Jacksonville Florida Real Estate Report October 2023

What we are seeing here is a price correction. If you look at the chart below you will see that the median sales price is down by 4 and a half percent. Yet, we are still seeing lower inventory compared to last year in October. Our market is still one of a weaker seller’s market, leaning towards a more balanced one.

If you’re thinking of buying a home and don’t know where to start, here’s a free guide to explain the process to you. Even if you’re experienced, things change and it’s a good refresher.

Median Sales Price: Looking at sold homes it means that half the homes that sold were more than 315,000 and the other half were less than 315,000.

Month’s Inventory: Based on the number of actives and homes that have sold it would take 3.28 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.

Jacksonville Florida Real Estate Report Sept 2023

Folks, I know you keep coming back to see if we are having a crash, but the numbers are still not showing that. At 2.91 months of inventory we are still seeing a seller’s market, with leanings towards some balance. The median sales price in Jacksonville is down by 1 and a half percent, which is looking to be a correction to the market. Houses are still selling, if they are priced competitively and are desirable. Interest rates are still high, but if we see them dip to under 6%, we will see buyers leap up and over fences to get back into the game. Which, will cause a multiple offer situation and prices to rise.

Sellers, I know you think the sip has sailed, but it hasn’t. You can still sell for a great price, AND be able to find another house to buy Since inventory levels are higher than they were a couple years ago. Click the link below to see what your house could sell for in today’s market.

Buyers, would you like to take a peek and see what the available homes are up for grab for? Click the link below to search for homes in the MLS.

Median Sales Price: Looking at sold homes it means that half the homes that sold were more than 325,000 and the other half were less than 325,000.

Month’s Inventory: Based on the number of actives and homes that have sold it would take 2.91 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.