Jacksonville, FL housing market: Everything you need to know
Jacksonville, nestled on the northern border of Florida’s Atlantic coast, is renowned for its abundant golf courses and pristine beaches. Surprisingly, it also holds the distinction of being the most populous city in Florida, surpassing even Miami. What sets Jacksonville apart is not just its size, but also its lower cost of living, making it a standout destination. In fact, it earned a spot on Bankrate’s list of the best places to live in Florida for 2023. Whether you’re considering buying or selling a home here, this guide will walk you through the intricacies of the Jacksonville housing market.
Overview of the Jacksonville Housing Market:
Florida’s housing market has been on a steady rise, owing to its status as the most sought-after state for relocation between 2020 and 2022, as per Census data. Jacksonville’s home prices have seen a significant surge since the onset of the pandemic. In June, the city’s median home price stood at $302,250, a notable increase from the $202,293 recorded in January 2020.
However, it’s important to note that the local market is not impervious to the prevailing higher mortgage rates and economic uncertainty affecting the nation. Prices have begun to show a slight decline, with the median price of $302,250 reflecting a 4.7 percent drop compared to the previous year. Additionally, homes are now taking considerably longer to sell.
Key Jacksonville Housing Trends & Statistics:
- Median Home Price: $302,250 (Redfin), which is below the national median price of $410,200.
- Sale-to-List Price: In June, homes typically sold for 97.9 percent of their list price, indicating a slight underpricing. This is a shift from the previous year when homes were often sold for just over the list price.
- Median Days on Market: As of June, homes spent an average of 36 days on the market, a 15-day increase compared to June 2022.
- Closing Costs: Typically amount to about 2.3 percent of a home’s purchase price, equating to approximately $6,952 for a median-priced home.
Should You Buy or Sell in the Jacksonville Housing Market?
For Home Sellers: With prices experiencing a slight decline and homes taking longer to sell, it’s crucial for sellers to accurately gauge the value of their property. Avoid overpricing and potential markdowns, as 31.2 percent of homes sold in June required price adjustments. Consulting with a local real estate agent to review comparable sales in your area can provide a clear understanding of your home’s market value.
For Homebuyers:
Jacksonville offers a relatively affordable market, with median prices over $100,000 below the national average. Prioritize obtaining a mortgage preapproval to establish a clear budget. This also signals to sellers that you are a qualified buyer, potentially strengthening your offer, a valuable advantage in a competitive market like Jacksonville.
Jacksonville Housing Market Predictions:
Despite speculations about a possible market crash, experts believe it to be highly improbable. Jacksonville’s market is showing signs of cooling rather than crashing, with Realtor.com’s 2023 Housing Forecast projecting a 4.6 percent year-over-year increase in home prices.
Finding a Jacksonville Real Estate Agent:
Engaging a local real estate agent is a prudent move for both buyers and sellers. These licensed professionals possess invaluable knowledge of the local market and can facilitate the best deals. Prioritize interviewing multiple candidates to find an agent who not only possesses expertise in your specific neighborhood but also makes you feel comfortable and confident in your decisions.
In conclusion
the Jacksonville housing market offers unique opportunities for both buyers and sellers. By staying informed about the current trends and seeking the assistance of a seasoned local real estate agent, you can navigate this market with confidence.