Jacksonville, Florida Market Report
The Jacksonville market has been wild for several years now, and the ride continues!
Home sale inventory hits 5 year high!
Gone are the days of bidding wars on every available home! After home sale inventory dropped to an all time low in 2022, the amount of available homes for sale has been quickly rising and is currently at a 5 year high in November 2024! Homes are also selling slower than in prior years with marketing time at a median of 42 days.
Jacksonville home sale prices are stagnant.
While prices quickly gained speed over the Covid years and peaked in Spring of 2022, sales prices have been mostly stagnant since. Increasing inventory will put further downward pressure on home sale prices.
Pre-foreclosures, REO and short sales for sale continue to increase.
While foreclosure activity was mostly eliminated through government funded COVID 19 intervention programs, most of these funds have run dry and foreclosure activity is continuing to pick up speed.
As more and more homeowners decide to sell and are met with a smaller buyer pool, the only way the market can head is further down. Increasing distressed inventory coming to market also adds further pressure. Without a major change, we can expect the market to continue on a downward spiral.
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Last Updated on November 4, 2024 by Minna Reid