2021 turned out to be a silver lining for realtors in Jacksonville Florida after times of some instability and uncertainty. Many people still tend to settle in the suburbs of the city ditching noisy urban life for calm areas nearby. Many people decide to move to Jacksonville for many reasons, and we will try to look through them. And most importantly, we will try to understand what to expect from the city’s real property market in 2022.
Let’s start with tendencies. Single-family houses are trending here, facing a significant increase in prices. Florida board of realtors should consider this, taking into account the fact that last year has set the new values record. These changes really entail a strong impact on the whole market climate.
We have already said that the city seems to be a honeypot for those who decide whether to move to another city and change their lifestyle. And one of the reasons Jax (another name for the city) as a living space attracts so much attention is its incessant vacation-like atmosphere, wide sunny beaches, warm but comfortable climate, its creative services, special coastal food, the extensive system of city parks (the largest in the country) and many other conveniences.
Globally people tend to move to warmer places, and Jacksonville is a nearly perfect option in this case. Add to all this a high quality of education, opportunities for enjoyable leisure, an active pace of life, plenty of working places, and, after all, affordability.
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Despite being a large city (12th in the United States) Jax maintains its coziness, convenience, and lightness. Thus, in the last decade, Jacksonville has become a new home for hundreds of thousands of people. Very few cities in the country can boast the same numbers. And recent studies suggest eight times more new residents arriving in the area in the next decade. It is not that surprising if you look at the wider picture: such dynamics have always been like that for this city.
It has seen some years when it managed to host more than twelve thousand new residents. And it is expected that Jax’s population will continue growing. In the next 30 years, it may reach a number of more than two million residents. Being such a gold mine for realtors, the real estate market in Jacksonville is expecting even more bright perspectives in the near future.
While being a city of many job opportunities and career growth (Jax has ranked one the most favorable cities for business and economic development), GPD is growing dynamically. The city has seen an increase of nearly 60% in 2021, and now it is $91 billion. Joblessness is becoming less and less of a problem here, and employment rates experience incessant growth.
Jacksonville is one of the business and IT development centers, having many universities, colleges, and other educational institutions to guard this image and graduate skilled specialists every year. Indeed, the number of people with higher education is growing steadily. Now almost 33% of those living in the area hold at least bachelor’s degrees. A vast number of big companies have their headquarters located in Jax, ready to offer working places. Two interstate major roads
permeate the fabric of the city, and four big ocean ports, serve as trade links with more than seventy countries all around the world.
As we have already stated, the real property market here truly is a mother lode. It is considered to be one of the best in the whole country, entering the Top-8 rating. In general, the average values are now: $269 900 for a house and $167 per square foot. But in the end, houses are usually sold at a slightly higher price – for $275 000. If you want to settle in the region, the best option would be to buy a house in the Jacksonville Heights area.
The average listing price there may be more than twice as cheap (average – $185 000). Rental property is also on the rise. The highest prices can reach $3,550 per month, but the average for a home with three bedrooms is below $2,000.
The affordability of housing and the dynamics of changes in prices are the main components that investors should take into account when they decide whether to enter the market or not. This analysis over the long run can suggest what to expect in the possible future, as well as present a broader picture of prospects. Over the last decade, the house prices in Jax have been steadily rising. They have increased by more than 80% but still haven’t reached the rise of 2006. The area itself is one of the most affordable in the country, double fueling the massive urge to move near Jacksonville.
House Price Index nearly doubled since 2016. It means that in five years prices have changed by 69%. The price dynamics per month are approximately 2%, and 26 per year.
The city seems to be a paradise of some sort: for both newcomers, its present residents, and, more importantly for all of us, for realtors. However, in this market, everything is connected. Next year will certainly bring new ups, that’s for sure. Because either it will entail such stability or new record highs, it will be a success.
That’s all about the real property market in the city of Jacksonville, which certainly still has much to offer in 2022.