The Jacksonville, Florida area housing market is dynamic, and staying updated with the latest trends and statistics can be crucial for both home buyers and sellers. As we navigate through 2024, Quarter One has brought some noteworthy changes and trends in the Jacksonville, Florida area housing market for the start of 2024. Here’s a comprehensive update to guide you through the current scenario for the counties of Baker, Clay, Duval, Nassau, Putnam, and St. Johns.
Key Takeaways:
- Median sales prices increased 6.6% year-over-year, but closed sales declined 13.0%
- Inventory levels increased 45.8% year-over-year, providing more options for buyers
- Home affordability decreased 14.9%, making it more challenging for some buyers to purchase
- The market is experiencing a slowdown compared to the previous year, with lower buyer demand and tighter inventory
Jacksonville Florida Area Housing Market Overview
The Jacksonville, Florida area housing market (Baker, Clay, Duval, Nassau, Putnam and St. Johns) saw a mix of positive and negative trends in the first quarter of 2024 compared to the previous year. According to data from the Northeast Florida Association of Realtors (NEFAR), the median sales price rose 6.6% year-over-year to $389,000, while closed sales declined 13.0%.
Key Market Statistics
New Listings
New listings were down 23.3% compared to March 2023, indicating tighter inventory. Active inventory, however, increased 45.8% year-over-year to 3,580 homes, providing more options for buyers. The median price per square foot rose 5.6% to $209.
Median Days on Market
The median days on market increased 36.3% to 33 days, suggesting properties are taking longer to sell. However, the list price received remained strong at 97.7% of the original list price.
Home Affordability
Home affordability, as measured by the NEFAR Home Affordability Index, decreased 14.9% to 66.5, making homes less affordable for some buyers. The percentage of closed sales over the list price also declined from 31.4% to 13.9%.
Average Home Price
The average home price in Jacksonville area is currently $389,000 but has only increased by 1% compared to the previous quarter. However, it is still up 6.6% from this time in 2023.
Inventory Levels
Inventory levels have steadily increased. The active inventory is currently at 5,920, which is a whopping 45.8% increase from March of 2023 and a 6.7% increase from just last month (February 2024).
Pending Sales
Pending sales, a leading indicator of future closed sales, decreased 19.5% year-over-year and 2.2% from the previous month.
February to March – What Are the Trends?
When looking at the change from the previous month (February 2024 to March 2024), the market showed the following:
- Median Sales Price: 1.0% increase
- Closed Sales: 3.2% increase
- New Listings: 21.3% decrease
- Active Inventory: 6.7% increase
- Median Price per Square Foot: 2.0% increase
- Median Days on Market: 3.1% decrease
- List Price Received: 0.6% increase
- Closed Sales Over List Price: 7.6% decrease
- Home Affordability Index: 67.6% increase
- Pending Sales: 8.9% decrease
These data points suggest the Jacksonville, Florida area housing market is experiencing a slowdown compared to the previous year, with lower buyer demand and tighter inventory. However, prices continue to rise, and the market remains relatively active, especially when compared to the previous month.
Factors Influencing the Market
Several factors continue to influence the Jacksonville, Florida area housing market. The city’s growing economy, interest rates, and a strong job market contribute to the increasing demand for homes. Additionally, Jacksonville’s desirable lifestyle, beautiful beaches, and amenities make it an attractive destination for home buyers.
Tips for Home Buyers and Sellers
For home buyers, it’s essential to act quickly and be prepared with a pre-approved mortgage to make competitive offers. Considering the market’s active nature, working with an experienced real estate agent can help navigate the buying process smoothly.
Home sellers should focus on pricing their homes competitively and ensuring their properties are in top condition to attract potential buyers. Utilizing professional photography and staging can make your listing stand out in a competitive market.
It’s important for potential home buyers and investors to closely monitor the local market conditions and work with a knowledgeable real estate professional when making decisions. Factors such as interest rates, economic trends, and personal financial circumstances should all be considered when evaluating the right time to buy or sell a home in the Jacksonville area.
Jacksonville Florida Area Housing Market Final Thoughts…
Overall, the Jacksonville Florida housing market data for the first quarter of 2024 provides a mixed picture, with both positive and negative trends. Buyers and sellers should stay informed and work closely with real estate experts to navigate the current market conditions.
Start Your Home Buying Journey in Jacksonville, FL, by Finding the Right Real Estate Agent
Before you begin your search for a new home in Jacksonville, Florida, the first essential step is to find the right real estate agent for your needs. At Your Home Sold Guaranteed Realty - Phil Aitken Home Team, we are an award-winning real estate agency in Jacksonville that guarantees you will find the perfect home for you and your family.
Finding the right real estate agent for your home buying needs is more than just looking at advertisements. You should work with a realtor who truly cares about you and your family’s happiness in your new home in Jacksonville.
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