Jacksonville saw one of the sharpest home-price drops in the nation, with the region’s median home price falling more than $16,000 year over year in October, the steepest decline among the country’s 40 largest metro areas, according to new data from Homes.com.

The report ranks Jacksonville 40 out of 40 for annual price change, underscoring how quickly the market has cooled after several years of rapid appreciation.

Local real-estate agents in the Jacksonville area say conditions align with those broader trends. Sellers are encountering more inventory, longer time on market and growing price pressure, particularly in mid- and lower-price segments. Neighborhoods that saw fast appreciation over the last few years are seeing fewer bidding wars, and more homeowners are cutting or rethinking a

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