Jacksonville, Florida Real Estate Update: 2024 and moving forward!
The Jacksonville market has been cooling down for some time now. Let's recap the last 5 years ending with 2024 and take a look at what's up ahead!
Jacksonville Listing Inventory
Listing inventory is at a 5 year high and approaching a balanced market at 6 months of inventory Without demand to keep up, the market will eventually turn into a buyers market.
Jacksonville Sales Prices
Home sale prices are up a tad for the prior year but aggressive growth is over. It is most likely that the increasing inventory, if coupled with increasing home ownership costs will result in a downward shift in prices.
Days on Market
After reaching a record low of 18 median days on market in 2021, homes are currently selling in just under 40 days.
Foreclosures are back!
With covid era moratoriums and lender workouts weaning away, foreclosures are starting again. While the rate of foreclosures, pre-foreclosures and short sales is still low, it has tripled since the peak for the market in 2022.
What's up ahead for 2025?
What goes up must eventually come down. Historically low interest rates likely won't be returning anytime soon. The cost of home ownership is at an all time high, leaving many out of the market. Inventory is on the rise and distressed inventory is creeping back into the picture. Barring a grand unforeseen event or further aggressive government intervention, the market will continue to correct, shifting to a buyers market.
Having trouble with your mortgage payments?
Those most likely to be having issues with mortgage payments bought or refinanced in the last few years, near the peak of the market. All of my recent sellers that now need to short sell bought recently and either paid more than they should have, or have faced increases in insurance, taxes, or HOA fees.
Lenders have aggressively pushed loan modifications and partial claims since Covid, stripping thousands of their equity unexpectedly in the process. These are the majority of my short sellers now, and likely for many years to come.
Need help with your Florida home sale?
We've been specializing in foreclosure prevention and short sales since 2007 and we can help you!
Working with Minna was a wonderful experience. Unfortunately, we had to do a short-sale on our home. We also had a VA loan, which complicated the process a bit. My husband and I were nervous wrecks about the situation but Minna was calm and positive about it, and in the end everything worked out perfectly. I would absolutely recommend Minna.
S.S.
Last Updated on January 2, 2025 by Minna Reid