Real Estate Market Update for Jacksonville, FL [May 2022]

Your Northeast Florida Real Estate Market UpdateIt'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.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

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.

If you want a monthly update of the market on the 15th of every month, make sure to subscribe to our YouTube channel, and follow us on Facebook and Instagram.

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.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Post a Comment