Jacksonville Real Estate Market Update | November 2022

The market continued to adjust to changing interest rates and now the holiday season in November. Jacksonville saw the number of closings decrease rather significantly while inventory held constant which signals the greater chances of the market slowing down in general rather than seeing a 2008-type crash.

Here are some highlights from the update:

• Rates have come off highs and are now back in the mid-6's which will help spur demand going into 2023 and keep prices higher than they would be otherwise
• There's a lag on changes in rates and it will take 1-2 months for the reaction to flow through the market
• Listings have topped at roughly 7,000 and we should see a seasonal decline in active listings
• There are questions about the quality of the homes on the market and we may be dealing with more homes people are uninterested in purchasing sitting for longer and driving up days on market
• Prices were down 7.7%  compared to last month which is the largest monthly swing we've seen in a long time. We're still up 8% this year though, so equity remains strong for most who purchased 6+ months ago.

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