Jacksonville, Florida Real Estate Review 2022
2022 was a wild ride for sellers and buyers in Jacksonville, Florida!
The market hit a new peak!
Looking back over a decade we can see that home sale prices reached a new record of $343,000. Values have more than doubled in the last decade. Days on market hit a new record low in 2021, but rose slightly in 2022 to an average of 35 days.
Breaking down 2022
2022 prices peaked in May at $352,000. Spring is always the busiest real estate season so this is expected. Marketing time also dropped to 25 days in May - the lowest all year. Rates started rising in June. While prices have slowed a bit since the Spring peak, marketing time has increased greatly - more than doubling in the last 6 months. Demand has slowed and inventory is increasing.
What's up next for Jacksonville real estate in 2023?
While my crystal ball eludes, we can make some educated guesses about what is ahead, based on a few obvious facts:
- Buyer demand is down.
- Inventory is up.
- Inflation continues.
- Housing affordability is at its worst ever.
- Foreclosures have resumed and additional distress inventory is reaching market.
It is unlikely that any of these pressures will ease anytime soon. It is my personal prediction that 2023 will be a year of declining prices, increased marketing times, with a significant increase in foreclosures and short sales.
Wondering how your home sale may be affected?
Contact us today for a free, confidential consultation about your Jacksonville, FL relocation!
Last Updated on January 2, 2023 by Minna Reid