Interest rates, inventory, and pricing trends are shifting in Jacksonville.
The real estate market is constantly changing, and it’s important to stay informed about the latest trends. The Jacksonville and the First Coast region saw shifts in interest rates, inventory, and pricing in January 2025. While the market isn’t as fast-paced as it was a few years ago, it still presents unique challenges and opportunities for buyers and sellers. Let’s take a closer look at the current market and what to expect in the coming months.
Interest rates. Interest rates are currently hovering just below 7% for a 30-year mortgage, with the 15-year rate at 6.6%. While this marks a slight decrease from previous highs, it’s still far from the record-low rates of a few years ago.
“Buyers and sellers should prepare for a more balanced market. ”
Pricing trends. Prices in Jacksonville have fluctuated recently. In December, the market peaked at an average price of $390,000, but this has since dropped to around $352,000. The typical sale price is now between $360,000 and $380,000, and while fluctuations may continue, a significant price increase is unlikely in the near future.
Sales activity. Sales have slowed compared to last year, with a noticeable drop in closed sales. Weekly closings have decreased from nearly 900 in June 2024 to around 260 to 300 now. New pending sales are also down, signaling reduced buyer activity. However, there have been some increases in certain months, such as December.
Rising inventory levels. Inventory is on the rise, with the highest number of active listings since the start of the pandemic. This increase is contributing to a slower market but also giving buyers more choices. Sellers will face more competition as a result.
Buyer and seller advice. For buyers, there are more options available and less urgency to make a decision, but negotiations may take longer. Sellers should adjust expectations, as significant price increases are unlikely in the short term.
We expect activity to pick up as we move into summer, but the market will not experience the same rush as in previous years. Interest rates will continue to influence market trends. In short, the Jacksonville market is transitioning. While prices remain stable and inventory is rising, sales are slowing. Both buyers and sellers should prepare for a more balanced market. Keep an eye on interest rates, as they will play a major role in shaping the market’s future.
If you need guidance or have questions, do not hesitate to reach out. You can call me at 904-650-3890 or email me at Matty@PursuitRealEstate.com. I’m here to help you every step of the way.
