Jacksonville, Florida Housing Market Update

Our world is going through a pandemic.

It’s been a rough few months, and there’s no single person on this planet who hasn’t been affected by Covid-19.

I know you have, as well. But in the end, we’ll defeat this enemy, just like we always do.

Back when the pandemic began, government officials worldwide imposed nationwide lockdowns and asked everyone to stay inside their homes to prevent the virus’s spread.

As a result, it had and still has been having a negative impact on our economy. Almost all the industries have witnessed the wrath of Covid-19, especially the real estate sector.

If you are planning to buy or sell your Jacksonville home, we’ve prepared a Housing Market Update just for you.

Not only will be taking a brief look at the current state of Jacksonville’s housing market, but we will even be discussing what’s next.

Jacksonville Home Prices and Values

Here’s a quick overview of the Jacksonville real estate market:

FactorValue
Median Home Value$195,692
Median Home Value Predictions-0.2% in the next year
Median Rent Price$1,3451
1-Year Appreciation Rate+6.2%
Price: Rent12.12
Unemployment Rate11.2%
Vacant Homes13.86%
Median Household Income$52,576
Population911,507
Foreclosure Rate0.8%, i.e. 1 in every 11,841

FYI, most of the data has been exclusively fetched from Zillow and Redfin.

According to the real estate giant Zillow, the current market temperature is “Very Hot.”

As of this writing, the median house value in Jacksonville is $195,692.

Despite Covid-19 looming upon us, the home values haven’t failed to arise.

Over the past year, they have gone up by a massive 6.2%.

However, as per Zillow’s latest predictions, we’ll see the home values fall by 0.2%.

The median list price per sq.ft. is $125, which is way lower than Jacksonville Metro average, i.e., $138.

Data from Redfin indicates that 1536 Jacksonville homes were sold in the past month, with the average sales price being 2.2% lower than the listing price. These houses sat on the market for an average of 40 days.

Some home-sellers have even been getting multiple offers, whereas some are facing a hard time receiving even one.

The median price of houses currently listed is $217,000, while the median price of houses sold is $194,000.

If you want to rent out your house or are a tenant searching for a new house, you might be interested in knowing the median rent price.

It’s $1,345 and is lower than the median rent price of Jacksonville metro, i.e., $1,450.

The first step in the foreclosure process is mortgage delinquency.

That’s when the homeowners fail to pay their mortgage payments on time.

In Jacksonville, the mortgages delinquency percentage is 1.9%, which is 0.8% UP from the national value, i.e., 1.1%.

Most homeowners in Jacksonville are underwater on their mortgages. What this means is that they owe more than what their actual home value is.

As of this writing, about 11.2% of Jacksonville homeowners are underwater on their mortgages, which is 2.6% UP from Jacksonville Metro’s percentage standing at 8.6%.

A Quick Overview of What’s to Come

Home prices are rising at a slower pace.

Soon, we’ll be witnessing a major boost in the home values. But before we do, the home values have been predicted to descend in the coming months.

Currently, Jacksonville’s a seller’s market. What this means is the demand is higher than the supply, and that’s the reason behind the ever-increasing home values in Jacksonville, despite the pandemic.

Conclusion

If it wasn’t for Covid-19, the Jacksonville real estate market, in 2020, would be booming.

Jacksonville’s one of the most popular neighborhoods and the demand is sky-high. What this means is more and more buyers are looking forward to relocating to Jacksonville.

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