JACKSONVILLE, Fla. – The median home-sale price fell by 3.1% in Jacksonville last week, according to a new report from Redfin.
In fact, according to the report, the median home-sale price fell in 14 of the 50 most populous U.S. metro areas.
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Oakland saw the biggest drop, with a 6.8% year-over-year decline, followed by two Florida metros and two Texas metros: West Palm Beach (-4.9%), Jacksonville, Austin (-2.9%) and Houston (-2.8%). Jacksonville also saw its new home listings drop by 12.1% when compared to last year, tied for the third biggest drop in the nation.
“Sellers need to start coming to terms with two things: One, homes are more often going to sit on the market for longer than a week or two before they sell, and two, buyers are gaining the upper hand,” said James Gulden, a Redfin Premier agent in Boston. “I advise my sellers to be realistic about the price they’re going to get based on the market research I provide, while also taking into account which direction the market is moving, especially if they want multiple offers. I’m also reminding sellers to be patient and not panic. Sure, many homes have been selling within a week for the last several years, but that’s not historically normal. They have to reorient themselves to the fact that it may take several weeks, or more, before receiving an acceptable offer.”
The nationwide trend follows what local markets have been seeing in Northeast Florida for months.
According to a report from the Northeast Florida Association of Realtors (NEFAR), buyer activity tapered off in June, with fewer new contracts being signed, while sellers gradually entered the market with more measured expectations.
The median sales price for single-family homes in Northeast Florida’s six-county region stayed at $389,000 in June.
The July housing report from NEFAR is expected later this month.