The Jacksonville, FL metro area housing market in February 2025 presents a complex landscape characterized by both growth and challenges. The Median Sales Price has risen to $368,995, marking a 3.8% increase year-over-year (YoY). Similarly, the Median List Price has increased by 3.9% YoY, reaching $399,900. These figures suggest a steady appreciation in property values, albeit at a moderate pace.

Despite the rise in prices, the market is experiencing a significant decline in sales activity. The number of Homes Sold has decreased by 17.3% YoY, with only 1,696 transactions completed. Pending Sales have also dropped by 15.4% YoY, totaling 2,580. This decline in sales activity could be attributed to various factors, including potential buyer hesitation due to rising prices or economic uncertainties.

New Listings have decreased by 11.0% YoY, with 3,123 properties entering the market. However, inventory has increased by 17.1% YoY, reaching 10,057 homes. This rise in inventory, coupled with a 170.0% YoY increase in Months of Supply to 5.90 months, indicates a shift towards a more balanced market, potentially offering buyers more options and negotiating power.

The median Price Per Square Foot has seen a marginal increase of 0.4% YoY, now at $207.86, while the Median List Price per square foot has risen by 2.3% YoY to $224.10. These figures suggest that while overall property values are increasing, the rate of growth in Price Per Square Foot is relatively subdued.

Market dynamics are further illustrated by the average sale to list ratio, which stands at 97.0%, a slight decrease of 0.1% YoY. The percentage of Homes Sold above list price has increased marginally by 0.2% YoY to 11.6%. Meanwhile, Price Drops have become more common, with 34.4% of listings experiencing reductions, up by 5.6% YoY. This trend may indicate sellers adjusting expectations in response to changing market conditions.

The Median Days on Market have increased by 8.0% YoY, now averaging 78 days. Additionally, the percentage of homes going off market in two weeks has decreased by 7.4% YoY to 23.1%. These metrics suggest that properties are taking longer to sell, potentially due to the increased inventory and cautious buyer behavior.

Overall, the Jacksonville housing market in February 2025 reflects a period of transition. While property values continue to rise, the decline in sales activity and increase in inventory suggest a cooling market. Buyers may find more opportunities as the market balances, while sellers may need to adjust strategies to align with current conditions.