The Jacksonville, FL metro area housing market is experiencing a notable shift as we enter 2025. The Median Sales Price has decreased to $355,000, marking a 6.3% decline year-over-year. This downward trend in sales prices contrasts with the Median List Price, which has risen by 7.1% to $385,000. This divergence suggests a potential gap between seller expectations and buyer willingness, possibly influenced by broader economic conditions.

In terms of Price Per Square Foot, the Median Sales Price has decreased by 2.1% to $200.51, while the Median List Price per square foot has seen a slight decline of 0.8% to $218.27. These figures indicate a softening in the market, with sellers adjusting their expectations to align more closely with buyer demand.

Despite the decrease in sales prices, the number of Homes Sold has increased by 2.9% to 1,520 units. This uptick in sales volume suggests that buyers are taking advantage of the lower prices. However, Pending Sales have dropped by 14.1% to 2,399, indicating a potential slowdown in future transactions.

New Listings have increased by 3.4% to 3,186, contributing to a significant rise in inventory, which is up 21.0% year-over-year to 9,371 units. This increase in supply has led to a doubling of the Months of Supply to 6.2 months, indicating a shift towards a more balanced market, or even a buyer's market, compared to the previous year.

The Median Days on Market have increased by 16.0% to 83 days, reflecting a slower pace of sales. This extended time on the market may be contributing to the average sale to list ratio, which has decreased slightly to 96.3%, down 0.6% from the previous year. Additionally, the percentage of Homes Sold above list price has decreased by 1.5% to 9.7%, further indicating a cooling market.

Price Drops have become more common, with 33.7% of listings experiencing reductions, an increase of 1.5% year-over-year. Meanwhile, the percentage of homes going Off Market Within Two Weeks has decreased by 4.6% to 19.2%, suggesting that buyers are taking more time to make purchasing decisions.

Overall, the Jacksonville housing market is undergoing a period of adjustment, with increased inventory and longer selling times. While sales prices have decreased, the rise in list prices and inventory suggests that sellers are still optimistic about the market's potential. Buyers, on the other hand, appear to be exercising caution, taking advantage of lower prices and increased options. As the market continues to evolve, stakeholders will need to closely monitor these trends to make informed decisions.