ST. JOHNS COUNTY, Fla. – Remote workers continue to flock to Northeast Florida. In St. Johns County, about 20% to 25% of new residents are remote workers, according to the county’s Chamber of Commerce.
According to David Elian, a Realtor and broker associate with Coldwell Banker Vanguard Realty, most remote workers are moving from California, New York, Minnesota, Oregon and Washington.
Elian said the rush of remote workers is a big reason why the market is so hot. Houses in St. Johns County are on the market for 16 days on average before getting snatched up, according to data from the Northeast Florida Association of Realtors.
But Elian said that’s not so good for local buyers.
“A lot of them are coming with cash and it’s very tough for the local buyer usually that doesn’t have $400,000 or $500,000 cash,” he said.
He said this rush is also impacting overall costs in the county.
“People’s taxes go up. Their insurance goes up. Really everything is going up,” Elian said.
Between record-breaking inflation rates and the Russia-Ukraine conflict -- some banks and economists predict the United States could see a recession next year.
But what does this mean for the housing market?
“We know that probably a recession is coming so much in our society it’s cyclical,” Elian said. “We don’t feel like it’ll be anything like ‘07, ‘08 or ‘09 when we had a crash.”
If a recession happens, Elian said he predicts the market will likely level out and then pick back up once the recession passes.