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.