End of Year Report: Jacksonville, FL New Construction Median Sale Price Per Square Foot (Jan-Nov 2023)

End of Year Report: Jacksonville, FL New Construction Median Sale Price Per Square Foot (Jan-Nov 2023)

Executive Summary:
In 2023, the median sale price per square foot for newly built houses in Jacksonville, FL showed fluctuations throughout the year. While there were slight increases in some months, there were also periods of decline. Analyzing the data reveals insights into trends, highs, lows, and quarterly averages. This report aims to provide a comprehensive analysis of the market performance in 2023 and offer insights for prospective buyers and sellers looking ahead to 2024.

Monthly Median Sale Price Per Square Foot:

Trends and Relationships:
The data illustrates a mix of upward and downward trends over the course of the year. Notably, there were peaks in May and October, while the lowest points were observed in August and January. These fluctuations suggest a degree of volatility in the market.

Highs and Lows:

• High: May ($218.42 per SF)
• Low: August ($208.51 per SF)

Monthly Percentage Changes:

Annual Average:
The annual average median sale price per square foot for newly built houses in 2023 was approximately $213.15.

Quarterly Averages:

1. Q1 (Jan-Mar): $211.60
2. Q2 (Apr-Jun): $215.20
3. Q3 (Jul-Sep): $213.25
4. Q4 (Oct-Nov): $217.31

Closing and Ending Figures:

• Closing figure for November: $215.73 per SF
• Ending figure for November: $215.73 per SF

Market Analysis and Outlook:
Based on the monthly changes observed in 2023, it was a mixed year for buyers and sellers in the Jacksonville new construction market. While there were periods of growth, particularly in March, May, and October, there were also declines, notably in August and June. Overall, the market experienced moderate growth, with an annual average increase of approximately 0.65% compared to the previous year.

For prospective buyers, periods of decline, such as those observed in August and June, may have presented favorable opportunities to enter the market at a lower price point. However, buyers should be aware of potential volatility and fluctuations in the market.

Sellers, on the other hand, may have found favorable conditions during peak months like May and October, where prices reached their highest points. However, it’s essential for sellers to remain vigilant and adaptable to market dynamics to optimize their selling strategies.

Recommendations:

Based on the observed trends and fluctuations in the Jacksonville real estate market for 2023, here are our recommendations:

• Buying or Selling in 2023: For buyers, the market showed favorable conditions during the early months of the year with relatively stable prices, making it an opportune time to make a purchase. However, sellers may have found the market more lucrative during the mid-year peak in May and July. It’s essential for both buyers and sellers to monitor market trends closely to make informed decisions.
• Market Outlook for 2024: Given the overall upward trajectory observed in 2023, we predict a continued growth trend in the Jacksonville real estate market for 2024. However, it’s crucial to remain vigilant of external factors such as economic conditions, interest rates, and housing inventory levels, which can influence market dynamics.

In conclusion, 2023 presented opportunities for both buyers and sellers in the Jacksonville real estate market, with fluctuations in prices reflecting changing market conditions. By staying informed and adapting strategies accordingly, investors can navigate the market effectively in 2024 and capitalize on emerging opportunities.

This concludes the end of year report on the metro new construction median sale price per square foot in Jacksonville, FL for 2023. Thank you for your attention.