Jacksonville Beaches Real Estate Market Report
2022 was a record setting year for home owners in the Jacksonville Beaches Communities (Jacksonville Beach, Neptune Beach, Atlantic Beach, North Beach/Mayport).
The Beaches home sale prices hit a new record high!
July 2022 closed sales averaged $936,000!
Spring of 2022 was the busiest season of the year, with homes selling in less than 25 days! The resulting closed sales prices peaked in summer 2022, and prices have started falling since. Marketing time has also more than doubled since Spring 2022.
Beaches Inventory
After dropping to record lows in Spring 2022, inventory has been growing.
Inventory is currently starting to approach pre-pandemic levels. While it is still a sellers market with less than 4 months of inventory, the market has certainly slowed down.
The Beaches sales prices by community.
There are 4 distinct areas in the Beaches, all with slightly different markets.
Neptune Beach and Atlantic Beach take turns as the most expensive beach towns, with both averaging sales prices of mid $800,000's. Jacksonville Beach follows behind in the high $700,000's. North Beach/Mayport (the areas hidden gem) lags way behind in the low $300,000's.
Looking back in time...
The Beaches are no stranger to wild market fluctuations.
The Beaches market last peaked in April 2006 at an average sale price of $570,000. The market crashed soon after, with prices bottoming out in September of 2011 at $195,000. Over the last 11 years this average sale price has quintupled! Sales prices today are almost twice the levels of the last peak.
What's up ahead for the Beaches market in 2023?
The market undoubtedly peaked in Spring/Summer 2022. With interest rates and inflation up, demand for new mortgages is way down. Inventory also continues to increase. Jacksonville foreclosure starts are way up, and this distressed inventory will eventually hit the market, causing further downward pressure on prices. It is still a good time to sell, but you will need to be more aggressive with pricing. It will be the buyers time to shine soon, as the market is inevitable headed towards favoring buyers again.
Need help with your Beaches relocation?
Minna Reid with Killebrew and Company Realty was amazing! I did my whole buying process from overseas while on deployment and she was the only reason the process went as well as it did. She is very thorough. communicates very well, and will go above and beyond for you! Best realtor I've ever had! I will be using her again in the future for my next investment property buy!
CHRISTIAN LEON
Last Updated on January 16, 2023 by Minna Reid