Jacksonville, FL Housing Market: Stability Amidst Shifting Dynamics
The Jacksonville, FL metro area housing market in September 2024 presents a complex landscape characterized by stability in some areas and shifts in others. The Median Sales Price remains unchanged year-over-year at $365,000, indicating a stabilization in home values. Meanwhile, the Median List Price has seen a modest increase of 1.3% year-over-year, reaching $374,990, suggesting sellers are slightly optimistic about pricing.
Price Per Square Foot metrics reveal a slight decline, with the median Price Per Square Foot at $208.40, down by 0.7% year-over-year. Similarly, the Median List Price per square foot has decreased by 1.3% to $216.95. These figures suggest a slight softening in the market's pricing power, potentially due to increased inventory levels.
Sales activity has experienced a downturn, with Homes Sold decreasing by 8.4% year-over-year to 2,113 units. However, Pending Sales have shown a slight uptick of 0.9%, totaling 2,487, indicating a potential rebound in future sales activity. New Listings have decreased by 2.7% to 2,704, while inventory has surged by 33.4% to 9,472, reflecting a significant increase in available homes on the market.
The Months of Supply have dramatically increased by 140% year-over-year, now standing at 4.5 months. This substantial rise suggests a shift towards a more balanced market, potentially giving buyers more leverage in negotiations. The Median Days on Market have also increased by 20% to 65 days, further indicating a slower pace in the market.
The average sale to list ratio has slightly decreased by 0.5% to 97.1%, while the percentage of Homes Sold above list price has dropped by 2.9% to 11.4%. These metrics suggest that buyers are negotiating more effectively, and sellers may need to adjust expectations. Price Drops have decreased by 1.1% to 34.7%, indicating that while sellers are adjusting prices, the rate of reductions has slowed.
Finally, the percentage of homes going off the market in two weeks has decreased by 9.2% to 22.2%, suggesting a slower turnover rate. This could be attributed to the increased inventory and longer Median Days on Market, providing buyers with more options and time to make decisions.
Overall, the Jacksonville housing market in September 2024 reflects a period of stabilization in pricing amidst increased inventory and slower sales activity. Buyers may find themselves with more negotiating power, while sellers may need to adjust strategies to align with the current market dynamics.
