Jacksonville, Florida real estate market hits 3 year low...are we headed towards a crash?
The party's over for sellers! While the last few years have been a whirlwind of bidding wars and skyrocketing real estate prices, the shift is finally here!
2023 Sale Prices have fallen below YTD prices of 2022.
While the year started off strong, by March sales prices had fallen below 2022 levels and have stayed there ever since.
Home marketing time has hit a 5 year high.
While 21-22 set records, the tides have turned and marketing time just keeps getting longer.
Inventory continues to grow!
Slowly but surely, inventory continues to increase, soon to surpass pre-pandemic levels.
Where is the market heading?
While no one has a crystal ball, we can safely assume the market won't be heading back up anytime soon. With rates up, mortgage lending has dropped to a 20 year low. Inflation continues to rage, wages are stagnant, and foreclosures are heading up. There's nowhere for the market to go but down.
Need help navigating your home sale in a changing market?
Minna has been a fantastic partner in selling our home. She was patient with us in explaining the differences between a short sale and conventional sale and helped us think through the pros and cons of each. During the process of the sale she was strategic and got us the best price for our sale. The process was painless and quick and every step of the way she managed each and every detail flawlessly.
Last Updated on June 5, 2023 by Minna Reid