News Summary
Jacksonville, Florida, is experiencing significant changes in its real estate market as new developments arise and economic factors shift. Recent notable transactions include the acquisition of industrial properties by New York real estate investors and the expansion of Christie’s International Real Estate into the area. Despite a slowdown in inventory growth and challenges such as fluctuating mortgage rates, Jacksonville remains an affordable and attractive market, with a steady median home price and a strong job market fueling demand.
Florida’s Jacksonville is witnessing significant changes in its real estate market, marked by new developments and economic shifts. Recently, notable transactions included the acquisition of industrial properties by a pair of New York real estate siblings and a multi-million dollar site bought by a prominent health and medicine foundation, which topped the week’s sales records.
In another major development, Christie’s International Real Estate has announced its expansion into Florida through a partnership with First Coast, a Jacksonville-based firm that was previously affiliated with Engel & Völkers. As a result of this partnership, First Coast will now operate under the name Christie’s International Real Estate First Coast, incorporating 130 agents and six offices across the Jacksonville metro area, with plans to open a seventh office in St. Augustine.
First Coast was established in 2018 by Corey Hasting, who made history as the youngest licensed partner in Engel & Völkers at the age of 27. The firm performed impressively in 2024 by closing 1,559 transaction sides, which resulted in a sales volume exceeding $989 million, earning it a place at No. 315 in the 2025 RealTrends Verified Rankings. Christie’s International Real Estate, acquired by Compass in December 2024, recognized Hasting’s entrepreneurial spirit and commitment to growth.
The broader Jacksonville housing market is currently experiencing a slowdown in inventory growth, a trend attributed to factors such as early peak listings, fluctuating mortgage rates, and withdrawals by sellers. However, Jacksonville remains a standout market within Florida, buoyed by its affordable cost of living and robust economy.
As of November 2024, the median home price in Jacksonville peaked at $383,000, a figure that has remained steady since reaching its peak in May 2024. Although this shows a modest increase of 1.3% from November 2023, about 30% of sellers had to reduce their asking prices, indicating a shift in market dynamics where sellers are adjusting expectations. The average time to sell a home in November 2024 increased to 64 days, a significant rise from the 19 days recorded in the previous year, reflecting a broader trend of homes staying on the market for longer periods.
Several factors are driving demand in Jacksonville, including favorable weather conditions, a strong job market, and an influx of new residents. The rental market is also normalizing, with the demand for rentals reaching 8.8% in November 2024, down from a historical high of 12.5%. The median rental price during this time was reported at $1,706, showing a slight decline of 1.2% compared to the previous year.
The unemployment rate in Greater Jacksonville stood at 3.5% in November 2024, which, despite being slightly higher than the previous year’s rate, remains lower than the national 4.1% average. Approximately 820,000 people were employed in the Jacksonville area as of November 2024, with 54,000 engaged in construction jobs.
Additionally, Jacksonville’s mortgage delinquency rate was recorded at 3.8%, above the national average yet at record low levels for the area. Active foreclosure rates are at 0.4%, close to the national average of 0.3%. However, builders in the area are expressing negative sentiment, reflected by the NAHB/Wells Fargo Housing Market Index, which stood at 42.
Reflecting overall market conditions, construction costs remain elevated, despite some decrease from the peak levels of 2022, affecting affordability. Still, the median home price in Jacksonville is 33% lower than the national median, which stood at $450,000, supporting its status as an affordable city. Experts are predicting continued softening in the local market, with anticipated price declines of 10-30% over the next 18 months, and advising sellers to adjust pricing strategies in response to changing market conditions.
Deeper Dive: News & Info About This Topic
- Housing Wire: Corey Hastings’ First Coast Joins Christie’s International Real Estate
- US News: Jacksonville Housing Market Forecast
- Realtor.com: Jacksonville Market Report
- News4Jax: Median Home Sale Prices Fall in Jacksonville
- Inman: Florida Brokerage Joins Christie’s International Real Estate
- Wikipedia: Jacksonville, Florida
- Google Search: Jacksonville housing market
- Google Scholar: Jacksonville real estate
- Encyclopedia Britannica: Jacksonville
- Google News: Jacksonville Florida real estate
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