Jacksonville, FL Real Estate Market Update 2024 Q1

April

25

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Jacksonville, Florida Real Estate Market Update: 2024 Q1

The market peaked almost two years ago, but the shift to a buyers market has been incredibly slow. We are finally seeing some real traction as the market flattens and foreclosures return.

sales prices and inventory

The Jacksonville market is finally leveling out.

Sales prices flatten and inventory starts to increase.

After peaking in spring of 2022, Jacksonville, Florida real estate sales prices dropped slightly and are leveling out. Inventory continues to increase and is heading back to pre-pandemic levels.

short sales and REO

Short sales and bank owned foreclosed homes are also returning to pre-pandemic levels.

Covid-19 moratoriums and mortgage rescue programs have kept foreclosures at record lows for several years, but that time is coming to an end.

The share of short sales and foreclosed homes for sale increased slightly in 2023, but made an even bigger jump this year. They still represent a very small slice of the market at 3% of closed sales, but that number is likely to rise as the year continues. 

U.S Foreclosure Activity continues to increase.

Jacksonville, FL sits at  #15 nationwide for foreclosure starts.

Per Attom Data: Other major metros with a population of at least 1 million and foreclosure rates in the top 15 highest nationwide, included Cleveland, Ohio at No.5; Riverside, California at No. 9; Orlando, Florida at No.10; Las Vegas, Nevada at No. 13; and Jacksonville, Florida at No. 15.

Are you in trouble with your mortgage?

Loan workouts have been given out like candy for the last few years, giving struggling homeowners plenty of time to sort things out.

As Covid 19 mortgage rescue programs phase out, many homeowners will be facing an inevitable foreclosure suit. 

sell in preforeclosure
Need to talk to someone about your Jacksonville home sale?

We specialize in helping homeowners in trouble!

Last Updated on April 25, 2024 by Minna Reid

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