Jacksonville Real Estate Market Analysis

Jacksonville Investment Properties

Discover Jacksonville

Jacksonville is a large metropolitan city in Northeast Florida. Home to more than 900,000 residents, it is the most populous city in the state and the largest city by land in the contiguous US. The Jacksonville real estate market benefits from the city’s rapidly growing population. As reported by PWC, the population growth rate is more than double that of the entire US. And, according to NeighborhoodScout, about 44% of this population are renters rather than homeowners. This means that the tenant pool for rental properties is large, which is a good sign for Jacksonville real estate investors who can actually benefit from high demand and occupancy rates.

Jax, as locals lovingly call it, boasts a strong economy which makes for a high employment growth rate. The military and defense industry leads the way in the city. Jacksonville is home to several US military bases and naval facilities, which are the area’s biggest job generators. Still, the city has a diverse economy with other industries that contribute to the local economic growth. These industries include banking and financial services, logistics, information technology, advanced manufacturing, and healthcare. Fortune magazine’s annual list of the 500 largest US corporations by total revenue includes three Jacksonville-based companies. As with much of Florida, tourism is important to the Jacksonville area, offering visitors a wide range of activities, from visiting the city’s museums to playing golf and surfing on the beach.

The Jacksonville real estate market was named one of the most important US Markets to Watch by PWC in its annual Emerging Trends in Real Estate: United States and Canada 2019 report. The city’s reasonable cost of living, high quality of life, and business-friendly environment make it an attractive location for real estate investment and development.

Jacksonville Real Estate Investment Performance

Facts and Market Trends in Jacksonville

Homes For Sale1,886

Airbnb Properties2,056

Rental Properties3,475

Traditional Vacancy rate6.60%

Airbnb Occupancy Rate52.05%

Mashmeter29.83%

Median Price$319,900

Median Rent Price$1,819

Price/sqft$243

Median Days on Market83

Price to Rent Ratio18.4

Average Cap Rate

Airbnb4.79%

Traditional4.28%

Average Rental Income

Airbnb$2,211

Traditional$1,720

Median Household Income$58,263

Population954,614

Transportation in Jacksonville

26 / 100

Car-Dependent

21 / 100

Minimal Transit

41 / 100

Somewhat Bikeable

Best Short Term Rental Markets

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Short Term Rentals For Sale

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Jacksonville Rent Prices

RENTAL STRATEGY	STUDIOS	1 BEDROOM	2 BEDROOMS	3 BEDROOMS	4 BEDROOMS
Airbnb	$1,312	$1,358	$1,772	$2,206	$2,712
Traditional	$1,019	$1,166	$1,378	$1,685	$2,122

Jacksonville, FL - Homes for Sale - Newly Listed

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$320,000

MLS 1250942

6648 WHITE BLOSSOM CIR #32D
Jacksonville, FL 32258 Del Rio

Condo/Coop

3 beds2 baths1,857 sq.ft.

CAP RATE

Trad. 2.79%Airbnb 5.69%

$235,000

MLS 1251528

8601 BEACH BLVD #1222
Jacksonville, FL 32216 Kilarney Shores

Condo/Coop

3 beds2 baths1,258 sq.ft.

CAP RATE

Trad. 2.92%Airbnb 4.21%

$389,000

MLS 1251492

10301 MEADOW POINT DR
Jacksonville, FL 32221 Crystal Springs

Single Family Residential

4 beds3 baths2,170 sq.ft.

CAP RATE

Trad. 3.88%Airbnb 4.41%

$187,500

MLS 1251211

8367 BRACKRIDGE BLVD S
Jacksonville, FL 32216 Brakridge

Single Family Residential

3 beds2 baths1,351 sq.ft.

CAP RATE

Trad. 7.25%Airbnb 5.77%

Top Performing Jacksonville Properties

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$445,000

MLS C7480750

4308 Sage Oak Court
Jacksonville, FL 32277 University Club

Single Family Residential

4 beds3 baths2,986 sq.ft.

CAP RATE

Trad. 2.68%Airbnb 7.96%

$450,000

MLS 1250219

5614 CAPRI RD
Jacksonville, FL 32244 Venetia

Single Family Residential

4 beds3 baths1,978 sq.ft.

CAP RATE

Trad. 3.21%Airbnb 7.93%

$140,000

MLS 1240432

1811 E 24TH ST
Jacksonville, FL 32206 Longbranch

Single Family Residential

3 beds2 baths1,001 sq.ft.

CAP RATE

Trad. 6.60%Airbnb 7.89%

$330,000

MLS G5069359

4894 BIG PINE DRIVE
Jacksonville, FL 32218 Pecan Park

Single Family Residential

3 beds2 baths1,711 sq.ft.

CAP RATE

Trad. 3.18%Airbnb 7.88%

Recently Sold Homes in Jacksonville, FL

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$359,900

MLS 1229327

11713 WYNELL RD
Jacksonville, FL 32218 Oceanway

Single Family Residential

4 beds2 baths1,759 sq.ft.

CAP RATE

Trad. 3.71%Airbnb 10.38%

$369,900

MLS 1244828

5005 CAPE ELIZABETH CT W
Jacksonville, FL 32277 University Club

Single Family Residential

3 beds2 baths2,096 sq.ft.

CAP RATE

Trad. 2.59%Airbnb 4.25%

$540,000

MLS 1245582

4551 FARMHOUSE GATE TRL
Jacksonville, FL 32226 The Cape

Single Family Residential

3 beds3 baths2,171 sq.ft.

CAP RATE

Trad. 2.83%Airbnb 2.65%

$130,000

MLS 1244547

1018 FRAZIER ST
Jacksonville, FL 32209 Hogan's Creek

Single Family Residential

3 beds2 baths1,286 sq.ft.

CAP RATE

Trad. 8.66%Airbnb 8.46%

Property Value Changes and Real Estate Appreciation in the Jacksonville Housing Market

Real estate appreciation in the Jacksonville real estate market is tangible as value has risen by 75.48% since Q1 of 2000, which is an average annual home appreciation rate of 2.96% according to NeighborhoodScout. Zillow reported a 6.4% increase in home values over the past year, meaning Jacksonville homes continue to enjoy appreciation. Still, Jacksonville property prices remain relatively affordable compared to other top markets in the US. That’s why buying an investment property in Jacksonville makes for a good real estate investment.

The Jacksonville housing market is currently a very hot seller’s market. Housing inventory is currently low, while demand from homebuyers and real estate investors continues to rise as the population grows. This is the perfect time for those considering selling their property as they could secure a sale price that’s higher than their listing price due to the high demand.

Jacksonville, FL Top Multi Family Homes

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$185,000

MLS 1248661

2718 HIDDEN VILLAGE DR
Jacksonville, FL 32216 Holiday Hill

Multi Family

3 beds2 baths1,176 sq.ft.

CAP RATE

Trad. 7.67%Airbnb N/A

$197,999

MLS 235929

8621 Buttercup St
Jacksonville, FL 32210 Jacksonville Heights

Multi Family

0 beds0 baths0 sq.ft.

CAP RATE

Trad. 6.31%Airbnb N/A

$234,000

MLS 1246019

7348 COLONY COVE LN
Jacksonville, FL 32277 Colony Cove

Multi Family

3 beds2 baths1,230 sq.ft.

CAP RATE

Trad. 5.48%Airbnb N/A

$105,000

MLS 1245365

3627 CHARLES ST
Jacksonville, FL 32209 Moncrief Park

Multi Family

4 beds2 baths1,352 sq.ft.

CAP RATE

Trad. 5.23%Airbnb N/A

Homes Below Median Price in the Jacksonville, FL Real Estate Market

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$445,000

MLS C7480750

4308 Sage Oak Court
Jacksonville, FL 32277 University Club

Single Family Residential

4 beds3 baths2,986 sq.ft.

CAP RATE

Trad. 2.68%Airbnb 7.96%

$450,000

MLS 1250219

5614 CAPRI RD
Jacksonville, FL 32244 Venetia

Single Family Residential

4 beds3 baths1,978 sq.ft.

CAP RATE

Trad. 3.21%Airbnb 7.93%

$140,000

MLS 1240432

1811 E 24TH ST
Jacksonville, FL 32206 Longbranch

Single Family Residential

3 beds2 baths1,001 sq.ft.

CAP RATE

Trad. 6.60%Airbnb 7.89%

$330,000

MLS G5069359

4894 BIG PINE DRIVE
Jacksonville, FL 32218 Pecan Park

Single Family Residential

3 beds2 baths1,711 sq.ft.

CAP RATE

Trad. 3.18%Airbnb 7.88%

Jacksonville Airbnb Growth and Regulations

The popularity of Airbnb vacation rentals in Jacksonville has surged over the past few years, among both hosts and guests seeking accommodation. In Duval County, the county where Jacksonville is located, the Airbnb income and guest count doubled in a year. Duval County Airbnb hosts earned a total of $11.6 million welcoming 83,000 guests in 2018, up from $6.1 million and 42,600 guests in 2017.

Up until now, the city of Jacksonville has not enforced any laws to regulate the use of short-term rentals. However, members of the City Council have recently put forward a bill seeking to create a registration system and establish rules around short-term rentals. If approved, the bill would outlaw non-owner occupied vacation rentals, limit the number of bedrooms for rent to three, and impose Airbnb bed taxes.

For the time being, Airbnb rentals remain fully legal in the Jacksonville housing market. Nonetheless, state law requires that all non-owner occupied vacation rentals in the state be licensed through the Florida Department of Business and Professional Regulation (DBPR). Hosted rentals, i.e. short-term rentals while the host remains on-site, are not regulated by the DBPR, and hence do not require a license.