Jacksonville Housing Market Cools After Pandemic Boom, But Remains Strong Overall

Jacksonville housing market saw rapid growth during pandemic as remote work allowed influx from more expensive coastal cities. However, growth is cooling in 2022-2023 due to economic impacts like high mortgage rates and inflation.
Supply of for-sale homes remains low at 2.7 months. Move-in ready homes in good neighborhoods still see bidding wars. But overall demand has softened recently.
Median home price in Jacksonville dropped slightly to $375k in July 2023, but remains up 9% from March 2023 low. Rental rates continue to climb, up 3.9% year-over-year.
Unemployment very low at 3.2% in July 2023, indicating a healthy job market. Construction jobs up 3,100 in the last year.
Predictions are for steady market given job growth, affordability and low supply. But home price growth could slow in near term due to high mortgage rates and seasonal swings.

Jacksonville housing market saw rapid growth during pandemic as remote work allowed influx from more expensive coastal cities. However, growth is cooling in 2022-2023 due to economic impacts like high mortgage rates and inflation.
Supply of for-sale homes remains low at 2.7 months. Move-in ready homes in good neighborhoods still see bidding wars. But overall demand has softened recently.
Median home price in Jacksonville dropped slightly to $375k in July 2023, but remains up 9% from March 2023 low. Rental rates continue to climb, up 3.9% year-over-year.
Unemployment very low at 3.2% in July 2023, indicating a healthy job market. Construction jobs up 3,100 in the last year.
Predictions are for steady market given job growth, affordability and low supply. But home price growth could slow in near term due to high mortgage rates and seasonal swings.