Jacksonville, Florida Real Estate Market Starts to Shift!

September

5

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Jacksonville Market Shifts!

Sellers have enjoyed seemingly endless price increases and quick home sales for several years now, but what goes up, must come down! See what's happening during this Jacksonville market correction!

graph Jacksonville, FL Home Sales

Jacksonville home sale prices drop as marketing time heads up!

After mostly flat-lining over the last few months, prices dropped in August 2022 to an average of $350,000.

Home marketing time is up to 33 days, an increase from the last 5 months.

graph - Jacksonville, FL Home Inventory

Jacksonville home inventory continues to grow!

Homes available for sale continue to grow.

Active Inventory is way up, as more sellers list, and less buyers buy.

graph - Jacksonville, FL Distress Inventory (Foreclosed, Preforeclosure, Short Sales) (1)

Jacksonville Distress Inventory is also headed up!

The foreclosure moratoriums ended last August, and lenders resumed foreclosures.

The rate of foreclosures, pre-foreclosures and short sales rose sharply in fall 2021 as the moratoriums ended and slowed down again in the spring/summer markets. But once again distress sales are picking up speed!

What's ahead for the Jacksonville market?

Rates and inflation continue to dampen buyer demand. The increased cost of living continues to weigh on families. Add the current economic conditions to the millions of people exiting forbearance and having trouble with payments, and the course is clear! The market is headed down, but the destination is fuzzy. 

Last Updated on September 5, 2022 by Minna Reid

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