Average house prices in three metro areas that compete with Jacksonville for jobs and young professionals fared better since their market peaks than Jacksonville did.
It’s almost a case of the higher and faster they rose, the harder they fell.
Of the four cities, Jacksonville’s price was down by the highest percentage compared to its market peak.
Also, Jacksonville’s price peaked at least a year before prices peaked in the other three cities.
The Daily Record asked the LPS Applied Analytics division of Jacksonville-based Lender Processing Services to calculate the average sales price among single-family houses and condominiums in Atlanta, Charlotte, N.C., and Nashville, Tenn., in addition to providing prices for Florida metro areas.
Jacksonville competes with those metro areas, among others, both for jobs and for young professionals.
The health of an area’s housing market is considered an economic indicator. A weak housing market reflects on the strength of the economy.
At the same time, the costs of housing are considered a tool to recruit jobs and workers. The availability and diversity of affordable homes are considered perks to attract employees and residents.
In January compared to January 2011, the average home sales price in Jacksonville fell 3.4 percent, while prices were down a stronger 10.7 percent in Atlanta but declined a more moderate 1.3 percent in Nashville and 1 percent in Charlotte.
Jacksonville’s price was down almost 39 percent from its peak in June 2006. Atlanta followed, down 34.5 percent from its market peak in June 2007.
Charlotte’s price was down 15.5 percent from its peak in August 2007 and Nashville’s price was down 10.9 percent from its peak in June 2007.
At their price peaks, Jacksonville reigned at $221,000, followed by Nashville at $195,000, Atlanta at $191,000 and Charlotte at $187,000.
In January, Nashville’s average price led the four metro areas at $174,000, followed by Charlotte at $158,000, Jacksonville at $135,000 and Atlanta at $125,000.
The LPS Applied Analytics Home Price Index summarizes national home prices by tracking monthly prices in more than 15,500 ZIP codes.
Lender Processing Services provides integrated technology, services and mortgage performance data and analytics to the mortgage and real estate industries.
The company recently announced its LPS HPI with residential sales concluded during January.
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Jacksonville and competitor prices
The LPS Applied Analytics Division of Jacksonville-based Lender Processing Services Inc. recently reported its updated home price index with residential sales nationwide. It also provided information about three metropolitan areas that compete with Jacksonville for economic development. Its research included the average house sales price in January 2012, January 2011 and January 2009 and the decline from the local market peak in those areas. Dollar figures and percentages are rounded. All figures are calculated by LPS Applied Analytics.
| Area | January average price | Change from local market peak | Change from January 2009 | Change from January 2011 | |
| Atlanta-Sandy Springs-Marietta, Ga. | $125,000 | - 34.5% | - 22.3% | - 10.7% | |
| Charlotte-Gastonia-Concord, N.C. | $158,000 | - 15.5% | - 9.8% | - 1% | |
| Nashville-Davidson-Murfreesboro-Franklin, Tenn. | $174,000 | - 10.9% | - 5.8% | - 1.3% | |
| Jacksonville | $135,000 | - 38.9% | - 21.2% | - 3.4% |
Source: Lender Processing Services Applied Analytics Division