The future of the Jacksonville real estate market
2021 has proven to be a silver lining for real estate agents in Jacksonville, Florida after periods of instability and uncertainty. Many people still tend to settle in the city’s suburbs, abandoning noisy city life for quiet areas nearby. Many people decide to move to Jacksonville for many reasons, and we will try to review them. And most importantly, we will try to figure out what to expect from the city’s real estate market in 2022.
Let’s start with the trends. Single-family homes are in vogue here, facing a major price hike. The Florida Board of Realtors should take heed, taking into account that last year set the new record for values. These changes really have a strong impact on the whole market climate.
We have already said that the city seems to be a honeypot for those who decide to move to another city and change their way of life. And one of the reasons why Jax (another name for the town) as a living space attracts so much attention is its relentless holiday atmosphere, wide sunny beaches, warm but comfortable climate, creative services , its special coastal cuisine, the city’s extensive system of parks (the largest in the country) and many other amenities.
Overall, people tend to move to warmer places, and Jacksonville is an almost perfect option in this case. Add to all this high-quality education, pleasant leisure opportunities, an active pace of life, many places to work and, after all, affordable prices.
Despite being a big city (12th in the US), Jax retains its comfort, convenience, and lightness. So over the past decade, Jacksonville has become a new home for hundreds of thousands of people. Very few cities in the country can boast of having the same figures. And recent studies suggest that eight times as many new residents will arrive in the area over the next decade. It’s not so surprising if you look at the bigger picture: such a dynamic has always been like this for this city.
He saw a few years where he managed to welcome more than twelve thousand new residents. And Jax’s population is expected to continue to grow. Over the next 30 years, it could grow to a population of over two million. Being such a goldmine for real estate agents, the Jacksonville real estate market is expecting even brighter prospects in the near future.
While a city with plenty of opportunities for employment and career growth (Jax has been ranked among the top cities for business and economic development), GPD is experiencing dynamic growth. The city saw an increase of almost 60% in 2021, and it is now 91 billion. Unemployment is becoming less and less of a problem here and employment rates are growing steadily.
Jacksonville is one of the centers of business and IT development, having many universities, colleges and other educational institutions to protect this image and graduate qualified specialists every year. Indeed, the number of people with higher education diplomas is constantly growing. Today, nearly 33% of the region’s inhabitants hold at least a bachelor’s degree. A number of large corporations are headquartered in Jax, ready to offer workplaces. Two major interstate highways
permeate the fabric of the city and four major ocean ports serve as trade links with more than seventy countries around the world.
As we’ve said before, the real estate market here is truly a mother lode. It is considered one of the best in the whole country, entering the Top 8. In general, the average values are now: $269,900 for a house and $167 per square foot. But in the end, the houses are usually sold for a slightly higher price – for $275,000. If you want to settle in the area, the best option would be to buy a house in the Jacksonville Heights neighborhood.
The average registration price there can be more than half cheaper (average – $ 185,000). Rental real estate is also on the rise. Highest prices can reach $3,550 per month, but the average for a three-bedroom home is under $2,000.
Housing affordability and the dynamics of price developments are the main elements that investors must take into account when deciding whether or not to enter the market. This long-term analysis can suggest what to expect in the possible future, as well as present a broader picture of the outlook. Over the past decade, housing prices in Jax have steadily increased. They’ve risen more than 80% but still haven’t reached the 2006 surge. The area itself is one of the most affordable in the country, twice fueling the massive urge to move near Jacksonville.
The housing price index has almost doubled since 2016. This means that in five years, prices have changed by 69%. The price dynamics per month is about 2% and 26 per year.
The city seems like a paradise of some sort: for newcomers, its current residents and, most importantly, for all of us, for real estate agents. However, in this market, everything is linked. Next year will definitely bring new ups, that’s for sure. Because either it will imply such stability or new records, it will be a success.
This is the real estate market in the city of Jacksonville, which certainly still has a lot to offer in 2022.