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REAL ESTATE MARKET OUTLOOK
Real estate professionals and economists say the Sunshine State will continue to be a powerful magnet for individuals, couples and families of all ages. That population growth, combined with a robust economy, puts Florida's housing market in an excellent position for the new year.
STRONG POPULATION GROWTH
Jacksonville’s population is surging, and it’s not showing any signs of slowing down. The city’s warm climate, job opportunities, and affordability are attracting an influx of new residents. This makes it the 17th fastest growing metro area in the country, according to a 2021 US News report. In the last 12 years, the area’s population has grown over 200% faster than the United States’ average, and it’s still growing. This rapid growth is creating high demand for housing, driving up rental income and property appreciation for investors.
STABLE REAL ESTATE MARKET
Jacksonville’s real estate market offers a blend of stability and growth, making it an attractive destination for investors seeking a low-risk investment with long-term potential. Jacksonville’s property values have experienced consistent growth without extreme highs and lows, providing a safe investment environment. While there have been some price dips, the market is transitioning towards a more balanced state, fueled by a steady increase in population and housing demand.
This demand, combined with a 10-year average home value appreciation rate of 108.85% – 27% higher than the US average – makes Jacksonville a prime spot for investors seeking stable, long-term growth.
STRONG JOB GROWTH
Boasting a diverse economy encompassing finance, healthcare, logistics, and other fields, Jacksonville is creating more jobs which in turn are attracting young professionals and families alike.
In November 2023 alone, Jacksonville added 30,200 jobs. This constitutes a 3.8% year-over-year job growth that impressively outpaced the state average of 2.8%. Such formidable job growth secures Jacksonville’s position as a magnet for professionals seeking high-income jobs, fueling a steady demand for housing.
Beyond job opportunities, Jacksonville also holds economic appeal due to its higher income bracket. With a median household income of $77,583 and a per capita income of $41,570, both figures top the charts in Florida. Furthermore, as the home to the largest port by volume in Florida and the 14th largest in the US, JAXPORT, Jacksonville offers substantial job opportunities in the logistics sector as well.
This was why the Wall Street Journal ranked Jacksonville the 3rd hottest job market in the US in 2022 and the most attractive in Florida. This strong economic environment indicates a solid rental market.
RISE IN NUMBER OF CORPORATE HEADQUARTERS
Jacksonville is rapidly becoming the corporate headquarters hub of the Southeast, with a staggering 67% net growth in corporate relocations from 2022-2023, the highest of any major U.S. city. Greater corporate interest is causing increased job opportunities, impacting the Jacksonville real estate market in 2024. This surge in corporate interest is attributed to Jacksonville’s competitive business climate, entrepreneurial spirit, and highly skilled talent base.
Major corporations such as Dun & Bradstreet, NYMBUS, IKO Industries, Redwire Space, Shore Manufacturing, Revalize, and more have recently relocated or expanded their operations in the region, bringing high-paying jobs and economic stability to the area. Florida’s business-friendly environment, with low taxes and key incentives, has also contributed to Jacksonville’s rise as a business hotspot.