Q4 2024 Year-End Report: Jacksonville Market Transitions to Buyer's Market
By Inna Moskalyk
Jan 8, 2025
Tags:Market Reports
As 2024 drew to a close, the Jacksonville and St. Johns County real estate markets completed their most significant transition since the pandemic boom. What began as a seller's market in January had definitively become a buyer's market by December. Here's your comprehensive Q4 2024 year-end market analysis.
Q4 2024 Year-End Statistics
The fourth quarter's numbers confirmed what market observers had noted all year: buyers were now firmly in control.
- November Median – $465,000-down 4.1% year-over-year
- Days on Market – 105 days median-up from 98 the previous year
- Price Range Focus – $200K-$500K properties represented 63% of all closed sales
- Cash Buyers – 24% of transactions-investors remaining active
- Negotiation Success – 93% list-to-sale ratio-buyers winning concessions
- Year-End Median – $547,350-down 1.8% from $557,450 at year start
Concessions Become Standard Practice
One of the most significant shifts of 2024 was the normalization of seller concessions:
- New Construction – Average concessions of $14,500 including rate buy-downs and closing cost credits
- Existing Homes – Average concessions around $8,500 for resale properties
- Buyer Expectations – Concession requests now expected rather than exceptional
The National Association of Home Builders noted that builder incentives reached their highest levels since the 2008 housing crisis.
Holiday Season: Record Tourism Despite Market Shift
St. Augustine's 31st Annual Nights of Lights (November 23, 2024 - January 26, 2025) highlighted the region's enduring appeal:
- Visitor Surge – Hotel bookings up 35% compared to previous year
- Record Crowds – Highest attendance figures in event history
- Traffic Management – "Overtourism" concerns prompted new crowd control measures
Visit St. Augustine reported the tourism surge at their official tourism data portal-a reminder that despite real estate shifts, the area remained highly desirable.
New Construction: 27% of Sales
Builders captured significant market share in Q4 2024:
- Market Share – 27% of November closed sales were new construction
- Incentive Packages – Aggressive rate buy-downs, closing cost coverage, and upgrade packages
- Growth Corridors – CR-210, SilverLeaf, World Golf Village, and US-1 North saw explosive expansion
- Stadium Impact – EverBank Stadium renovation announcement adding to Jacksonville's appeal
2024: The Year of Transition
Looking back at 2024 as a whole, the transformation was unmistakable:
- January – Still seller-favored, prices rising toward spring peak
- April – Historic price peak at $584,900 median
- Summer – Inventory surge begins, balance shifts
- Fall – Hurricane season reinforces insurance importance
- December – Full buyer's market established, concessions standard
Year-End Strategic Insights
For Buyers:
Q4 2024 offered the best buying conditions in years. More inventory, motivated sellers, builder incentives, and beginning Fed rate cuts combined to create genuine opportunity. Strategic buyers who moved during the holiday season often found less competition.
First-time buyers should review our complete guide: How to Buy Your First Home in St. Johns County.
For Sellers:
Those who accepted 2024's new reality fared best. Competitive pricing, willingness to offer concessions, and excellent staging/presentation separated sold properties from stale listings. The market rewarded realistic expectations.
Looking Ahead to 2025
As 2024 closed, signs pointed to continued buyer-favorable conditions in early 2025, with potential stabilization as rates drop and more buyers enter the market. Jacksonville's strong job market and Florida's tax advantages continued attracting relocators, supporting long-term demand.
Considering selling in 2025? Read our seller preparation guide: Ready? Set! Sold! for essential tips.
Start 2025 with Expert Guidance
Whether you're planning to buy, sell, or invest in the coming year, understanding the lessons of 2024 is essential. Local market knowledge makes the difference between success and sitting on the sidelines. Contact me today to discuss your 2025 real estate goals.