Jacksonville Housing Market: Prices, Trends, Forecast 2022-2023
Jacksonville is currently a seller’s real estate market. Jacksonville’s housing market has an ideal environment for investors, especially for turnkey real estate investments. Experts predict a positive trend in the near future and buying a property in Jacksonville appears to be a profitable investment. The median price of Jacksonville properties (Duval County) increased by 4.8% to $325,000 in November 2022. Over the last decade, the total cumulative rate in Jacksonville has been 148.53 percent, placing it in the top 10% nationally.
This translates to an annual average gain rate of 9.53 percent for Jacksonville homes, according to NeighborhoodScout’s data. In the last twelve months (2021 Q2 – 2022 Q2), Jacksonville’s home price appreciation rates have remained among the highest in the country, at 24.89 percent, which is greater than the appreciation rates in 96.33% percent of the nation’s cities and towns.
According to the past twelve months, Jacksonville has been a haven for short-term real estate investors. Jacksonville’s home price appreciation rates were 6.32 percent from 2022 Q1 – 2022 Q2, equating to a 19.46 percent annual appreciation rate. However, interest rates do affect house prices, and there’s typically an inverse relationship between the two. Higher mortgage rates tend to slow home price appreciation and may weigh on housing demand if they continue to rise in 2023. Let’s take a deep look at the latest Jacksonville housing market trends.
Jacksonville Housing Market Trends
Jacksonville is Florida’s biggest city and the largest city by area in the contiguous United States. It serves as the county seat of Duval County. The following housing market trends in Duval County are based on single-family, condo, and townhome properties listed for sale on realtor.com. Land, multi-unit, and other property types are excluded. This data is provided as an informational resource only.
Duval County is a balanced real estate market, indicating that the supply and demand of homes are about the same. In November 2022, the median listing home price in Duval County, FL was $319.9K, trending up 12.2% year-over-year. The median listing home price per square foot was $194. The median home sold price was $290K.
Homes in Duval County, FL sold for approximately 2% below the asking price on average in November 2022. Ideally, a buyer would prefer a sale-to-asking price ratio that’s closer to 90%. The sellers have managed to hold good leverage in these negotiations in the past month. A seller would always prefer scenarios that can yield a ratio of 100% or higher.
- As of November 2022, Neptune Beach has a median listing home price of $760K, making it the most expensive city in this county.
- Baldwin is the most affordable city, with a median listing home price of $112.5K.
- The median listing home price in Jacksonville City was $314K, trending up 12.1% year-over-year.
- The median home sold price in Jacksonville was $285K last month.
- The median rent of active rentals for sale on realtor.com is $1,440.
- There are 196 neighborhoods in Jacksonville.
- Golden Glades-The Woods has a median listing home price of $535K, making it the most expensive neighborhood.
- Mid-Westside is the most affordable neighborhood, with a median listing home price of $119K.
Let us analyze data from another real estate company, Redfin, which says that the Jacksonville housing market is somewhat competitive. Based on the market trends of the last three months, only some homes for sale in Jacksonville are getting multiple offers, and typically take weeks to sell.
- The average homes sell for about 3% below the list price and go pending in around 39 days.
- A hot listing on Redfin can sell for around the list price and go pending in around 17 days.
- In November 2022, Jacksonville home prices were up 3.2% compared to last year, selling for a median price of $289K.
- On average, homes in Jacksonville sell after 43 days on the market compared to 28 days last year.
- There were 975 homes sold in November this year, down from 1,763 last year.
- 42.3% of homes were sold with Price Drops in November.
- Sale-to-List Price was 96.6%.
NEFAR (Northeast Florida Association of REALTORS®) offers three categories of market statistics reports. Their monthly market reports provide an in-depth summary of NEFAR’s entire market area in addition to area-level breakout reports for numerous submarkets. Below is the latest market report for Duval County containing data for the 13 regions for November 2022.
- New Listings were down 2.1% from last year.
- Closed Sales were down 49.2% from last year.
- The Median Sales Price rose by 4.8% to $325,000.
- The percentage of the original list price received was 96.7 percent, down 2.8 percent from the previous year.
- The percentage of properties sold over the list price was 13.1 percent, a 63.8 percent decrease.
- Median Days on the Market was 40, a jump of 107.9%.
- The inventory of available homes increased by 127.6 percent.
- Months Supply of Inventory increased by 348.2% to 4.0 months.
- Months Supply of Inventory (MSI) is a calculation that quantifies the relationship between supply and demand in a housing market.
- Historically, six months of supply is associated with moderate price appreciation, and a lower level of months’ supply tends to push prices up more rapidly.
The Median Sales Price in Jacksonville Beach increased by 27.7 percent year over year to $705,500, while home sales decreased by 75.8%.
The Median Sales Price in West Jacksonville increased by 22.2 percent year over year to $323,000, while home sales decreased by 51.8%.
The Median Sales Price in Jacksonville North increased by 29.9 percent year over year to $318,526, while home sales decreased by 58.2%.