Real Estate Update Spring 2025

Spring is here with milder weather, afternoon storms and pollen (lots of pollen). Typically our local real estate market picks up steam in March and continues strong through the end of June. This year real estate activity has been a little different. In many areas of Jacksonville prices are decreasing and inventory is increasing. In fact, so far this year, Jacksonville has the third slowest housing market, behind Austin and Miami. And, Jacksonville also has the third highest rate of home value decline among the biggest 50 metro areas. (Jacksonville Business Journal, April 2025). In Northeast Florida, the market statistics for March show signs of a continued cooling market.

For example when compared to last year:
• Median sale price is down 2.5%
• Closed sales are down 10%
• Days on the market is up 53%
• Pending sales are down 23%
• Active inventory is up 63%
• And months of inventory is up 81% to 4.6 months of inventory, signaling we are in a Buyers Market.

The Jacksonville Beaches (Atlantic, Neptune and Jacksonville Beach) and Ponte Vedra Beach are defying those market trends. In the Jacksonville Beaches and Ponte Vedra Beach, home values are staying strong, even though other indicators are starting to slip. When compared to last year we’re seeing:

• Median sale price is up 16%
• Closed sales are down 11%
• Days on the market is up 47%
• Pending sales are down 50%
• Active inventory is up 72%
• Months supply of inventory is up 93%

According to the Jacksonville Business Journal, the average home sale price in Ponte Vedra Beach was well over $1 million dollars in February of this year. This marks a 74% increase in the past five years! Neptune Beach and Jacksonville Beach saw increases in home values of 63% and 61.7% respectively. The Nocatee area (zip code 32081) also saw big increases in home values of the past 5 years with a 56% increase. Right now, buyers have much more inventory to choose from when making a home purchase. Our team is finding buyers are much pickier and regularly asking for repairs or price adjustments after inspections. Additionally, builder inventory is still high and builders are offering big incentives in the form of lower interest rates, or cash concessions in their design centers.

Bottom line if you’re a seller? Properties are still selling…just at slower pace than we’ve seen since the pandemic. Now, more than ever, if you’re considering selling your home it’s important that the price is appropriate (and based on recent market data). Now is not the time for aspirational pricing! Also, staging is critical. Since buyers have so many homes to chose from, your house needs to stand out. Make sure repairs are made, spaces are decluttered and the house shines.