Jacksonville Real Estate Soars, Climbing Over 10% in Value by April 2024

The Jacksonville real estate market has displayed a noteworthy upward trajectory from May 2023 through April 2024. During this period, property values experienced a considerable rise, with average values escalating from approximately $282,000 to $313,000. This increment represents a notable increase of over 10% within the span of a year. Moreover, the price per square foot followed a similar upward trend, climbing from $190 to about $195.

Here is have that market looks compared to April 2023

Simultaneously, the sale prices in Jacksonville fluctuated, particularly with a significant drop observed in February 2024, where the average sale price decreased to around $217,000 from $263,000 the previous month. Nevertheless, this downturn was not enduring, as a rebound occurred in the succeeding months.

Jacksonville’s property market (homes for sale) peaked in January this year with an impressive sale of 10,534 properties and dipping to its lowest in February 2024 with 9,733 properties sold.

Comparative Insights from Nearby Cities

Adjacent cities to Jacksonville also hold valuable insights. Orange Park exhibited a gradual increase in average values year-over-year, briefly disrupted by a decline in March 2024. By contrast, Fleming Island experienced more pronounced fluctuations, with a significant peak in February 2024 at $520,000, only to witness a decrease in subsequent months.

• See also Jacksonville, FL: Real Estate Market Trends 2023

Bryceville’s average values portrayed significant jumps, which may be reflective of the smaller pool of properties in its market. Meanwhile, Middleburg and Saint Johns consistently reported rising average values, an indication of strong growth in these areas over the one-year span.

When juxtaposing the average values and sale prices per square foot, interesting patterns emerge. In April 2024, Jacksonville’s average value was about $313,000, with a sold price per square foot of around $177. Comparatively, Orange Park noted slightly higher sold prices per square foot at $175 with an average value of $332,000, while Fleming Island outpaced both in terms of average value and sold price per square foot, $520,000 and $208 respectively.

Bryceville, despite having a smaller property count, boasted an average value of $442,450 and a sold price per square foot of approximately $216, indicating a possibly more select and higher-end market. Middleburg aligned closer to Jacksonville with an average value of approximately $358,250 and a sold price per square foot of $191. Lastly, Saint Johns emerged as the most prestigious in terms of value and price per square foot, with average values reaching nearly $579,450 and a sold price per square foot of about $225.

Current Real Estate Market Standings

As of April 2024, the real estate market in Jacksonville, FL has an average property value of around $313,000 with a price per square foot of approximately $195. There are a total of 2,646 properties in the market, with an average sale price of close to $274,000 and an average sold price per square foot around $177 across 9,622 sold properties.

Observing nearby cities, the average values tend to vary. Orange Park for instance, although having a higher average value at $332,000, carried a lower price per square foot at $184 with 588 properties sold. Fleming Island on the other hand, presents itself as a more upscale market with an average value of $520,000, price per square foot of $211, and 276 properties sold.

In Bryceville, with a limited property count of 12, the average value was $442,450 with a substantial sold price per square foot of $216 and 28 properties sold. Middleburg showcased an average value of $358,250, sold price per square foot of $191, and a total of 534 properties sold. Saint Johns, the area with the highest average value of $579,450 and sold price per square foot of $225, had 721 properties sold.

These figures underscore that the Jacksonville metropolitan area offers a vast array of real estate options, catering to a broad spectrum of preferences and budgets. The city and its surrounding locales continue to evolve, with sales data and property values providing a key indicator of health and direction for potential buyers, sellers, and investors.