Real Estate Market Update for Jacksonville, FL [August 2022]
It's that time of the month when we take a look at the real estate market in Jacksonville, FL to see what's been happening. The Northeast Florida real estate market is always changing, and it can be hard to keep up with the latest trends. Luckily, we have the latest updates for Jacksonville home buyers and sellers, so keep reading for the latest information on this month's real estate market.
Jacksonville's Real Estate Market Statistics for August 2022
It's that time of the month again: Jacksonville's real estate market update report! Let's review all that happened in July, including the surprising facts and where the market stands as we begin to approach fall.
At the end of July, the number of homes sold in Jacksonville dropped 26.6% compared to the same time last year. However, median sales prices saw an increase of 21.2%. While home prices remain strong, this appreciation is expected to slow, but prices are not expected to decline.
The number of new homes for sale dropped 12.2% in July compared to this time in 2021. As a result, prices are expected to remain strong due to low inventory.
July's days on market remained at 27 days, unchanged from last year. However, low inventory is causing some homes to sell quickly, especially those properly marketed.
Here's the unexpected: mortgage rates dropped below 5% in early August. Rates have climbed slightly since then, and as of August 11, rates are at 5.22%. However, June saw a peak rate of 5.81%, so August's new rate is below that.
Mortgage Rate Misconceptions
The most common misconception is that mortgage rates are directly affected by the Federal Reserve's fed fund rate. However, because mortgage rates correlate with a 10-year treasury, it's not unusual to see them drop as the fed funds increase.
Ready to navigate the current market? The most important thing you can do is work with an experienced full-time real estate agent to properly advise you, whether you're a buyer or seller. Contact us today!
Real Estate Market Statistics for Jacksonville: July 2022
Another month has passed, so now is the time to look at the Northeast Florida real estate market and see what's changed. How has our recent market been performing, and how does this impact buyers and sellers?
Over 3,000 homes were sold in June, with a median sales price of $371,000. There were over 5,500 active homes for sale at the end of June, representing an increase from May. It would take 1.7 months to sell these homes with current demand. However, with higher inventory, we will most likely see the time it takes to sell increase.
More inventory is good news for buyers. While the market is starting to stabilize at its current price levels, inventory remains historically low, which is also good news for sellers because prices remain strong.
What to Expect in the Coming Months
Florida had the largest increase in home sale prices compared to May 2021 across the nation. Days on the market showed no change for June 2022 compared to June 2021, with an average of 28 days. This is another indicator that the increase in listings and slightly lower demand keep homes as long or slightly longer on the market as in 2021.
While interest rates are currently at 5.3% and might concern potential buyers, the good news is that this number is typical compared to past rates. However, experts predict that these rates will continue to rise.
If you are a seller in this market, finding a real estate agent who can help you create a unique marketing plan for your home will be a priority. We're heading towards a regular market, which requires excellent marketing to get a home sold.
Finding a real estate agent with great negotiation skills is a must if you are a buyer in this market. The market we're entering may present buyers with opportunities they haven't seen in years.
Stay Up-to-Date with The Marganon Group
Have questions about the real estate market and how it might impact you? Contact The Marganon Group today.
For more insights, watch the video and follow us on Facebook and Instagram as well as subscribe to our YouTube channel to get an update on the market on the 15th of every month.
Jacksonville, FL Real Estate Market Statistics: June 2022
The market is shifting. That's a fact. Therefore, buyers and sellers need to stay ahead of the curve and keep their fingers on the pulse of what's happening to stay relevant, which means understanding the latest trends and how they're impacting the Jacksonville real estate market.
If you are looking to buy or sell homes soon, you MUST watch this.
Interest rates and the slowing market
While interest rates are going up, they remain lower than the 50-year average of 7.54 percent, and the prices of homes have not shown any signs of decreasing. During the pandemic, we've seen the value of homes increase 25–30 percent year over year, but with the increase of interest rates, we expect home value increases to return to their pre-pandemic levels of 3–5 percent annually.
Rather than a decrease in housing prices, we're seeing an increase in the length of time homes are staying on the market. Homes that were on the market for just 1 day previously are now staying on the market for around 14 days instead.
What does this mean for buyers and sellers?
At the end of May, we saw over 3,000 homes for sale. The timeframe to sell these homes was 1.32 months, but with inventory increasing, we will most likely see the time it takes to sell increase.
The slowing housing market is fantastic for buyers, because in the highly competitive housing market we've experienced recently, they've had to jump into multiple offer situations where they had to very quickly put together and submit offers that had a very low chance of being accepted in a market that had very little inventory. Now, buyers have more inventory to browse and more time to look at all of that inventory while shopping for a home.
Sellers, on the other hand, will need to be more patient, and they'll need to be much more careful in ensuring their home is priced right. If you're looking to sell, expect your home to stay on the market a bit longer.
Real estate market statistics for Jacksonville — May 2022
Homes in the month of May had a median sales price of $363,050 per home. This number increased over 25% and I do not expect that number to drop anytime soon.
The change that is scaring people the most would be the interests rates which have risen to 5.09%. While this number is higher and might scare potential buyers, the good news is that this rate is actually normal compared to past rates.
Are we in a buyers market or a sellers market?
So is this a buyer's market or a sellers market? For more insights, make sure to watch the video and follow us on Facebook and Instagram as well as subscribing to our YouTube channel to get an update on the market on the 15th of every month.
Jacksonville, FL Real Estate Market Statistics: New for May 2022
Another month, another real estate report! It's time for us to take a look at what went on in April so that we can talk about where the market is positioned as we go into the summer. Long story short: demand is much higher than supply, and it's a great time for sellers in Northeast Florida.
Compared to last April, the median sales prices we've seen in April 2022 are more than 23% higher—for new listings specifically, that number jumps to 27.9%. Homes are also spending less time on the market before being snapped up, with a median days on market stat of a mere 29 days.
The number of sales, however, was down 12% year-over-year. Why is that?
Just like in March, the answer is that there simply aren't enough houses on the market to meet demand. If inventory was higher, trust us, sales numbers would be a completely different story. Year-over-year, the number of new listings has dropped 12% compared to last April.
Interest rates for 30-year fixed-rate mortgages continue to rise, now sitting at around 5.1%. This time last year, they were around 2.98%. This has caused some speculation and concern with the economy, so let's go to the facts:
- Housing inventory is at all-time lows, but the demand remains high.
- There are no signs of supply rising to meet the demand in the near future.
- While the rising interest rates are expected to cool demand slightly, demand is expected to remain in excess of supply.
- The stability of the market is better than it was in 2008. Homes have more equity, more homes have been purchased with cash, and the risky loans of 2005–2008 are no longer around.
Where's the Market Headed in Northeast Florida?
We don't expect that the median sales price will continue to rise at the rate that we've been seeing the last few years. We anticipate that the meteoric rise will moderate itself to a more realistic 3–4% gain in the face of market conditions.
Thinking about buying or selling your Florida home in today's market? Reach out to The Marganon Group at RE/MAX Sterling today for the latest updates and local insight to help you get the best deal on your transaction!
Jacksonville, FL Real Estate Market Statistics: New for April 2022
Another month is done, so it's time for us to look at the Northeast Florida real estate market and see what's gone on. As the next month begins, we can observe developing trends that buyers and sellers should be aware of: we can see that the already-hot market is heating up even further.
The number of active listings in Northeast Florida for March 2022 dropped more than 10%, fueling a drop in days on market to just 32 days, even lower than last month's 36 days. Compared to last March, that's a decrease in time on the market of almost a third. Don't be fooled by sales being down by over 10% compared to this time last year—the demand is stronger than ever, it's just that there aren't as many homes on the market to buy.
The scramble for the available homes has caused the median home price to rise by almost 28% year-over-year.
Currently, the market has less than 1 month of inventory available. A balanced market is considered one that has four to six months of inventory, so it's easy to see how such a drastic difference favors sellers. It's important to remember the market climate when looking for a new home or considering the sale of your current home in Northeast Florida.
The average 30-year fixed mortgage rate has increased to 4.67%, a 1.5% increase over last March, but this isn't as shocking as it might seem. In 1981, the average 30-year rate was over 18%, and it's been decreasing ever since. It's entirely possible that the market has simply reached the practical bottom. It's important to keep things in perspective!
What's Up Next? Forecasting the Northeast Florida Real Estate Market
February was hot, March was scorching; it's almost certain that next month will continue to be an excellent time for home sellers in Northeast Florida. Curious what your current Northeast Florida property's value is? We can give you a free market analysis to help you see how your home stands up to other homes for sale.
Jump into the Northeast Florida Real Estate Market With The Marganon Group at RE/MAX Sterling
Because the real estate market is always changing, it can be challenging to keep up with the trends. Periodically check back or reach out to The Marganon Group at RE/MAX Sterling to stay on top of the latest real estate news.
Jacksonville, FL Real Estate Market Statistics: New for March 2022
As we move into this new month, we can see signs that the Northeast Florida real estate market continues to be red-hot, with just 1.05 months of inventory available and the average days on market having decreased year-over-year by 21.7% to just 36 days. For comparison, a balanced market usually has four to six times that much inventory. We're going to discuss what that means for buyers and sellers, so read more to learn about the real estate market in March 2022.
Inventory remains tight due to decreasing new listings and increasing demand in Jacksonville, FL in February 2022. Year-over-year, new listings have decreased by 4.7%, driving a drop in closed home sales compared to this time last year and an increase in median sales price to $326,000, an increase of a whopping 23.5%. It's a great time to be a seller in the Jacksonville real estate market.
However, while the Northeast Florida real estate market may be tight, mortgage interest rates have also dropped by a quarter of a percent. This is great news for homebuyers, as this drop increases their purchasing power.
What to Expect From the Jacksonville, FL Real Estate Market in Coming Months
Taking the current data into consideration, we predict the coming months will continue being a hot market favoring sellers. However, it's important to keep an eye on factors like inflation and appreciation to determine the best time to buy or sell your Jacksonville, FL property. Ready to find out the value of your Jacksonville, FL property? Receive a free market analysis to discover how your home compares to others on the market.
Looking to Buy or Sell Your Home? Let The Marganon Group at RE/MAX Sterling Help You Navigate the Jacksonville, FL Real Estate Market
It can be hard to keep track of the latest trends with the real estate market always changing. Keep checking back or contact The Marganon Group at RE/MAX Sterling now to stay up-to-date with the latest real estate news.