"Jacksonville's median list price fell 4.2% year over year to $282,500 in February, roughly double the national decline of 2.1%. Nearly 23.9% of active listings carried a price cut."
"Active listings fell 13.6% year over year to 3,368 homes in February, even as inventory grew 7.9% nationally over the same period."
"The median home in Jacksonville sat on the market for 69 days in February, up 7% from a year earlier and nearly matching the national median of 70 days."
Jacksonville, Florida, is experiencing a unique housing market with a 13.6% drop in active listings year over year. Despite fewer homes available, demand has softened, leading to a 4.2% decline in median list prices. Nearly 24% of listings have seen price cuts, indicating that sellers must price competitively. Homes are sitting on the market for an average of 69 days, providing buyers with leverage in negotiations. The combination of shrinking supply and reduced demand has created a challenging environment for sellers.
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