The Jacksonville Real Estate Market April 2023
This report is for single family homes in Jacksonville Florida. If you scroll down to the chart below, under 2023, you will see the median sales price is down by 3.7% compared to last year. I can hear the cheer from buyers all over Northeast Florida. Now if those rates would come down, but then if they did come down to under 5%, we would see the demand rise again. It’s a catch 22. If you check out the month’s Inventory, 2nd row 1st column, the 2.49 number represents how many months it would take to sell 2,210 homes at the rate of 887 homes sold. That’s still showing a seller’s market. Overall, I’m not concerned about the median sale price being less this year than in April 2022. Yet. Here’s why I’m not worried….. I believe in presenting the facts, and not cry wolf, or the sky is falling that some do to increase clicks or sell more homes. We are seeing corrections to the market, so we need to keep an eye on things the next coming months. Inflation has a hand in this, along with higher rates.
Buyers with these changes turning to your favor, would you like the check out what homes are available in the current market:
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Sellers, the good news for you is that there are more homes to choose from for when your home sells. The first thing is to see what your home could sell for in this market:
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Thinking of selling your home? Click below to complete a form, then receive a market analysis within 24 hours.
Median Sales Price: Looking at sold homes it means that half the homes that sold were more than 290,000 and the other half were less than 290,000.
Month’s Inventory: Based on the number of actives and homes that have sold it would take 2.49 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.
Would you like to check out previous real estate reports for Jacksonville Florida?
