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Jacksonville, FL: Real Estate Market & Trends 2016

Published on Tuesday - September 27, 2016

The sun continues to shine bright on the Jacksonville real estate market in 2016. The second quarter brought a series of highs for the Bold New City of the South, with home prices, appreciation rates and job-growth soaring, while unemployment and home affordability remained favorable. For Jacksonville real estate investors, the market continued to sway in their favor, as gains in home prices during the last three years have extended the trend of positive price growth after the recession. In addition, the Jacksonville housing market remains one of the more affordable in the nation, which aids investors and homeowners alike, including growing demand for rental properties. While the first-half of 2016 was a delight for the Jacksonville real estate market, the second-half is on track to only get better.

Jacksonville, FL Real Estate Market Statistics:

Jacksonville real estate investment

With appreciation rates transcending the national average, the Jacksonville real estate market continues to be one of the hotter markets in the country in 2016 in terms of total equity gains. During the second quarter, Jacksonville real estate appreciated at a rate of 7.5 percent compared to the national average at 4.9 percent. That said, price appreciation and principle payments in the last three years have boosted total equity growth since the recession, which bodes well for Jacksonville real estate investors and homeowners alike. For those considering Jacksonville real estate investments, the following provides a breakdown of appreciation rates in previous years:

  • Homes purchased in the Jacksonville, FL housing market one year ago have appreciated, on average, by $18,302. The national average was $14,963 over the same period.
  • Homes purchased in the Jacksonville, FL housing market three years ago have appreciated, on average, by $45,512. The national average was $46,878 over the same period.
  • Homes purchased in the Jacksonville, FL housing market five years ago have appreciated, on average, by $91,369. The national average was $82,353 over the same period.
  • Homes purchased in the Jacksonville, FL housing market seven years ago have appreciated, on average, by $79,071. The national average was $77,054 over the same period.
  • Homes purchased in the Jacksonville, FL housing market nine years ago have appreciated, on average, by $41,035. The national average was $31,126 over the same period.

As of July 2016, there are currently 6,507 properties in the Jacksonville, Florida area in some stage of foreclosure. According to RealtyTrac, the number of Jacksonville foreclosures in the month of July was 16 percent lower than the previous month and 47 percent lower than the same period in 2015. The number of REO properties in Jacksonville decreased 29.3 percent from the previous month and 74 percent from the same time last year.

Jacksonville, FL: Real Estate Market Summary:

Jacksonville real estate investors

  • Current Median Home Price: $215,000
  • 1-Year Appreciation Rate: 7.5%
  • 3-Year Appreciation Rate: 20.2%
  • Unemployment Rate: 4.7%
  • 1-Year Job Growth Rate: 3.7%
  • Population: 842,583
  • Median Household Income: $48,143

Jacksonville, FL: Real Estate Market (2016) — Q2 Updates:

Jacksonville housing market

The Jacksonville real estate market was running on all cylinders in the second quarter of 2016. While price growth slowed, home prices for Jacksonville were up from a year ago, with appreciation rates climbing past the national average. In fact, the last seven years have witnessed total equity gains quietly surpass the rest of the country. If the second quarter is any indications, Jacksonville real estate investing should anticipate further growth in the second-half.

Along with rising home prices and appreciation rates, additional factors appear to be working in Jacksonville’s favor, including home affordability and new housing construction. Jacksonville real estate investors and homeowners paid 10 percent of their income to mortgage payments during the second quarter, as opposed to the national average which paid 15.8 percent. While historically strong, affordability for the Jacksonville housing market remains strong and continues to improve in 2016. Another component which should benefit investors is new housing construction, which continues to grow. The current level of construction for the Jacksonville real estate market during the second quarter was 66 percent above the long-term average, while single-family permits increased to 23.6 percent, compared to the national average of 10.6 percent. With new housing construction on the rise, the Jacksonville housing market could see further improvements in coming years.

The backbone to Jacksonville’s hot streak in 2016 has been its economic landscape. Employment continues to hold up and is on an upward trend, as one-year job growth rose to 3.7 percent during the second quarter, compared to the national average of 1.9 percent. Although unemployment has seen better days (4.7 percent in Q2 compared to the national average of 4.9 percent), it’s still better than the national average and improving.

Moving forward, the Jacksonville real estate market is expected to grow consistent with the national average in the second-half of 2016. The National Association of Realtors (NAR) has forecasted higher price growth in Jacksonville than in the U.S. in the next 12 months, with price expectations for Jacksonville real estate anticipated to grow by 4.3 percent in the second-half, as opposed to the national average of 3.6 percent. The Jacksonville real estate market appears locked, stocked and loaded for the second-half of 2016.

*The information contained herein was pulled from third party sites. Although this information was found from sources believed to be reliable, FortuneBuilders Inc. makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. Any reliance on this information is at your own risk. All information presented should be independently verified. FortuneBuilders Inc. assumes no liability for any damages whatsoever, including any direct, indirect, punitive, exemplary, incidental, special, or consequential damages arising out of or in any way connected with your use of the information presented.

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