As we move deeper into fall, the Jacksonville housing market continues to show interesting developments, with notable shifts in affordability and inventory levels. The October 2024 Jacksonville housing market data reveals significant changes in various metrics, from home prices to market dynamics. In this blog post update, Jacksonville real estate expert Phil Aitken provides an in-depth analysis of the latest statistics and trends shaping the Jacksonville housing market, offering valuable insights for anyone looking to navigate this evolving landscape.

Key Takeaways:

• Median home prices in Duval County increased to $337,995 in October 2024, showing a 1.0% increase from the previous month and a 6.3% rise year-over-year
• The Home Affordability Index decreased significantly to 79, indicating growing affordability challenges in the market
• Months Supply of Inventory remained stable at 4.9 months, suggesting a continued trend toward a more balanced market
• Active inventory grew to 3,804 homes, representing a 15.3% increase and offering more options for potential buyers

October 2024 Jacksonville Housing Market Statistics

Median Home Price:

The median sales price for single-family residences in Duval County reached $337,995 in October 2024. This represents a 1.0% increase from September and a notable 6.3% rise compared to October 2023. The median price per square foot also saw an uptick, rising to $195, reflecting the market’s continued appreciation.

Jacksonville real estate expert Phil Aitken offers insight into this price trend:

“The steady increase in median home prices reflects the ongoing demand in our market. While we’re seeing more substantial year-over-year growth compared to previous months, the monthly increases remain moderate, helping to maintain market stability while still offering good value for homeowners.“

Closed Sales and New Listings:

October 2024 recorded 1,645 closed sales, showing resilience in market activity. New listings entered the market at 770 properties, indicating a seasonal adjustment in listing activity. This dynamic between sales and new inventory continues to influence market conditions and opportunities for both buyers and sellers.

Days on Market and List Price Received:

The median days on market increased slightly to 45 days in October 2024, up 21.6% from the previous period. Despite this increase, properties are still moving at a healthy pace. The list price received ratio remained strong at 96.9%, showing just a slight 0.2% increase, indicating that sellers are still receiving close to their asking prices.

Inventory Levels:

Active inventory in Duval County grew to 3,804 homes in October 2024, marking a 15.3% increase. This continued growth in available homes provides more options for buyers and contributes to a more balanced market. The months supply of inventory held steady at 4.9 months, suggesting a market that’s moving toward more balanced conditions between buyers and sellers.

Pending Sales and Home Affordability:

Pending sales in October 2024 reached 574 properties. The Home Affordability Index declined to 79, showing a significant decrease and highlighting growing affordability challenges in the market. This metric deserves particular attention from both buyers and industry professionals as it reflects the impact of price increases and interest rate changes on purchasing power.

Market Trends and Analysis

Evolving Market Balance:

• The stability in months of supply indicates a market that continues to move toward equilibrium
• Growing inventory levels provide more choices for buyers while maintaining healthy competition
• Price appreciation continues but at a measured pace, supporting market stability

Affordability Considerations:

• The declining affordability index suggests buyers may face increased challenges
• Rising prices combined with interest rate conditions impact buyer purchasing power
• Market dynamics may require more strategic approaches to home purchases

Seasonal Patterns:

• Increased days on market reflect typical seasonal adjustments
• Steady list price received ratios indicate maintained market strength
• Inventory growth provides opportunities despite seasonal changes

Tips for Buyers and Sellers

For Buyers:

• Take advantage of growing inventory levels to explore more options
• Consider the impact of affordability changes on your home search strategy
• Work with a local expert to navigate current market conditions effectively
• Be prepared with strong offers despite increased inventory

For Sellers:

• Price strategically to attract qualified buyers in the current market
• Consider the slightly longer days on market when planning your sale timeline
• Leverage professional marketing strategies to stand out in a growing inventory environment
• Focus on property preparation to maximize value in the current market

Looking Ahead

As we approach the end of 2024, the Jacksonville housing market shows signs of continued evolution. The combination of stable inventory levels, steady price appreciation, and affordability challenges creates a complex environment that requires careful navigation. These market conditions present both opportunities and considerations for all market participants.

Don’t Navigate the Jacksonville Real Estate Market Alone – Call Phil Aitken Today!

In a market showing such dynamic changes, having an experienced, knowledgeable real estate expert by your side is more important than ever. Phil Aitken stands out as the premier choice for both buyers and sellers. With his deep understanding of local market trends, extensive network, and proven track record of success, Phil has the expertise to guide you through every step of your real estate journey.

Whether you’re looking to take advantage of the growing inventory or need to strategically price and market your home for a successful sale, Phil Aitken has the skills and resources to help you achieve your goals. His personalized approach ensures that your unique needs are met, while his market insights allow you to make informed decisions with confidence. Don’t leave your real estate dreams to chance – call Phil Aitken today and experience the difference that working with Jacksonville’s top real estate expert can make. Your perfect home or successful sale is just a phone call away!

To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!

Frequently Asked Questions About October 2024 Jacksonville Housing Market