Jacksonville Real Estate Market Overview

By Mark Spain Real Estate

The Jacksonville real estate market presents homeowners with a mix of opportunities and challenges. With changing interest rate dynamics, growing buyer demand, and regional economic trends, you may be asking yourself whether now is the ideal time to sell your home or if waiting would yield better results. This blog will explore Jacksonville’s current market conditions and guide you through the key factors to help you make an informed decision.

Is Now the Right Time to Sell Your Home or Wait?

Jacksonville, the largest city by land area in the contiguous United States, is known for its booming economy, vibrant job market, and strong appeal to families and retirees alike. The city’s coastal location, coupled with its diverse economy—including the financial sector, healthcare, and a growing tech scene—continues to drive real estate activity. However, as 2024 unfolds, there are shifts in the housing market that may influence your decision to sell. Let’s explore what makes Jacksonville’s housing market unique this year.

Jacksonville Real Estate Market Trends

• Interest Rates: Like many markets in the U.S., the Jacksonville real estate market faced the challenge of higher-than-average interest rates in 2024, which are hovering around 6.5%. While this increase in rates has cooled some buyer enthusiasm, Jacksonville’s relatively affordable housing market continues to attract buyers, especially those relocating from higher-cost cities. However, buyers are more cautious, which could impact how quickly homes sell.
• Buyer Demand: The Jacksonville real estate market continues to experience steady buyer demand, driven by population growth and its reputation as a more affordable coastal city. The city’s military presence, large port, and numerous corporate headquarters attract a constant stream of new residents. Popular neighborhoods like San Marco, Riverside, and Mandarin are highly sought after, with homes in these areas typically moving quickly.
• Home Prices: The median listing price for homes in Jacksonville is approximately $300,000 as of October 2024. While home price appreciation has slowed compared to the rapid spikes during the pandemic, Jacksonville is still seeing steady growth. Homes that are competitively priced and well-maintained are likely to attract offers, especially in popular areas close to schools, parks, and amenities.
• Average Days on Market: Homes in Jacksonville are spending an average of 61 days on the market, which is slightly longer than previous years. This extended timeframe reflects the impact of higher interest rates on buyer decision-making. However, Jacksonville is still performing better than many other Florida cities, thanks to its lower cost of living and economic opportunities.

Personal Factors

Beyond market trends, your personal situation plays a significant role in determining whether to sell now or wait. Here are some key personal factors to consider:

• Financial Goals: Selling your home can be a strategic decision tied to broader financial goals. Whether you’re looking to downsize, upsize, or relocate, think about how selling now fits into your financial plan. If you’re in a strong equity position, selling in 2024 could allow you to capitalize on your home’s appreciation.
• Life Changes: Life events such as a new job, growing family, or retirement can heavily influence your decision to sell. If a move is in your near future, you may need to prioritize timing over market conditions.
• Urgency: If you are in need of selling, you do have options in Jacksonville, Florida. Mark Spain Real Estate offers home sellers the option to sell their homes without ever placing the home on the market and close in as little as 21 days with the Guaranteed Offer program. 

Pros of Selling Now

• Strong Buyer Demand: Jacksonville continues to be a popular destination for both families and retirees, thanks to its job opportunities, coastal living, and relatively low cost of living. If your home is in good condition and located in a desirable area, there’s a strong chance you’ll find an interested buyer.
• Appreciating Home Values: Home prices in Jacksonville have remained stable, with steady appreciation over the last few years. Selling now allows you to take advantage of this upward trend before any potential shifts in the broader economy.
• Favorable Inventory Levels: While inventory has grown slightly, Jacksonville still has fewer homes on the market compared to other Florida cities, giving you a better chance of selling quickly—especially if your home is priced competitively.

Selling your home in Jacksonville in 2024 requires weighing both market trends and personal circumstances. While rising interest rates and increased inventory may slow the market slightly, strong buyer demand, stable home prices, and Jacksonville’s economic growth make it an attractive time to sell for many homeowners. However, if you’re not in a rush and are waiting for potentially lower interest rates or fewer competing listings, holding off might give you a better chance of maximizing your home’s value.

For personalized guidance on your specific situation, contact a local real estate expert who can provide insight into Jacksonville’s ever-evolving market.

If you’re considering selling your home and need expert advice tailored to your specific situation, reach out to Mark Spain Real Estate so our local agents can help you navigate the market and make the best decision for your unique circumstances.