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Cities With Least Realistic Home Prices

Jacksonville 

  • Median listing price: $184,775
  • Median sales price: $121,600
  • Difference: -34%

Jacksonville’s real estate market is experiencing a dilemma it hasn’t dealt with since before the property crash of 2008, brokers say. “Our available inventory is down drastically from last year,” says Carey Frankel, a realtor based in Ponte Vedra Beach, which is part of the metro area of Jacksonville. Multiple offers on foreclosures and well priced short sales are common, he says. In fact, there are about 8,000 homes on the market in the Greater Jacksonville Area — about half of what was available four years ago, says Tobin Bossola, a realtor based in Jacksonville. Before 2008, Jacksonville suffered from less speculation than popular tourist destinations like Miami, Bossola says. “We also don’t have a big transient population,” he says.

There is good demand for relatively low-priced condos between $40,000 and $70,000 among investors, Bossola says: “The conversation is going to start changing from this being a buyer’s market to a seller’s market.” Still, there are 3.6 foreclosures per 1,000 loans in Jacksonville, higher than the 1.5 per 1,000 nationally, according to RealTrac.com.

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