Jacksonville, FL Real Estate Market Report March 2023
The pandemic buying frenzy has ended, and it's time for the market to correct! How far it will go is yet to be seen, but one thing is for sure: It's heading DOWN!
Jacksonville home sale prices are down and time to sell is up.
The market reached its peak in May 2022 with an average sale price of $353,000, and a marketing time of just 25 days. Prices have been mostly flat since, with some downward notches. Days on market have more than doubled, surpassing pre-pandemic levels.
Jacksonville foreclosure activity is picking up.
The federal foreclosure moratorium ended in July 2021. Since then, mortgage related distress homes (pre-foreclosures, short sales, bank owned foreclosures) have started to slowly enter market, with a very sharp increase since February 2023.
Where is the Jacksonville market headed next?
Every bubble eventually pops! The economy is in disarray and banks are starting to fail. Stagnant wage growth, raging inflation, and rising interest rates have quelled buyer demand and mortgage availability. At the same time, housing supply is increasing as homes sit on market longer.
Additionally, distress inventory is increasing. The foreclosure moratorium kept the foreclosure homes off market, and millions of homeowners took a few months (or years) off making mortgage payments, either through forbearance, or simply because there was no recourse for missing payments.
But all good things must come to an end. The mortgage eventually comes due, and without heavy handed government over reach, there are consequences for non payment. Those consequences have now arrived as foreclosure activity continues to pick up speed. As more distressed inventory enters market it puts downward pressure on the market.
The only direction the Jacksonville FL market can go from here is down.
How does this affect my Jacksonville home sale?
If you want to sell, spring is, and always will be, the best time to get your home on the market. You will want to price competitively and be flexible as the days of crazy seller demands has now passed.
If you're in trouble with your mortgage, the good news is there is heavy pressure on lenders to offer workouts at this time. You can also avoid foreclosure and sell, even if you lack the equity to do so. Lenders are approving short sales for qualified borrowers.
Need help with your Jacksonville home sale?
Minna has been a fantastic partner in selling our home. She was patient with us in explaining the differences between a short sale and conventional sale and helped us think through the pros and cons of each. During the process of the sale she was strategic and got us the best price for our sale. The process was painless and quick and every step of the way she managed each and every detail flawlessly.
Last Updated on March 20, 2023 by Minna Reid