Northeast Florida: By The Numbers
An inside look at the real estate market in Jacksonville and surrounding areas brought to you by BHHS Florida Network Realty
October 2023 Update
The real estate market in Northeast Florida has been surprisingly strong given the rise in interest rates this year.
Average prices made new all-time highs this summer, peaking at $473,000.Ā
Since then, we've seen prices cool as they usually do this time of year. School is back in session, and families are done making moves, which leads to lower demand and a moderate decline in home prices.
As you can see above, the average price in the Jacksonville metro area has accelerated since 2020.
This is being driven by a few major trends:
- Strong relocation into our local area from buyers in more expensive markets (New York, D.C., Atlanta, Miami, etc.).
- Relative affordability compared to other metros within Florida.
- Limited inventory as homeowners stay put with interest rates in the 3's.
Let's take a look at the number of homes on the market locally:
The supply of homes for sale is up from the pandemic-era lows, but remains well below the long-term average.
On top of this, ourĀ metro area has a population over 1.67 million people now.
6,000 houses for sale don't go as far as they did back when we had less than a million in population.
When you combine these driving factors, it can be easier to see how home prices could continue to rise given the shortage of housing for sale.
Most importantly, it is unlikely that we'd see significant declines in home prices without a major spike in homes for sale.
This also presents an opportunity for sellers who would like to cash out and take advantage of the wealth of equity.
Look for prices to continue to moderate into the holiday season and a bump higher in December as people sneak in the year-end purchases.
If you have any questions about the market, just reply to this email and I'll get right back to you.
Have a great Halloween and talk to you next month!
Your Realtor,
Alex Stewart
[email protected]
770-878-7527
P.S. whenever you're ready, I can help in a few ways:
- Home Valuation: I offer my clients and their referrals a complimentary market analysis to help them understand the current value of their home. This can be for reference, to increase tax savings prior to moving, or to prepare to sell a home.
- Buyer Consultation: I regularly schedule 30 minute meetings with clients and their referrals to help them understand the dynamics of our current market and what the process of buying a home looks like.Ā
- Investment Property Insight: Many of my clients are interested in purchasing an investment property to grow their wealth. Whether it's a short-term rental, vacation home,Ā Ā or moving up and keeping your current home, I can help you understand the in's and out's of investing.
If you'd like help with these or anything else real estate related, just reply to this email or call me at 770-878-7527.
