The wider Jacksonville area reports a slower year in 2024 for the first time since we started reporting on the market in 2018. Average sales prices are down to $9.1M from an $11.5M peak in 2023, but it is too early to tell if this is a trend reversal or a small correction. Along with shrinking prices, the market also locked up: properties took four times as long to sell than a year earlier, edging much closer to pre-pandemic levels Highlights
Average sales prices are down for the first time in seven years
DOM have increased from 69 days in 2023 to 297 in 2024
Sellers who take over 180 days to sell recorda 15% discount compared to the original listing price
2024 is a tough year for sellers
2023 looked bright with a steep 35% YoY average sales price increase and ever-shrinking sales cycles (i.e. most properties were sold in under three months). However, 2024 saw a dangerous break from the trend. The worries show up in sales prices, but more so in the dynamics within the sales process itself. Previous years saw properties sell quickly and as a consequence at high percentages of sales price.
In 2024, luxury properties average 297 Days On Market (DOM). While sellers that can sell within 180 days fetch 98% of their original listing price, slower sellers settle at just 85%. There is a strong case to optimize for speed and certainty rather than get stuck with a stale property that doesn’t attract buyers.
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