With the benchmark around $300,000, the real estate business in JAX sees modest growth despite changing market dynamics ahead of the fall season.
Are you thinking about buying or selling a home in Jacksonville? As we head into the fall season, the real estate market shows signs that could benefit buyers and sellers. Here’s what you need to know:
Sales prices remain stable. Everyone talks about price; recently, we’ve seen home prices in Jacksonville hold steady. The median sales price in Jacksonville, including Duval, St. Johns, and Clay counties, is now around $300,000.
Days on the market are increasing. Another key metric is how long it takes to sell a house. We’ve gone from properties sitting on the market for about five days a couple of years ago to approximately 50 days now. This means properties take longer to sell, and prices adjust accordingly.
Fewer pending sales, growing inventory. New pending sales—a measure of how many properties go under contract in a given week—have slowed down compared to last year. Our active inventory is growing, with fewer properties under contract and new listings coming each week.
What this means for buyers and sellers. For sellers, the most important thing is to price your home correctly. You will likely face challenges if it sits on the market too long. For buyers, there are opportunities. If you’ve held off because prices were too high or interest rates were steep, now might be a good time to look at the market.
Fall is one of my favorite times to buy and sell before the holidays. There are typically some good deals if you want to get involved in the market.
At Pursuit Real Estate, we track these trends week by week. Contact me if you have any questions about the market or are considering selling. I’m more than happy to provide some quick numbers for you.
