Jacksonville, Florida

In Jacksonville, FL, $165,300 is the house worth median. 8.5 percent is the amount the value of homes has increased in Jacksonville in the last year. A forecast has been given that the value of houses will increase by 6.6 percent in the following year.

$119 is the per square foot list cost median in Jacksonville. This is lower than the Metro Area of Jacksonville, which is $134 per square foot list cost median.

$209,000 is the cost median of houses that are listed presently in Jacksonville, FL. In Jacksonville, $160,600 is the cost median of houses that have been sold.

When it comes to the cost of rent in Jacksonville, $1,250 is the rent cost median. The Jacksonville Metro Area median cost of rent is higher at $1,395.

When it comes to the real estate economy, the foreclosure rate is an important ingredient. The higher the foreclosure rate, the lower the value of real estate.  A low foreclosure rate helps keep real estate prices up.

If there is a very high foreclosure rate, house prices could come down quite a bit. This can happen in economic recessions, as it did in the recession of 2008.

There is a first thing that occurs when an owner of a home starts moving in the direction of foreclosure. It is called mortgage delinquency.

How do you define mortgage delinquency? It is the condition of a homeowner missing making a payment on their mortgage.

In Jacksonville, FL, 2.7 percent is the percentage of mortgage delinquencies. The U.S. has a lower mortgage delinquency rate of 1.6 percent.

In the recession of 2008, the value of homes fell greater than 20 % in the United States. This caused lots of homeowners to currently be underwater regarding their mortgages.

Being underwater on a mortgage means that for a homeowner, they have a bigger debt on their mortgage than the value of their home. This is a negative place for a homeowner to be, because if they want to sell their home, they quite likely will owe the bank money to pay off their mortgage.

And then when you add all the other expenses involved in selling a home – realty fees, repairs, moving expenses, etc. it could be prohibitive to sell a house that is underwater. This of course depends on the economic condition of the household.

In Jacksonville, 16.2% of homeowners are currently underwater regarding their mortgages. The Metro Area of Jacksonville has a lower underwater rate which is 13.0 percent.

Now we are going on to the commercial real estate market. Our focus will be the office market of Jacksonville.  Strong economic factors are fueling the Jacksonville office market.

There is a strong demand for office space which is propelling leasing activity. And there is a healthy amount of job growth.

There is lukewarm net absorption even though in the office market of Jacksonville leasing is steady. This leasing which is steady is because in the 2nd quarter several big office spaces came back into the market.

Other indicators of growth in the Jacksonville, FL office market:

1. Northbank located in Downtown Jacksonville is seeing interest from developers that is revived, as well as leasing taking place that is renewed.

2. There were important announcements made in the second quarter including an acquisition by VyStar Credit Union that is pending that pertains to the SunTrust Tower which is 23 stories high. Also, in the coming year VyStar is planning to move 700 employees to the SunTrust Tower.

3. Also, 107 new jobs in downtown Jacksonville have been approved through a big state and city incentives package for an information technology service company named SharedLabs.

The rent rates in Jacksonville have been incremental. There has been a 2.7 percent gain during the trailing twelve months which ended the 2nd quarter of 2018.

The median annual household income for the Metro Area of Jacksonville Florida is $56,840.

To find out more about apartment real-estate in Jacksonville, go to http://www.biggerpockets.com/

Apartment Loan Store is proud to serve the entire Greater Jacksonville area:

•  St. Augustine
•  Fernandina Beach
•  Jacksonville Beach
•  Orange Park
•  Middleburg
•  Green Cove Springs
•  Macclenny