Jacksonville housing market is the hottest it’s ever been.
So, you’re thinking about buying a new construction home in Jacksonville? Not a bad choice if we do say so ourselves. With picturesque beaches close by, strong job opportunities, and affordable housing prices, the Jacksonville real estate market easily makes it to our list of the hottest markets to keep an eye on in 2021, and here are all our reasons why:
1. A metropolitan city without the high prices
Cities like San Francisco and Seattle are attractive places to live for many people, but the high cost of living is often times a huge turnoff. Jacksonville is Florida’s 4th largest metropolitan area. Although the city is not quite like San Francisco or Seattle, housing affordability is one of the city’s most attractive features while maintaining its metropolitan feel. Realtor.com reports that the median listing price of a single-family home in Jacksonville is around $225K, which is a significant drop below the national median listing price of around $350K. Other cities in Florida like Miami or Tampa have median list prices at $399K and $300K, respectively.
2. A paradise for property investors
Jacksonville also offers an attractive renter’s market for those who want to invest in rental properties. About 37% of Jacksonville residents are renters. That number is expected to grow as millennials look at moving to Jacksonville for its job growth and affordable rental prices averaged at $1,156 per month. Jacksonville.com reports that rental inventory is relatively low while the demand for rentals is high in a large population. Our own reports have shown similar findings where our client’s rental properties are almost always filled and filled quickly compared to clients in other parts of the country.
Now you may be wondering: don’t you always want to own a house if you can afford it? What about that equity? Oh yes, that’s likely something everyone tells you when you’re trying to decide between renting and buying. But the truth is, for many, renting offers several attractive features. Although you lose on the equity, you’ll likely pay significantly less if you rent – no HOA fees, no property taxes, and no maintenance fees, just to name a few places where you can save. Depending on the type of property you’re renting, you may even have access to a nice community gym and pool.
What’s more, renters are searching for new single-family homes to rent. Young millennials who are still in their entry-level jobs aren’t getting paid high enough for them to afford a house of their own. Others don’t want to bother with the huge list of responsibilities that come with owning a home. Single-detached homes were considered difficult to manage with low returns on investment. But, with demands for such homes growing at an incredible rate and our simplified property management program, many of our property investors have seen their investments in these homes come to fruition, especially in Jacksonville.
3. Much like the rest of the country, Jacksonville is a seller’s market
By now, you’ve probably seen the term “seller’s market” everywhere. Due to a mix of low inventory and low-interest rates, 2020 was a year of bidding wars, leading to higher selling prices. Eager buyers competed with each other over the scarce inventory of houses. The Jacksonville real estate market saw the same trends locally and will likely continue in 2021. Some relief on the inventory side will come soon as more houses typically hit the market during spring.
4. Great location with a variety of floor plans
We could easily give you a list of things that make Jacksonville attractive to live in, but then you might be here for a while, so we’ll just give you the top reasons why. Even before the pandemic, people were flooding to cities where there were growing job opportunities and Jacksonville was one of them. Jacksonville is located north of Miami, close to Georgia, many major cities in the midwest and on the east coast, and Orlando for those amusement park trips (not to mention those pristine beaches practically right at your doorstep). These are just some of the reasons why people have been looking to move into Jacksonville over the past couple of years.
You’ll also have a harder time finding cookie-cutter houses in Jacksonville because there is a wider variety of sizes and looks to the houses you can purchase from detached single-family homes to duplexes to many other types of homes. We have partnered with 7 different builders in the Jacksonville area, so you’ll have plenty of features to pick and choose from.
5. We still have new construction inventory in Jacksonville
Jacksonville is one of the few areas where we still have inventory on new construction homes, but they’re going fast. We recommend that you start thinking about moving and the type of house you’d like sooner rather than later. If you’re pretty set on moving and you can make a decision in the next month or so, we can get you into a new construction home before the weather gets hot and humid down in Florida. (FYI, moving in hot and humid weather is not exactly fun.) We understand that purchasing a home is not a process that can be rushed, so whenever you decide to move and wherever you want to go, we’ll be here, ready to help.
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Serena Yan worked as a digital content producer at Marketplace Homes in 2021 and contributed many insightful pieces of content to the MPH blog. During her time at Marketplace Homes, she researched the real estate market, analyzed trends to streamline Marketplace Home’s marketing strategy, and found ways to best engage target audiences. Through writing blogs with topics ranging from market trends to home living, she contributed a lot to the early stages of this blog. Thank you, Serena!