Jacksonville Fl Real Estate Market July 2024
This report covers single family homes in Jacksonville Florida.
We are experiencing a sellers market in Jacksonville for the month of July. I know you’re hearing the opposite, but that’s to get you to click their article, which gets them more advertisers. I always do these the month after the actual month, because of data entry not done in a timely manner.
The month of August will be bringing some changes to the real estate market as you may have heard about the NAR settlement. We will see how the real estate market reacts as we navigate through the mess.
Did you hear the rates have went down? They have! Check out Mortgage News Daily for the current rates. Now they are NOT in the 3s, but what do you think would happen to the real estate market if they did go that low again? It would cause another buyer frenzy driving prices up. Again. Which sounds flippant, but I don’t mean it that way. It’s really disappointing to see how hard it has been for buyers to afford homes in Jacksonville the past few years.
Right now as of this blog post being written, the rates are in the 6s. That’s not too bad, but with the current prices can be a struggle for buyers.
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Median Sales Price: Looking at sold homes it means that half the homes that sold were more than 333,480 and the other half were less than 333,480.
Month’s Inventory: Based on the number of actives and homes that have sold it would take 3.53 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.
