Jacksonville Florida Real Estate - Are 7% Rates Here To Stay?

I am absolutely thrilled to share with you the latest insights into the Jacksonville real estate market. There's been so much activity in the past week and I wanted to break it down for you, because whether you're looking to buy a home, sell one, or just curious about the market, it's crucial to understand the trends.

Do you remember how we measure how fast homes are selling? It's called 'Days on Market' (DOM) and it has dropped 20% since the beginning of this year. 

Now, let's dig into some specific numbers:

• We currently have 5321 active listings, and these have been on the market for an average of 80 days.
• In the last 30 days, we've seen 3235 new listings pop up. That's a lot of new homes for you to check out!
• Of all the listings, 2757 have been on the market for 45 days or more. Want a deal? These could be great opportunities for the right buyer.
• 5048 listings are under contract. These homes were on the market for an average of 59 days before someone snatched them up.
• Over the last 30 days, 2501 homes were sold. On average, these homes were on the market for 68 days before being sold.
• 564 listings expired in the last 30 days. These homes failed to sell due to price, condition, or the wrong marketing plan.
• The average interest rate for a mortgage is currently at 6.88%. This down from the high of 7.14% on 5/26. 
• We currently have 2.13 months of inventory. This means that if no new homes were listed, it would take just over 2 months to sell all the current homes on the market.

Now, you might be thinking, "That's all great, but what does it mean for me?" Well, with the mortgage rates being low, now might be a good time to think about buying a house. But keep in mind, with not many houses available (remember the 2.13 months of inventory?), the Jacksonville FL real estate market is pretty competitive right now.

If you're looking to sell, this could be a great time. With the high demand and low inventory, there will be a lot of interest in your home.

Understanding all this data and these trends is really important when you're thinking about buying or selling a home. But don't worry, I'll be here to keep you updated on the Jacksonville real estate market and help you every step of the way!

Stay tuned for more updates, and don't hesitate to reach out if you have any questions about Jacksonville real estate, North Florida homes, or anything else related to our local housing market.