Jacksonville, IL Metro Area Housing Market Analysis - August 2024
The Jacksonville, IL metro area housing market in August 2024 presents a complex landscape with a mix of positive and negative trends. The data reveals significant shifts in various metrics, reflecting the dynamic nature of the real estate market in this region.
Median Sales and List Prices:
The Median Sales Price for homes in Jacksonville stands at $140,500, marking a 3.1% decrease year-over-year (YoY). In contrast, the Median List Price remains unchanged at $144,900, indicating stability in sellers' expectations despite the dip in actual sales prices. This divergence suggests a potential gap between buyer and seller expectations.
The median Price Per Square Foot has seen a notable increase of 11.3% YoY, reaching $92.53. Similarly, the Median List Price per square foot has surged by 25.8% YoY to $97.92. These increases highlight a growing valuation of property on a per-square-foot basis, which may be driven by demand for smaller, more affordable homes or improvements in property quality.
Sales Activity:
The number of Homes Sold in August 2024 is 32, representing a significant 22.0% decline YoY. However, Pending Sales have risen by 37.5% YoY to 44, indicating a potential rebound in future sales activity. New Listings have also increased by 11.6% YoY to 48, suggesting that more homeowners are looking to sell their properties.
Inventory and Supply:
Inventory levels have grown by 43.9% YoY to 59 homes, providing buyers with more options. The Months of Supply, a critical indicator of market balance, has surged by 80.0% YoY to 1.8 months. This increase suggests a shift towards a more balanced market, though it still leans towards a seller's market.
Market Dynamics:
The Median Days on Market have increased by 13.0% YoY to 20 days, indicating that homes are taking slightly longer to sell. The average sale to list ratio has decreased by 3.2% YoY to 96.6%, reflecting a slight softening in the market where buyers are negotiating more effectively. Interestingly, the percentage of Homes Sold above list price has risen by 7.2% YoY to 43.8%, suggesting that competitive bidding is still prevalent for certain properties.
Price Adjustments and Off-Market Activity:
The proportion of Price Drops has increased by 13.8% YoY to 40.7%, indicating that sellers are adjusting their expectations to align with market realities. Additionally, the percentage of homes going off-market within two weeks has decreased by 19.6% YoY to 52.3%, suggesting that properties are not moving as quickly as they did a year ago.
In summary, the Jacksonville, IL metro area housing market in August 2024 exhibits a blend of stability and volatility. While Median Sales Prices have dipped, the increase in Price Per Square Foot and Pending Sales indicates underlying demand. The rise in inventory and Months of Supply points towards a more balanced market, though the extended days on market and increased Price Drops suggest some cooling. Overall, the market remains dynamic, with both opportunities and challenges for buyers and sellers alike.
