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The real estate market in Jacksonville is a bright spot as the economy begins to recover. As more people move to this smaller, affordable city for their suburban lifestyle instead of living crowded urban lives with high prices and low quality-of life – not only are they saving money but also getting an edge over other cities who cannot compete financially anymore!
Jacksonville residents are seeing a rise in home values and a reduction of available homes.
The average single-family house has seen an increase over 5%. However, there were only 43% comparability from last year’s record high for for sale inventory compared with 2 years ago when it was at its lowest point ever!
Real Estate Market
The Jacksonville real estate market is on fire, and all of Northeast Florida has never seen anything like it. The booming housing prices are expected to continue in 2021 with decreasing inventory combined by robust demand for property sales located within city limits – so if you’re looking to buy or sell soon don’t miss your opportunity!
Key Market Stats:
- Zillow Home Value Index for Jacksonville is $230,180 (as of May 2021).
- Homes values in Jacksonville increased by 14% over the last year.
- Median listing home price in Jacksonville is $245,000 based on the most recent report from Realtor.com (May 2021).
- Price per square foot on the median listing price is $150.
- Median sold price for a home in Jacksonville is $251,000.
- Days on market (median) is 48.
- Sale-to-list price ratio is 100%.
- Of the 176 neighborhoods in Jacksonville, Girvin is the most expensive with a median listing price of $769,000 while Baymeadows is the most affordable neighborhood in Jacksonville with a median listing price of $166,000.
Attractive Renters’ Market
Jacksonville is one of the best places to buy rental property in 2021. Real estate investors looking for cash flow and equity growth over the long-term should benefit by owning good quality housing near thriving businesses, with an affordable price tag!
Key Market Stats:
- Average rent in Jacksonville is $1,196 per month, according to RENTCafé (as of May 2021).
- Rents in Jacksonville have increased by 8% over the past year.
- Only 37% of the housing units in Jacksonville are renter-occupied.
- 52% of the rental housing units in Jacksonville rent for between $1,001 and $1,500 per month, while 31% rent for $1,000 per month or less.
- Areas of Jacksonville that are the most affordable for renters include 29th and Chase, College Gardens, and Edgewood Manor.
- Neighborhoods with the highest rents in Jacksonville are Del Rio, Greenland, and Mixon Town where rents go as high as $1,451 per month.
Quality of Life
Jacksonville is a city that never feels like work when you’re living there. That’s because it has everything from extensive park systems and beaches, to great public schools for education-focused people who want their kids educated in an academic environment with plenty of opportunities at hand so they can thrive too! The nightlife scene will keep any tired parent happy while the creative coastal cuisine makes them forget all about their day job cooking up something delicious just for this occasion – making Jax into one heckuva vacation destination sure does have its perks!
Key Quality of Life Stats:
- Jacksonville is only 45 minutes from Orlando, 60 minutes from Atlanta, 2 hours 15 minutes from NYC, and 9 hours from London by airplane.
- Jacksonville has the largest urban park system in the U.S., with more than 450 city parks spanning more than 80,000 acres.
- More than 22 miles of white sand beaches are waiting just minutes from downtown Jacksonville.
- Jacksonville is home to Florida’s youngest population that’s drawn to the city’s historic neighborhoods, colorful street arts scene, and vibrant nightlife.
- The NFL Jacksonville Jaguars play at TIAA Bank Field, while the PGA Tour based in Ponte Vedra makes golf a popular outdoor activity in Jacksonville.
Jacksonville is one of the fastest growing cities in America, and that growth isn’t showing any signs of slowing down. The metro area had a whopping 60k new residents over five years – with 25th place as only our state can boast such an impressive statistic!
Key Population Stats:
- With more than 800,000 residents, the City of Jacksonville is the 14th largest city in the U.S. and home to more than one million residents in the metropolitan Jacksonville area.
- Jacksonville’s metropolitan area consists of five counties: Baker, Clay, Nassau, St. Johns, and Duval (where Jacksonville is the county seat).
- Over the past year the population growth rate in the Jacksonville MSA was 1.97%.
- Between 2017 and 2018 the population in Jacksonville expanded by more than 12,000 new residents.
- The Bureau of Economic and Business Research (BEBR) at the University of Florida predicts that over the next ten years more than 800,000 new residents will move to the area.
- BEBR also forecasts that over the next 25 years the population of metropolitan Jacksonville will more than double to more than two million people
Jacksonville is a tempting location for real estate investors. Why? Well, because it has great opportunities and an active economy which means there will be high demand in the housing market! Jacksonville also offers other advantages such as low crime rates compared to many cities across America or even some other parts of Florida itself.
Check out our infographic if you want to visually check the statistics: