Jacksonville Real Estate Market Update October 2022

The Jacksonville real estate market is changing, we are not seeing 20% median sale price changes like we did at the beginning of the year. With that said, 10% over last year is nothing to sneeze at. We are still higher than last year. Inventory levels went up again, and the number of homes sold in Jacksonville is less this year, than what we saw in October 2021. We are still in a seller’s market!!!

With that said, buyers don’t despair. The terms are much better now. Meaning, you don’t have to give an arm and a leg in order to beat out offers. Now, there are still multiple offer situations on some homes, just not as crazy. There’s more houses to choose from now than the beginning of the year.

Sellers, you have not missed the boat completely. Houses are still selling if priced well and in good condition. Heck, you even have a better chance of selling, then buying a home, because of more houses being on the market.

Median Sales Price: Looking at sold homes it means that half the homes that sold were more than 300,000 and the other half were less than 300,000.

Month’s Inventory: Based on the number of actives and homes that have sold it would take 3.08 months to sell the active homes, if no other homes came on the market. How to determine what type of market we are experiencing:

Buyers’ Market: More than 7 months of Inventory

Balanced Market: From 5-7 months of Inventory

Sellers’ Market: Less than 5 months of inventory

Average Days on the Market: This is the average based on the time the house came on the market until is went under contract.

Original List Price to Sales Price: This is the percentage of what the home sold for compared to what it was originally listed for. Not what it was listed for at the time it went under contract.