by Gwinn Volen

2024 saw the lowest number of home sales since 1995, according to the National Association of Realtors. Locally, with 26,877 homes selling in the greater Jacksonville area, that meant we saw a 2.8% decrease in home sales. Prices were essentially flat for many areas here, though the greater Jacksonville area shows a modest overall annual appreciation of 3.5%. So what does 2025 have in store?

Aerial view of Ponte Vedra Beach

Will We See a Drop in Prices in 2025?

No clear indicators are pointing to a significant drop in prices for 2025. In 2024, the market remained relatively stable, with some areas of Jacksonville experiencing slight increases while others saw minor decreases as the market adjusted from the 2022 surge. Nationally, experts project a typical 4% appreciation in home values. In Jacksonville, particularly at the beaches, price growth is expected to outpace the national average. Inventory levels remain tight, hovering around 3-4 months, while demand persists due to millennials, out-of-towners, and locals eager to seize the right opportunity.

Home price forecast chart

Are There Deals to be had?

Deals can always be found in real estate. Properties with longer days on the market and incremental price reductions often indicate motivated sellers. Buyers with cash who can close quickly and offer flexibility may find sellers willing to negotiate.

How Long Should I Expect My Home To Be On the Market?

The amount of time your home spends on the market depends on its location and price point. In 2024, single-family homes in the greater Jacksonville area had an average market time of 37 days, while condos averaged 48 days.  The beaches’ communities saw an average of 37 days on the market. These figures encompass all price ranges. Land and condos typically take longer to sell compared to single-family homes. And ultra-luxury homes follow a different sales cycle.

What is the Best Time of Year to List My Home?

Historically, the second quarter (Q2) has yielded the highest number of closed sales and the highest sales prices. To capitalize on this trend, listing in March or early April is ideal. Considering the average market time of 37 days and the typical closing period of 30-45 days, a spring listing timeline aligns perfectly with peak market activity.

How Are Buyer Brokers Paid?

Recent changes in real estate regulations mandate transparency regarding agent compensation. Buyer broker fees are negotiable and often included as part of the offer. In many cases, the seller pays all or part of the fee, but the terms are flexible and subject to negotiation. Should a seller be unwilling to cover compensation then the costs of service fall to the buyer.

What Can I Do to Position My Home for the Highest Sale Price?

This is a frequently asked but important question. Here are key steps to maximize your home's sale price:

1. Price It Correctly

Avoid overpricing your home. Setting the price at market value ensures buyers see the value and are motivated to act. A well-supported price based on market data will resonate with buyers, while overpricing often results in a lower net sale price.  In the absence of data, work closely with your agent to determine the proper pricing strategy and rely on their experience.

2. Invest in Preparation

Put effort and, if possible, money into your home before listing. Beyond landscaping and staging, address deferred maintenance. Fixing small issues can make a big difference in buyer perception when it comes to their inspection period.

3. Consider a Pre-Inspection

If feasible, conduct a pre-inspection to identify and address any issues before listing. While some worry about disclosing major findings, resolving and disclosing repairs upfront often builds trust with buyers and prevents surprises during negotiations.

Will Mortgage Rates Come Down?

Though mortgage rates are resting around 7%, experts predict they will come down some in 2025.

Mortgage rate predictions graphic

 

 

Gwinn Volen Realtor

Gwinn Volen is a REALTOR, Owner and CEO for The Volen Group, Keller Williams Luxury International, a top real estate team in Northeast Florida's Ponte Vedra Beach community with annual sales of over $100M. For real estate in Ponte Vedra Beach or the surrounding area, contact Gwinn Volen at 904.314.5188 or email thevolengroup@gmail.com.

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