Jacksonville has been identified as one of the slowest-growing housing markets in the United States, according to a study by Creditnews Research. This means that compared to other places, the housing market in Jacksonville has not been picking up speed as quickly.
National Downturn and Jacksonville’s Lag
Across the country, home sales have been dropping significantly, marking the worst decline in nearly 30 years. Jacksonville’s real estate market has been slower to recover, joining cities like Cape Coral and Deltona in Florida, as well as Austin, McAllen, and San Antonio in Texas, on the list of the top 10 slowest-selling metro areas.
Study Findings
The study looked at data from January 2020 to January 2024. It found that cities with fewer homes available for sale tended to see homes sell faster. However, this trend did not apply to Jacksonville, where the market has cooled down.
“All the 10 slowest-selling metros in our study are larger Sun Belt cities, with three located in Texas and another three in Florida,” the report states.
Jacksonville Housing Prices
Despite the slow market, Jacksonville saw a 9.8 percent increase in median home prices last month, reaching $345,990. Even though prices have gone up, the market remains competitive. Sellers received 96.8 percent of their original asking price on average, and 13.7 percent of homes sold for more than the listing price.
Inventory and Market Balance
The monthly supply of Inventory (MSI) in Jacksonville has increased significantly, up 58.4 percent to 3.8 months. This suggests that while the market still favors sellers, it is moving towards a more balanced situation between supply and demand.
Market Activity and Rentals
The Northeast Florida Association of REALTORS reports positive growth in market activity. New listings have gone up by 42 percent, and closed sales have increased by 13.4 percent from the previous year. However, the rental market has cooled, with median rent prices at $1,549, showing an 11 percent decrease over the past year, which is significantly lower than the national average.
Future Outlook
Looking ahead, the forecast for Jacksonville’s housing market suggests moderate growth. According to Zillow, the average home value is expected to be $294,450, which is a slight decline from the previous year.
