Find out what’s in store for our real estate landscape in 2024.
It’s time for a quick market update on how the real estate scene in Jacksonville has fared and what lies on the horizon. Let’s delve into the key statistics, trends, and what to expect in the coming months.
Steady Sales Prices Amid Inventory Challenges
One of the burning questions on everyone’s minds is, “How’s the market doing?” Well, despite fluctuations, the median sales price in December held strong at $367, only slightly below the peak of $375 seen earlier in the year. The market has proven resilient, with prices maintaining relative stability.
Shifts in Closed Sales and Inventory
While sales prices have remained relatively flat, there has been a noticeable decline in the number of closed sales. Properties are changing hands less frequently, but when they do, it’s often at a higher price point. The culprit? A scarcity of inventory. Limited housing options have contributed to the sustained value of properties.
Challenges in Closed Sales Volume
Throughout the fall, closed sales saw a decline, dropping to 1,871 in December from the peak of almost 3,100 monthly sales earlier in 2022. However, the fewer transactions are compensating with higher values, resulting in a market where deals are going for more, but there are fewer of them to go around.
“It's still a good time to consider buying or selling.”
Days on Market: A Seller’s Advantage
One question frequently asked is, “How long will it take to sell my house?” Despite the challenges, the days on market remain favorable for sellers. The highest average days on market in the past two years was 59 days in January 2023. Fast forward to December 2023; the average has decreased to 48 days. It’s still a seller’s market, with properties selling relatively quickly.
Interest Rates and Buyer Activity
Interest rates have shown signs of stability, hovering in the mid to high sixes, occasionally dipping into the low sixes for FHA or VA loans. This has reignited buyer interest, leading to a resurgence in market activity. The spring and summer months are anticipated to see a robust push from eager buyers.
Looking Ahead to 2024
While the market currently stands strong, historical trends suggest a potential slowdown around election time. Buyers and sellers may adopt a wait-and-see approach during this period. As we approach the fall, uncertainties in the nation’s capital may influence real estate decisions. Therefore, acting sooner rather than later could be advantageous if you’re contemplating a real estate transaction.
As we navigate the upcoming months, staying informed and acting promptly may prove to be key in making the most of the current market conditions. If you have any questions or are considering a move, don’t hesitate to reach out – the real estate landscape is dynamic, and we’re here to guide you through it.
