Thanks to a thriving job market, the Jacksonville real estate market is booming. In the past year, it has become one of the country’s hottest real estate markets.
An increasing influx of people are moving to the city and not as many are leaving. There is now limited inventory and more buyers than ever.
The result is a competitive buying process and sellers who can demand top dollar. Gain the edge in your Jacksonville housing search by knowing these market trends.
The prices for homes in Jacksonville peaked in 2006. Like other markets, they dropped during the recession.
It has taken five years for the real estate market to come back. This has been the trend for single-family homes, townhomes, and condos.
In 2010 the median home sale price was under $140,000. Today the median price has risen to above $180,000. This is almost equal to the price of home sales at the last peak in 2006.
Part of the reason the prices have climbed is due to the steady decrease in inventory. Over the last five years, more people are buying than selling.
A home’s time on the market has also decreased. This means the market inventory is constantly changing.
Number of Homes Sold
Over the last three years, the number of homes sold each year is increasing. This signals the trend of more people moving to the area. The competition for available homes is steadily increasing.
The Current Jacksonville Real Estate Market
More buyers are considering buying a condo. They have the added amenities that homes don’t have.
Buyers can feel that they are getting more for their investment. This is pushing the condo market to heat up.
The median sales price for homes is $185,000. That equals $115 per square foot.
These prices are a 10% increase from last year. They are forecasted to rise another 5.6% over the next year.
The job market in Jacksonville is set to grow over the next ten years. This means your search for real estate is only going to get more competitive.
Neighborhoods bordering the St. Johns River and the Ocean are gaining in popularity. The area around St. Johns Ave and Riverside Ave are popular riverside spots.
Along the ocean, the Mayport and Jacksonville Beach areas are the most sought-after. These properties offer sweeping ocean views and easy commutes to the downtown area.
How to Be Successful In Your Home Search
The best thing you can do is work with a reputable real estate agent. A local agent will guide you through the current market’s inventory.
They will have the connections to know what is about to come on the market. They can act fast on your behalf when they find your dream home.
The Jacksonville real estate market shows no signs of slowing down. Prepare to act fast when you find your dream home or condo.
Start your Jacksonville home search today with one of the hottest condominiums on the market.