Jacksonville, FL Housing Market: A Detailed Analysis for November 2024
The Jacksonville, FL metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price stands at $379,950, reflecting a modest year-over-year increase of 1.3%. This suggests a slight upward pressure on home prices, albeit at a slower pace compared to previous years. Meanwhile, the Median List Price has risen by 2.1% YoY to $382,990, indicating sellers' optimism in the market.
Interestingly, the median Price Per Square Foot has decreased by 3.5% YoY to $204.66, while the Median List Price per square foot has increased by 2.0% to $216.33. This divergence suggests that while sellers are listing homes at higher prices per square foot, buyers are negotiating lower prices, potentially due to increased inventory and longer market times.
The number of Homes Sold in November 2024 is 1,916, marking a 1.3% increase from the previous year. This growth in sales volume is accompanied by a significant 14.8% rise in Pending Sales, totaling 2,355. The increase in Pending Sales indicates strong buyer interest and potential future sales growth.
New Listings have also seen a 2.4% increase YoY, reaching 2,446. However, the inventory has surged by 29.0% to 9,563, contributing to a substantial rise in the Months of Supply, which now stands at 5.0 months, up by 110.0% YoY. This increase in supply suggests a shift towards a more balanced market, potentially easing the competitive pressure on buyers.
The Median Days on Market have increased by 23.0% YoY to 73 days, indicating that homes are taking longer to sell. This trend, coupled with the average sale to list ratio slightly declining by 0.2% to 97.0%, suggests that buyers are gaining more negotiating power.
The percentage of Homes Sold above list price has decreased slightly by 0.2% YoY to 12.1%, while the proportion of Price Drops has fallen by 4.1% to 29.7%. Additionally, the percentage of homes going off the market within two weeks has decreased by 4.8% to 20.5%, further highlighting the cooling pace of the market.
Overall, the Jacksonville housing market in November 2024 is characterized by a mix of rising prices and increased inventory, leading to longer market times and more negotiating opportunities for buyers. While the market remains active, the dynamics suggest a shift towards stabilization, offering a more balanced environment for both buyers and sellers.
