Jacksonville should note the mixed market results so far this year. When discussing the market, it’s essential to distinguish between national and local data, as Jacksonville has a unique market dynamic. Let’s start with the national perspective: According to the National Association of Realtors (NAR), the US experienced a 17.1% price gain over the last three years (12 quarters by June 2024). Jacksonville saw a 27.5% appreciation during the same period.
The latest National year over year data in August shows:
- New home inventory grew 9% in August 2024 (467k vs. 428k).
- Existing homes for sale increased 23% year-over-year (1.35 million vs. 1.1 million).
- Inventory rose from 3.3 to 4.2 months.
Florida and Northeast Florida Trends (September 2024/2023)
- Florida Realtors® reported a 40% increase in active inventory (95,943).
- Northeast Florida Association of Realtors® (NEFAR) reported 7,369 single-family homes (SFHs) for sale in Duval, Clay, St Johns, and Nassau counties, up 74%.
Key Takeaway*: Buyers have numerous choices, with inventory levels being truly “high” in our area.
Seasonal Tips
Being cognizant of the effects macro factors have on the overall economy, such as the fact that we’ve been in an election year, it’s worth noting that this *Buyer’s Market is expected to turn into next year. This shift will be driven by:
- The normally expected increase in demand post-election (records show US annual sales increased in 9 of the last 11 Presidential Elections since 1978, with the last contraction occurring in 1989).
- The anticipated improvement in interest rates. We’ve noted drops and incentives already.
If you still need to make a move and put your home up for sale and/or buy a new one, keep these timing factors in mind. Other considerations for Selling include:
- Don’t go overboard with seasonal decorations like Halloween and Christmas. Depersonalizing** is key.
- Don’t overvalue your home, as this can deter potential buyers. Work with a seasoned listing agent who knows our local (and micro) market to determine the right asking price.
- Do enhance the curb appeal. Homes without updates can linger on the market. Simple fixes and/or renovations make homes more attractive. **Decluttering is fundamental.
- Do use a trusted Real Estate Agent. I cannot emphasize this enough. For Sale By Owner data confirms that DIY selling harms both wallet and experience, akin to self-representation in court. Teaming with an experienced agent is crucial for both selling and buying.
For Buying, this is a great time to invest in Real Estate with numerous options and improved incentives, including interest rates. However, keep in mind that each home presents a unique scenario, although influenced by macroeconomic factors, the specifics of your target area and home are paramount; an Agent will uncover those for you.
More information can be found in our blog section at www.Real4JAX.com. Additional resources include NAR, Florida Realtors, and NEFAR websites.
Contributors: Jessica Mendez & Joel Gonzalez Realtors® at Rise Realty Advisors, can be contacted at 954-512-0330, JessicaRealtyinFL@gmail.com, www.Real4JAX.com
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