Navigating the Jacksonville Market – Is Now the Time to Sell?

Own a home in the Jacksonville market? There’s a lot happening, and if you’re thinking about selling, there are some important trends you should be aware of.

Jacksonville’s Market: A Realistic Perspective

While the national housing market shows encouraging signs, our local story in Jacksonville is a bit more complex. According to Zillow’s Home Values Index, home values in Jacksonville have decreased by 2.7% year over year as of November 2022. This decline mainly occurred in the turbulent first few months of 2023, but there’s a silver lining – home values have been slowly rising since May.

What This Means for Potential Sellers

The dip in home values earlier this year is a wake-up call. It reminds us that the market can be unpredictable and waiting too long to sell might not always be the best strategy. As the market starts to recover, now could be a wise time to consider selling, especially before any potential future downturns.

Sales Prices: A Closer Look

Data from the Northeast Florida Association of Realtors shows that while the average residential sales price in October 2023 was down slightly year over year, the median sales price has actually risen by 4.48% since January. This increase could be a signal that the market is correcting itself, but it’s hard to predict how long this trend will last.

Inventory Insights

Our current inventory situation in Jacksonville is quite telling. A healthy market typically has about 5-6 months of active inventory, but we’re currently sitting at a 28% absorption rate, which translates to roughly 3.15 months of inventory. This means we’re still in a seller’s market, but the window may be narrowing as more listings enter the market.

Seasonal Shifts and Interest Rates

Real estate is influenced by various factors, including seasonality and interest rates. Winter usually sees a slowdown in activity, but with interest rates recently decreasing, we might see an unexpected uptick in buyer interest. This presents a unique opportunity for sellers to capitalize on before the market potentially shifts again.

A Thought for Jacksonville Homeowners

Given the current state of the market, with home values recovering but still not at their peak, it might be prudent to consider selling sooner rather than later. Waiting for a “perfect” market condition is often risky, and with the recent uptick in buyer interest, now could be an opportune time.

If you’re considering whether to sell your property, give our team a call. Let’s discuss your options and see how you can make the most of these evolving market conditions.