$174,600 is the average house value median in the city of Gainesville, Florida. In the last year home values have increased 8.4 percent in Gainesville. There has been a prediction made that they will increase in the following year by 6.9 percent.
In Gainesville, $129 is the per square foot list cost median. The metro area of Gainesville has a slightly higher per square foot list cost average of $131.
[In Gainesville, Florida, $215,000 is the presently listed house cost median. $1,200 is the rent cost median in Gainesville. Gainesville Metro has the same rent cost median of $1,200
The foreclosure rate is an important statistic when it comes to the real estate economy. The higher the foreclosure rate is in any particular location, the lower the value of real estate is for that particular location.
When it comes to foreclosure, the first step in the process is what is called mortgage delinquency. It occurs when a homeowner fails to make one or more payments on their home mortgage. It is something you definitely do not want. Banks look at it as a serious problem and those who commit mortgage delinquency can be penalized strongly, including their credit score being lowered.
Gainesville has a 1.8 percent mortgage delinquency rate. The United States has a lower mortgage delinquency rate of 1.6 percent.
The recession of 2008 caused severe economic problems in the real estate industry. One of the problems was that the worth of houses fell more than 20 percent in the United States. This in turn caused many owners of houses to currently be underwater when it comes to their mortgages.
When a homeowner is underwater on their mortgage it means that their mortgage debt is more than the worth of their home.
In Gainesville, 11.2 percent of owners of houses are experiencing being underwater when it comes to their mortgages. The metro area of Gainsville has a lower percentage of owners of houses experiencing being underwater on their mortgages. It’s 10.4 perecent.
When it comes to Gainesville commercial real estate, there has been a major positive change. Previously, Gainesville was referred to as a tertiary (third tier) market by corporations, lenders and tenants. Corporations outside of Gainesville often overlooked Gainesville and local firms often moved outside of the area when they were growing into a sizable corporation.
This has now changed. There are venture capitalists getting together with high-tech companies that are startups, national retailers, biotech firms, and restaurant concepts all focusing on locating in Gainesville. Gainesville is now perceived by quite a few companies as a launching pad to get their brands into other locations.
In Gainesville, FL, households have an annual median income of $32,716.