Jacksonville Beach Real Estate Market Update for August 2023
The August 2023 Jacksonville Beach Real Estate Market Update is still moving, even as median sales prices continue to rise, right alongside higher and higher mortgage rates. These trends are bringing the affordability of homes down. Nonetheless, active market inventory remains steady and the monthly supply, or absorption rate, is only on a slight incline with the start of a new school year at play.
Decreasing Affordability
This movement of decreasing affordability as a result of increasing median sales prices and increasing mortgage rates, may be best accounted for by out of state buyers and/ or investors paying cash. In order for this direction of the market to be sustainable long-term, it will need to be accompanied by increasing salaries for local residents. No complaints there.
Increasing New Construction Homes
Another development in the market is that a large portion of home sales are that of new construction homes rather than existing homes. July marked a 17 month high in new home sales according to this CNN Business article. This is due in part to the high mortgage rates as many home-owners are choosing to stay put rather than face a much higher mortgage rate on a new home. This makes homebuilders happy. In fact, “New construction makes up one-third of the available housing inventory in the United States, according to a recent analysis by Seattle-based Redfin Corp.” Read more in the Jacksonville Business Journal article.
Fluid Realty
Whether you are feeling daunted by the decreasing affordability of homes or excited by the new construction available, the Fluid Realty Team is here to walk alongside you. Reach out to us today.
The Fluid Realty Team is Jacksonville’s top real estate group and local boutique brokerage. We provide a full-service experience with the best realtors in the area. Our expertise includes luxury beach real estate within the four Beaches of Jacksonville, FL: Atlantic Beach, Neptune Beach, Jacksonville Beach, and Ponte Vedra Beach.
