Jacksonville Housing Market 2022: Prices, Trends & Forecast
Jacksonville is one of the largest cities in Florida and one of the most desirable places to live. It has seen a steady population growth of 1-2% for several years now, according to Macrotrends.net. The city has become one of the fastest growing cities in the nation, and Millenials are flocking to Jacksonville. This is one reason why investors are still willing to pay cash for houses in the Jacksonville, FL area. This has contributed to the high housing price as more people move into the area, the housing supply is slowly shrinking.
Jacksonville Housing Market Prices
The Jacksonville housing market is somewhat competitive and becoming more competitive as the months go on. Housing prices are increasing, making it one of the hottest housing markets of 2022. While other housing markets, such as the Fort Worth, Texas housing market, are cooling off, that simply isn’t seen in Jacksonville.
In July of 2022, house prices increased by 18.6% year over year.
The median sale price is now approximately $314,000. However, that median price has been drug down a bit by people not paying the list price, etc.
Although prices are rising, fewer buyers are paying the list price. Almost 40% of the houses sold were purchased for the list price.
However, almost another 40% were sold for above asking price, meaning buyers are still trying to top each other to move into the house they want. More houses are sold above the list price than in most previous years.
That isn’t bad news for sellers. Over the past twelve months, Jacksonville properties have seen some of the highest appreciation rates compared to the rest of the nation. An average appreciation rate of 17.64% year over year helps ensure that real estate investors will see gains from buying property in the local area.
This is the highest appreciation rate that the Jacksonville market has seen in years. It’s also the highest house prices in the area in over ten years.
Jacksonville Housing Market Trends
Houses are spending a little bit less time on the market, with most houses selling in 22 days. Last year, they spent 23 days on the housing market.
Although the prices are up, the number of houses sold is down quite a bit from last year. It saw a year over year decrease of 31%, and only 1,256 homes were sold in July 2022.
The trend of increasing prices and fewer homes sold was seen in every type of housing on the Jacksonville housing market. If you need to sell your home quickly in Jacksonville, you may consider selling it directly to a home buyer. Most can close within 2 weeks and don’t require work to be done to the home before closing on it.
The price has seen an increase of approximately 20%. Homes cost an average of $47,878 more per house than they did one year ago.
The biggest price increase was in one-bedroom homes, which increased slightly over 30%.
Two-bedroom homes saw an increase of almost 23%. Houses with more than two bedrooms saw increases of approximately 21%.
Since July 2021, the Jacksonville housing market has remained a seller’s market. That means that prices are higher, and homes are selling faster.
Houses throughout Jacksonville sell at a higher average price than one year ago. The sold price for homes in North Jacksonville saw the biggest increase at 24.7%. The median sold price for homes in North Jacksonville was approximately $325,000. Orange Park saw the lowest price increase with only an 18.4% increase, but the median price of houses sold was still $290,000.
The number of homes for sale in Jacksonville has decreased slightly, meaning that the supply of homes is getting shorter as the demand increases. Year over year, there was a .5% decrease in the number of houses on the market.
Year over year, there was an approximate 10% decrease in the number of days that houses spent on the market. In July 2021, homes spent an average of 27 days on the market. In July 2022, homes spent an average of 24 days on the market. This is the fastest that houses have been bought in the Jacksonville area in over a decade.
Jacksonville Housing Market Forecast
Zillow has forecasted that housing prices will rise by another 20% by November 2022. The real estate website has named Jacksonville the second hottest housing market in the nation, with Tampa, Florida, currently being the hottest housing market.
This trend is expected to continue. Although the population growth has remained consistent, more millennials and other generations are now transplanted to Florida faster than people are moving out.
This migration is not enough to cause a drastic decrease in supply, but it will slowly squeeze the market if real estate developers do not increase production in the coming years.
The Jacksonville housing market is expected to remain a seller’s market over the next few years. Buyers that want to purchase a home in the area are encouraged to do so now before the prices get steeper.
The Jacksonville real estate market is a prime opportunity for real estate investors Consistent price increases in this seller’s market will help investors see gains on short-term investments in only a few years.
In Conclusion
Jacksonville, Florida, is becoming one of the most popular places to live. As other markets, such as the Fort Worth housing market, are cooling off, this one is expected to heat up. It’s not in danger of overheating this year, but if trends continue, it may overheat in the future. House prices continue to climb. Instead of people leaving the market, they are saving up cash to beat out another buyer to get the house that they want.
Buyers can buy now, save up cash, or wait until the market cools off Real estate investors have the wonderful options of selling now or waiting on the market to heat up more so that they can see higher gains from their property. Homeowners can earn even more money by learning how to sell a house without a realtor.
