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May 13th, 2018 by Marco Santarelli
Jacksonville Real Estate Market
At this moment there is an enormous development going on in the Jacksonville real estate market. Last year, the average sales in the Jacksonville housing market recorded a 10.3% increase from 2016. Average sale prices of Jacksonville properties have been rising by about 6.5% every year. This is a good increase in value for real estate owners have invested in Jacksonville real estate. There are also strong indicators of low property vacancies, jobs, rising rents and single family rental unit developments, factors that are known to attract real estate investors into a city.
Jacksonville Real Estate Market Forecast 2018
According to Zillow.com, the median home value in the Jacksonville real estate market is $163,642. Jacksonville home values have gone up 11.4% over the past year and the Jacksonville real estate market forecast by Zillow is that they will rise 5.1% within the next year. The median list price per square foot in Jacksonville is $116, which is lower than the Jacksonville Metro average of $132. The median price of homes currently listed in Jacksonville is $204,900 while the median price of homes that sold is $158,400. The median rent price in Jacksonville is $1,200, which is lower than the Jacksonville Metro median of $1,350. The whole data has been taken from Zillow.com.
Top Reasons to Invest In Jacksonville Real Estate Market In 2018
Here are the top reasons to invest in Jacksonville real estate market in 2018:
A Growing Population
Without people there’s no real estate. So, a steady population growth in Jacksonville, FL offers the perfect market for real estate investments. Last year alone Jacksonville recorded a population growth of 2.5% which is twice the national average. In fact, Jacksonville ranks 13 among the largest cities in the entire nation. With this trend, Jacksonville and Orlando real estate market face a successful future for their businesses.
Unlike stocks, real estate protects your money and offers long-term returns. Real estate in Jacksonville is getting tight thanks to its immense popularity and continuous growth. The inventory is dipping and there is a good chance to get property now at reasonable costs. This may be on ascent soon, so if there’s a better time to grab the opportunity in Jacksonville real estate market; it is now.
The Future of Jacksonville Looks Bright
In Jacksonville, the availability of jobs is set to increase by 42% in the next ten years. A wise move by investors in the Jacksonville real estate market would be to buy properties now to take advantage of that growth and rising housing need. More jobs in Jacksonville means more people would like to live in this city and therefore, they need good housing facilities.
Jacksonville Is Great For Families
In rental markets with numerous single grown-ups, rent turnover is generally high. In this way, property investors are likely to work more with renters and buyers with families since these people secure long-term leases. Jacksonville is one such city that pulls in and keeps families complete with top-notch schools, recreational facilities, high tech transport and other resources for the residents.
Jacksonville consistently features in the rundown for real urban communities with a low cost of living. Housing, especially in a few territories, is stunningly affordable as compared with the numerous different urban areas on the East Coast. The cost of living isn’t just lower than the U.S. national average, but at the same time it’s lower than Florida average. Ever since the recession, home prices in the country have generally reduced. This may be normal in other areas, but if you get in a tropical coastal region, you are lucky. In Jacksonville, people are investing with just under a hundred thousand dollars to buy and revamp a property. This amount is only two thirds the revamping costs as well as the national median. There is hardly a probability that you’ll lose when you buy property at lower prices than the replacement cost, which is what is currently going on in Jacksonville real estate market.
Jacksonville’s economy is completely diversified and just continues developing. Jacksonville is home to numerous fortune 500 organizations and different businesses which give employment to the present and future. This implies individuals can hold their rents and home loans under wraps. Neither the state of Florida nor the city of Jacksonville has a tax imposed. Furthermore, with a low-level corporate tax rate of just 5.5%, you can see why it’s attractive to businesses.
It Has Desirability
Given the same employment prospects, most people will go for a better way of life. A warm, green radiant urban community is more attractive than a cold grey city. And that is what Jacksonville, FL offers. Plus, with regards to the most alluring regions in the US, the Florida Coast is best of all and Jacksonville is no exception.
Supply and Demand
As said earlier, the Jacksonville populace is growing. However, the real estate stock is plunging. An unmistakable sign that demand, may, in one way or another supersede supply in Jacksonville real estate market. The rate of building homes and property here has dependably been low over the years which has created a supply vacuum in the city.
The City Is Safe
Security is one major factor influencing real estate and property development at any place and anytime. In the event that the place you choose to invest is brimming with crimes and catastrophic events, you wager you’re not going to get a decent market for your property. Jacksonville is the direct opposite of this. In Jacksonville, the crimes have gone down. At the turn of the millennium, Jacksonville’s Duval county held the title of “murder capital” of Florida and did so for 11 years. Since then, crime has gone down, and Jacksonville is no longer the top offender in the state. The good news is the point at which you contrast Jacksonville with different urban areas that are of similar size, the crime rate normalizes and it hovers near the average for every single other area of comparative size.
Jacksonville records high employment rates due to the availability of good employers and more investors chipping in. Statistics show that employment rate in Jacksonville has been growing at 3.6% annually. This trend is going to continue even in the coming years, and it has a direct impact on population growth and economic stability which makes it perfect for real estate investments.
The Beach Factor
Who doesn’t love beaches? No matter where you live in Jacksonville you’re likely not much more than a hop and a skip from miles of beaches. Residents in most areas of the city can reach the beach in less than an hour, depending on traffic. The is one of the pros of living in Jacksonville, FL.
The city of Jacksonville operates the biggest urban stop framework in the United States, with 262 assigned parks and more than 80,000 acres of land. Every one of the parks brings their own particular characteristics, from the quiet tranquility of the different parks in Riverside to the rich history of Downtown’s Hemming Plaza, the city’s first park.
Should You Invest In Jacksonville Real Estate Market
The Jacksonville real estate market is predicted to grow exponentially from what was seen last year. Overall, it seems like this year has started on a right side for property owners and Jacksonville real estate market. Affordably for first-time buyers combined with low stock makes it a good market for investors. This market currently has an ideal environment for US investors in housing properties especially for turnkey real estate investments. There are more than 500 neighborhoods within the area of Jacksonville, Florida, the largest city in the contiguous United States by area. These include Downtown Jacksonville and surrounding neighborhoods. Additionally, greater Jacksonville is traditionally divided into several major sections with amorphous boundaries: Northside, Westside, Southside, and Arlington, as well as the Jacksonville Beaches.
Let us also talk about the climate of Jacksonville, FL. It has an exceptionally tropical, warm climate with gentle winters. The city hasn’t seen a real heavy snow fall since 1989, and in January, you’ll think about whether it isn’t Fall. On the other side, Jacksonville is unimaginably sweltering and muggy amid the Summers. Although Florida, in general, has a reputation for being a haven for hurricanes, Jacksonville’s tucked-away location in the northeast corner reduces the likelihood of the city being hit by a hurricane. In fact, the only hurricane to make landfall in Jacksonville was Dora, and that was back in 1964.
Best Neighborhoods To Invest In Jacksonville Real Estate Market
We took this data from Neighborhoodscout.com, to find out some of the best neighborhoods to invest in Jacksonville, FL.
Riverside/Brooklyn Neighborhood in Jacksonville, FL
Riverside/Brooklyn is a neighborhood of Jacksonville, Florida, considered part of the downtown area. Originally a residential suburb, commercial uses became prominent during the 20th century, particularly along the St. Johns River and Riverside Avenue, and the area became included in Jacksonville’s central business district. Riverside / Brooklyn median real estate price is $246,688, which is more expensive than 54.2% of the neighborhoods in Florida and 55.1% of the neighborhoods in the U.S. The average rental price in Riverside / Brooklyn is currently $1,226. Riverside/Brooklyn real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) apartment complexes/high-rise apartments and single-family homes. Currently Zillow has 102 homes for sale and 76 homes for rent in Riverside neighborhood of Jacksonville real estate.
Isle of Palms Neigborhood in Jacksonville, FL
Isle of Palms median real estate price is $419,643, which is more expensive than 86.2% of the neighborhoods in Florida and 80.6% of the neighborhoods in the U.S. The average rental price in Isle of Palms is currently $1,211. Isle of Palms real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) single-family homes and apartment complexes/high-rise apartments. Currently Zillow has 36 homes for sale and 3 homes for rent in Isle of Palms neighborhood of Jacksonville real estate market.
Oak Harbor Neighborhood in Jacksonville, FL
Wonderwood/Oak Harbor median real estate price is $193,343, which is more expensive than 41.9% of the neighborhoods in Florida and 44.9% of the neighborhoods in the U.S. Wonderwood/Oak Harbor is an urban neighborhood (based on population density) located in Jacksonville, Florida.Wonderwood/Oak Harbor real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) single-family homes and apartment complexes/high-rise apartments. Currently Zillow has 15 homes for sale and 28 homes for rent in Oak Harbor neighborhood of Jacksonville housing market.
Saint John’s Avenue in Jacksonville, FL
Saint Johns Ave / King St median real estate price is $500,870, which is more expensive than 91.3% of the neighborhoods in Florida and 86.1% of the neighborhoods in the U.S. The average rental price in Saint Johns Ave / King St is currently $1,180, based on NeighborhoodScout’s exclusive analysis. Rents here are currently lower in price than 67.3% of Florida neighborhoods. Saint Johns Ave/King St real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) single-family homes and small apartment buildings.
Mayport Neigborhood in Jacksonville, FL
Mayport is a small community located between Naval Station Mayport and the St. Johns River in Jacksonville, Florida. It is part of the Jacksonville Beaches communities. The only public road to Mayport is State Road A1A, which crosses the St. Johns River Ferry to Fort George Island. Mayport median real estate price is $160,545, which is less expensive than 67.0% of Florida neighborhoods and 67.0% of all U.S. neighborhoods. The average rental price in Mayport is currently $1,737, based on NeighborhoodScout’s exclusive analysis. The average rental cost in this neighborhood is higher than 79.3% of the neighborhoods in Florida. Mayport real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) townhomes and single-family homes. Currently Zillow has 3 homes for sale and 7 homes for rent in Mayport neighborhood of Jacksonville housing market.
We recommend five other real estate markets for turnkey rental property investing:
http://www.jaxinvestments.com/why-jacksonville/ https://www.forbes.com/sites/samanthasharf/2018/02/01/full-list-where-to-invest-in-housing-in-2018/#5f7abada627e http://www.jwbrealestatecapital.com/jacksonville-fl-perfect-investment-properties/ https://www.realpro.com/our-blog/post/jacksonville-floridas-hottest-property-investment-market/ https://www.tripsavvy.com/pros-of-living-in-jacksonville-2021375
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