Jacksonville Florida Real Estate Market Report June 2023
This report is single family homes in Jacksonville Florida.
The median sales price in Jacksonville is about 23k less this month compared to June 2022. That’s a sizable difference. Yet, we are not crashing and we are still in a seller’s market. Houses are still selling, but not at the rate of 2021-2022. That;s good news for buyers, even tho the interest rates are higher. As I’m about to publish this today July 16, the current mortgage rate of a 30 year fixed rate is 6.89. I know it’s higher than what we were seeing in 2020-2022, but it’s still not a bad rate. If we see the rates fall to 3% or less, the demand is going to skyrocket, which will cause the prices to go up at a faster pace than they have been. Also to note, chances of the rates seeing 3% is going to be very low. Unless we have another event like covid, when the Feds stepped in and start buying Treasury bonds and Mortgage Backed Securities, which is their way of manipulating the rates to come down.
Buyers you have to decide if buying is right for you, but if you’re waiting for lower rates and a crash, you may be waiting for a very long time. Need help crunching numbers? I can help, call or text me at 904-910-3516.
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Median Sales Price: Looking at sold homes it means that half the homes that sold were more than 327,500 and the other half were less than 327,500.
Month’s Inventory: Based on the number of actives and homes that have sold it would take 2.19 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.
