Jacksonville Beach Real Estate Market Update.
2024 Real Estate Market Predictions
Real Estate professionals have made predictions for what the market will hold for us in 2024. For example, this article on the Jacksonville Business Journal with predictions of an improving inventory and continued affordability challenges.
Likewise, Zonda, a housing market research company, was recently highlighted in an Inman article. Zonda predicts that the tale of two housing markets that we saw in 2023 will linger into 2024. This is the contrast between the decline of existing home sales and the growth of new home sales. Furthermore, the Zonda Chief Economist describes our national real estate market as “dealing with an affordability shock”.
Jacksonville Beach: inventory and interest rates drop
Now, we’re almost a full month into the year. (Does January feel like it will never end? Just me?)
So far, in the Jacksonville Beach real estate market, we have seen inventory drop. Realtors and buyers are feeling the pain of that. However, we’re expecting a busy spring coming up.
Interest Rates
Interest rates have also dropped into the high 6% range. This is down from the 7% range. Eventually, the Feds will continue to drop rates and that will fuel buyers to jump back into the market. This may not come as quickly as some of us would like. Movement Mortgage recently published an article titled, “A Healthy Economy May Delay Rate Cuts”. As our country’s economy improves, the Feds may choose to keep rates higher for longer to combat inflation.
Whenever the time comes that the Feds drop rates further, buyers will jump back into the market in droves. For those buyers, they will feel an urgency to lock in the lower rates before any potential rate increases happen again.
Fluid Realty
The real estate market is always doing multiple things at any given time. It’s a lot to keep up with. We’re here to help. Reach out to Fluid Realty today for expert guidance in achieving your real estate goals.
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.
