Real Estate in 32224 | Zillow (2024)

FAQs

Are home prices dropping in Jacksonville? ›

Jacksonville, FL housing market

The median listing home price in Jacksonville, FL was $310K in July 2024, trending down -3.9% year-over-year. The median listing home price per square foot was $193. The median home sold price was $292.5K.

Current Home Prices and Trends

Data as of December 31, 2023, indicates that the Jacksonville Metropolitan Statistical Area has been experiencing a steady trend with a projection of a 0.1% increase in home prices by January 2024, and a 0.3% rise by March of the same year.

Miami ranks no. 1 in annual home price appreciation in the U.S., according to the Miami Association of Realtors, citing real estate data. Sales of condominiums worth $1 million and up, total home transactions and single-family home sales in Miami-Dade County increased year-over-year in July 2024.

Jacksonville has been ranked as one of the best places to buy rental property in 2021. Real estate investors looking for cash flow and equity growth over the long-term should benefit by owning rental housing in Jacksonville due to the area's strong job and population growth, and its affordability.

According to Zillow, home price appreciation is expected to slow down significantly in the coming years, with a predicted increase of only 3.4% for 2024. This could provide relief to buyers who have been priced out of the market in recent times.

Looking ahead, Realtor.com predicts that home prices in the Jacksonville metro area will reduce by 0.5% year-over-year in 2024, while year-over-year home sales will decline by 5.8%. This suggests that the market may continue to experience slow sales.

Of the 100 biggest U.S. housing markets, Jacksonville comes in as the 25th most overvalued. The Top 5 most overvalued markets, according to research, are Atlanta, Detroit, Cape Coral, Tampa and Las Vegas, respectively.

Buy in November for a better price

The window between late fall and early winter is the best time for buyers on a budget. Keep in mind, fewer homes are for sale in the cold winter months and around the busy holiday season, so the selection of for-sale homes will be limited.

While waiting until 2025 might bring lower interest rates, the advantages of buying now, such as less competition, significant migration to Florida, and innovative housing trends, make it a compelling option.

The Sunshine State is home to nine of the 15 most overvalued markets in the United States, led by Tampa, Jacksonville, Orlando, and Miami. Currently, buyers are paying an almost 39% premium for the typical home in Miami, placing the area as the 11th most overvalued area in the entire country.

Where is the best place to invest in Florida in 2024? ›

As a whole, analysts are optimistic about the outlook for stock prices in 2024. The consensus analyst price target for the S&P 500 is 5,090, suggesting roughly 8.5% upside from current levels.

Summary: Jacksonville housing prices by bedroom type for August 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4.1%, 2 bedroom homes decreased by 0.1%, 3 bedroom homes increased by 1.5%, 4 bedroom homes increased by 1%, and 5+ bedroom homes increased by 13%.

Fort George Island. With a median home price of $389,650 and a median rent of $1,676, Fort George Island is the most expensive neighborhood on our list. Based on the growth in home prices in Fort George Island over the last 3 years, it ranks No. 1 among all the neighborhoods in Jacksonville.

A housing market crash in Florida is unlikely. Florida home prices have been up by about 80% over the past 5 years. Analysts predict this positive trend will continue over the next 5 years.

Jacksonville, FL, has an exciting market for renters with appealing rates. The median rent is $1,341 now. This shows a small drop of 0.6% from last month and a 4.1% decrease over the past year¹.

Jacksonville's consumer price index in the South Region increased 0.3% from last month and 4.4% from 2022, according to the BSL. Food prices increased 7.1% over the year, and the energy index increased by 1.5% in June but fell 17.6% for 12 months until June 2023.