Will your Jacksonville house be worth less in 2024? The Jacksonville housing market has seen a significant amount of growth in recent years. But is this trend expected to continue into 2024?
In this post, our realtors at Your Home Sold Guaranteed Realty - Phil Aitken Home Team will discuss how much homes will be worth in 2024, whether the Jacksonville real estate market favors buyers or sellers, and what current market conditions are like.
Key Takeaways:
- In recent months, homes are 6.8% more expensive than they were at the same point a year ago. This means the value of your Jacksonville home will be higher than in previous years.
- Jacksonville is considered a seller’s market, though it’s close to a neutral market. This means that inventory is low and demand is high, which causes homes to sell faster and for more money.
- Despite the continued growth, market experts think the selling market is starting to slow down, particularly as buyer demand cools.
Will Your Jacksonville House Be Worth Less in 2024?
Jacksonville was one of the hottest housing markets over the past few years, with a large amount of home sales. In 2024, the Jacksonville housing market is generally strong and stable. Market growth has slowed down, though it remains steady.
This growth has led to an increase in prices compared to the previous year. In recent months, homes are 6.8% more expensive than they were at the same point a year ago. This means the value of your Jacksonville home will be higher than in previous years.
Is Jacksonville a Buyer’s or Seller’s Market?
Jacksonville is considered a seller’s market, though it’s close to a neutral market. This means that inventory is low and demand is high, which causes homes to sell faster and for more money.
Despite the continued growth, market experts think the selling market is starting to slow down, particularly as buyer demand cools. According to a recent study, Jacksonville ranked sixth in a list of the top 10 slowest-selling metropolitan areas.
This slowdown in growth means homes are spending more time on the market because sellers are having a harder time finding buyers. In fact, the inventory of homes on the market has increased by 46.9% compared to last year.
Buyer demand is likely decreasing due to economic factors like high inflation and high interest rates. However, Jacksonville is still a popular destination for buyers overall. While the housing market growth might be slowing down slightly, it’s still expected to remain stable.
What is the Housing Market Like in Jacksonville Now?
Before entering the Jacksonville housing market, it’s important to understand what the market conditions are like:
- The median sale price in Jacksonville was $315,000, which is a 6.8% increase from the same point a year ago.
- Homes spend a median of 56 days on the market before going pending, while the hottest homes go pending in around 26 days.
- On average, most homes sell for three 3% below their asking price, while the hottest homes sell for around their original price.
- The sale-to-list price is 97.4%.
- 15.3% of homes sell above their asking price.
- 34.1% of homes experience price drops.
Discover the Value of Your Jacksonville Home with Phil Aitken
Pricing your home competitively, making your home move-in ready, and working with an experienced realtor can help you reach more buyers and sell fast. At Your Home Sold Guaranteed Realty - Phil Aitken Home Team, Phil Aitken and our team of real estate professionals have been rated as the best realtor in the Jacksonville area.
Our clients love working with us to sell their homes because we deliver results and guarantee a successful sale. The data backs up why we’re the best choice. On average, we sell homes four times faster and for 2.7% more money. That’s why clients trust us– and how we’re able to sell 40 times more homes than other realtors.
Have more questions about selling your Jacksonville home with our team? Give us a call at (904) 544-5252 or send a message to [javascript protected email address]. You can also fill out the form on this page. Get ready to start packing!
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