As of March 2025, the Jacksonville, Florida, real estate market exhibits a mix of trends across various property segments.
Overall Market Trends:
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Home Prices: The average home value in Jacksonville is approximately $287,628, reflecting a slight decrease of 0.9% over the past year.
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Inventory Levels: The number of homes for sale increased by 11.7% from January to February 2025, with 5,879 homes listed in February.
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Sales Activity: Home sales have experienced a minor decline, with a 2.8% drop from January to February 2025, totaling 671 homes sold in February.
Luxury vs. Non-Luxury Segments:
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Luxury Market: The luxury housing sector in Jacksonville has seen robust activity. In the second quarter of 2024, luxury home sales increased by 20.9% year-over-year, driven by affluent buyers less affected by higher mortgage rates.
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Non-Luxury Market: Conversely, the non-luxury segment has faced challenges, with a 12.6% decrease in sales during the same period, influenced by elevated mortgage rates and rising home insurance premiums.
Multifamily Sector:
The multifamily housing market in Jacksonville is poised for a rebound in 2025. Reducing new construction, sustained demand, and increasing rents suggest a stabilizing market for multifamily properties.
Regional and Statewide Considerations:
Statewide, Florida has experienced a significant increase in unsold homes, with inventory rising nearly 23% year-over-year. This surplus and decreased homebuying activity have led to notable price reductions in some areas.
In summary, Jacksonville’s real estate market in March 2025 is characterized by stable home values, increasing inventory, and a dichotomy between the luxury and non-luxury segments. The multifamily sector shows signs of recovery, while broader statewide trends indicate a cooling in specific markets.