Jacksonville, Florida Real Estate Market Update: January 2025 sees first buyers market in 10 years!
For the first time since 2015, Jacksonville home inventory has surpassed a 6 month supply. 6 months supply is considered the tipping point where the market is more favorable for buyers, creating a "buyer's market".
This is great news for buyers as they've spent a long decade competing for few homes and watching prices rise. Buyers now have more selection and less competition.
Sellers on the other hand are facing longer marketing times, and pressure to price more competitively.
If the situation continues prices will be forced downward.
Those hit the hardest will be sellers who purchased or refinanced during the peak of the market (2020-2023) and now need to sell as they find themselves with less equity. Many of those homeowners, along with those who took advantage of the many Covid era loan workouts (forbearances and loan modifications) will now find themselves in a negative equity situation and unable to sell without a short sale.
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Last Updated on February 4, 2025 by Minna Reid