of homes of $239,235, Gainesville real estate and house prices are near the national average for all cities and towns.
(As of Jan 2022), Appreciation rates for homes in Gainesville have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 78.10%, which ranks in the top 30% nationwide. This equates to an annual average Gainesville house appreciation rate of 5.94%.
Appreciation rates are so strong in Gainesville that despite a nationwide downturn in the housing market, Gainesville real estate has continued to appreciate faster than most communities. Looking at just the latest twelve months, Gainesville appreciation rates continue to be some of the highest in America, at 21.84%, which is higher than appreciation rates in 79.48% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Gainesville. Gainesville appreciation rates in the latest quarter were at 9.61%, which equates to an annual appreciation rate of 44.33%.
How hot is the Gainesville housing market?
– 75 = Very Competitive
- Many homes get multiple offers, some with waived contingencies.
- The average homes sell for about 1% above list price and go pending in around 8 days.
- Hot homes can sell for about 5% above list price and go pending in around 4 days.
In April 2022, Gainesville home prices were up 5.1% compared to last year, selling for a median price of $260K. On average, homes in Gainesville sell after 8 days on the market compared to 49 days last year. There were 268 homes sold in April this year, down from 308 last year.
From Colliers:
It should come as no surprise that interest in land for housing remains at all-time highs. Publicly traded national homebuilders have been active in Gainesville for a couple of years now and they are in a rush to deliver as much product as possible to meet their public guidance. The ever-increasing price for single-family land reflects this. Large investors are also actively pursuing single-family rental opportunities, which is also driving pricing. We continue to field interest from conventional multifamily developers who are eager to capitalize on the recent run-up in values for stabilized product. In some cases, we are seeing land value soar to as much as three times what it was a few short years ago.
Key Takeaways
– from our Gainesville Spring 2022 Market Summary
Miami Wade, Palm Beach County, Alachua County – are just 3 of the Florida hot sports where BAI Capital offers property investment opportunities.
Gainesville Florida in Alachua County is the home of the cornerstone University of Florida as well as numerous medical facilities and research centers, features that make this small city unique in the Sunshine State. It’s why we chose to develop here – the promising and stable long-term market outlook…
To learn more about investing in property in Gainesville, as well as our current May pricing for our condo units, click the link below and we will respond shortly…
*** Photo by Sieuwert Otterloo on Unsplash ***
