Real Estate Review: Jacksonville Home Prices
Jan 29, 2024
It's presentation season.
Each quarter, I put together a brand new MarketPulse 360 presentation that goes deep into our local market.
It covers the "what" of the market. The trends, insights, and data of what is happening. π
Let's take a look at one of the graphics covering how prices have changed over time in Jacksonville (Duval, Clay, Baker, St. Johns, & Nassau).
Jacksonville Home Prices
You can measure home prices in two ways: average price and median price.
Average means you add up all the sale prices and divide by the number of sales.
Median is where you find the exact middle. Line up all the sales from lowest to highest and whatever is in the exact middle is the median price.
Economists generally use median when discussing stats because it removes the outliers. π‘
For example, when the $19M sale went through in Ponte Vedra Beach, the average price in Jacksonville shot up that month while the median remained consistent.
It's important to look at both numbers. Focusing on just one will leave out some context that's valuable. π²
Finding Opportunity
These are some important takeaways from the price chart:
- π Average price continued to increase in 2023 while median stalled out. This points to and increase in luxury property sales. If average price was down and median flat/up, then lower priced home sales would have been increasing.
- π Average price is typically 20-25% higher than median price. There doesn't seem to be any signs about market tops using this data. The gap was..
- 28% in 2006 (top of market)
- 31% in 2011 (bottom of market)
- 19% in 2019 (return to previous top)
- 25% in 2023 (?)
- πͺ Our market has grown tremendously over time:
- Since 2019 average prices are up ~60%
- Since 2012 they're up ~162%
- And since 2006 they're up ~69%
- π― Average prices lead the market. If you look closely, you can see that average prices start to dip earlier than median before the 2008 crisis. They flattened out and stopped falling earlier than median in the 2012 bottom. And they're currently pointing higher which would suggest more growth in real estate prices in Jacksonville going forward.
If you liked this information and would like to see the full presentation in person, there are a few options:
- Members are invited get together each quarter to go over the material in person as well as an on-demand recording of the content.
- Lookout for public events. J Riley Law is hosting a sold-out presentation Feb 1st and I'll be a speaker at The Next 90 real estate agent conference.
- You can book a presentation directly here.
The market is heating up. Let's make the most of it! π
Dr. Alex Stewart
Founder
Looking for more? Here's 3 ways to dive deeper:
- π― Market Insiders Coaching Membership: Join an exclusive group of Realtors focused on becoming experts in our local Jacksonville market. This membership gives you access to monthly live coaching from yours truly, a member-only community for private updates and discussions, and additional resources to address clients questions and supercharge your business.
Rated 9.65 out of 10 for value to their business by my members. - π©π» How to Use Market Stats in Your Business: Accelerate your business growth by learning how to use data. This course will help you more easily understand the market, improve your client presentations, and increase your conversion rate with clients. No finance degree required as I lay everything out in very simple terms.
Rated 9.84 out of 10 for value to their business by 100+ Realtors. - π Schedule a live presentation: Want to learn in person? I offer the MarketPulse 360 presentation that connects all the dots (national to local) so you get a comprehensive breakdown of today's market. It's 2 hours of beautiful charts designed to give you all the major trends you need to know about and address the most common questions in the market. You'll walk out feeling more confident, with resources to use in your business, and a level above the rest of the Realtors who are wandering around blindly.
Rated 9.75 out of 10 for value to their business by 300+ Realtors.
