, Florida, is a popular destination thanks to its beautiful beaches, Mediterranean climate, and relaxed atmosphere. The community has an established and growing population drawn to the coastal lifestyle and location. Life in Jacksonville Beach is laid-back, and residents love the mixture of beach life and urban amenities. There are many unique styles and architecture in the Jacksonville Beach housing landscape, and the community has a rich history with local attractions.
Jacksonville Beach is a beautiful place to live, work, and raise a family. The community has a lot to offer, and there is something for everyone. The Jacksonville Beach real estate market is booming, and various homes and properties are available. Whether you are looking for a beachfront property or a home in the city, you can find it in Jacksonville Beach. Here’s the local market forecast for 2023.
Signs of normalization
Like many other South Florida communities, Jacksonville Beach saw a drastic increase in market activity and home prices during and following the pandemic. The fast-paced market had homes moving quickly with multiple offers, over-asking prices, and all-cash offers. The red-hot seller’s market meant there were far more buyers than homes for sale, making it a highly competitive market and driving up prices to higher and higher levels. These conditions came on suddenly, and many buyers were in a frenzy to secure a home against the competition. This resulted in selling a home being extremely easy, with sellers getting substantial offers over the asking price and buyers struggling to find a home. These market trends are not expected to remain in 2023, however. The market is showing subtle changes and making slow and steady changes toward a more regular and balanced real estate market. Buyers and sellers can expect a hot market with less hectic trends.
, according to the latest market review by the Northeast Florida Association of Realtors, the median sales price of Jacksonville Beach homes is $702,500. This is a 27.7% increase from November 2021. It’s important to note that while prices are still rising, they have leveled out throughout the year.
Inventory to slowly increase
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As the amount of active inventory
has already increased by 194% since October 2021, inventory in Jacksonville Beach is predicted to increase steadily throughout 2023. New construction that began in 2022 and met delays will hit the market and alleviate shortages in supply. More inventory means that potential buyers will have more options, which will help reduce the competitive nature that increases prices. Buyers and sellers should not expect dramatic changes. Still, a positive trajectory of expanding inventory for 2023 will help stabilize and normalize the market and make buying more attainable for buyers who were priced out of the market previously.
Sellers may still have an advantage
The Jacksonville Beach real estate market is currently experiencing a seller’s market, where there are more potential buyers than homes for sale. In this market, sellers typically have an advantage and can ask for more money and ensure negotiations meet their goals because buyers know they have limited options. In this type of market, buyers are subject to many obstacles, like multiple offers, which make it harder to secure a home. While many potential buyers are hoping the market turns into a buyer’s market, it is not in the forecast for Jacksonville Beach.
The market will begin to slow and level out, but it will likely remain a seller’s market with a high demand for homes. Jacksonville Beach is a desirable area with many stunning upscale neighborhoods and luxury amenities that attract full-time residents and investors. Its popularity and strong economy with growing job opportunities continue to build demand for housing in the market that cannot be met with the current supply. Buyers are likely to see trends that make it easier to secure a home, but the market is forecasted to remain advantageous toward sellers.
Home prices level out
With slight growth in inventory, home prices are expected to slow. This does not mean home prices are expected to drop, though—only that the trends in spiking prices will not continue into 2023. Buyers and sellers in Jacksonville Beach should expect a stable market with cooling list prices. This is good news for buyers wanting to jump into the market that did not have luck in 2022 and good news for sellers that they can still make a profit.
Interest rates are not likely to rise significantly
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Mortgage rates increased during the pandemic but are still near historic lows. Interest rates are only one factor that affects the housing market, but they are essential. When mortgage rates go up, it becomes more expensive to buy a home. While current rates increased during the pandemic, they are still lower compared to previous double-digit rates. Combined with a cooling market, it can make purchasing a home more attainable for many buyers.
If you want to enter the Jacksonville Beach real estate market in 2023, finding a mortgage lender and working with a loan officer who can discuss options and rates to meet your needs is critical. You can check rates with several lenders to find the lowest option and move forward with your home search. Taking care of these important financial steps before entering the market can give you a great head start in 2023.
Work with a local realtor
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Working with a local realtor who knows the ins and outs of the market can give you a serious advantage. They will be familiar with the neighborhoods, the schools, and the amenities that are important to you and your family. A local realtor will also have expert insight into the market and be able to give you up-to-date information on the housing landscape. They will know if there is a lot of inventory or if homes are selling quickly. A forecast is an educated estimate of the future market, but the market is constantly changing and is impacted by many factors. A local experienced agent will be able to discuss the latest market trends when you decide to buy or sell in 2023.
is an experienced luxury Jacksonville Beach real estate
agent dedicated to providing a seamless journey for buyers and sellers. Maria is an expert in marketing, negotiating, and finding investment opportunities in Jacksonville Beach and surrounding areas. Navigate the 2023 market with Maria without all the stress.