Whether selling, buying or renting: Here's your guide to Jacksonville's housing market

A builder works on the roof of a Meadows at Oakleaf home behind the Oakleaf Town Center in Jacksonville on Labor Day 2020. The housing market continues to be robust in Jacksonville and Florida into 2022.
A builder works on the roof of a Meadows at Oakleaf home behind the Oakleaf Town Center in Jacksonville on Labor Day 2020. The housing market continues to be robust in Jacksonville and Florida into 2022.

Homes are being built. They are selling and they are being demolished to make way for more.

Rents are rising, people are moving and others are investing.

New housing options are coming and some are being cleaned up

So there's plenty to talk about in Northeast Florida's housing market, and here's where you can find highlights of The Florida Times-Union's ongoing coverage.

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Home to burgeoning housing market

Jacksonville-area home prices rise 8.3% in March, with houses for sale in high demand | A typical Duval County home listed for $325,000 in March, up 8.3% from a month earlier, an analysis of data from Realtor.com shows. The media price was $406,000, up about 26.6% from March 2021. That compares to St. Johns County's $572,450, Clay County's $377,450 and Nassau County's $536,578.

Real estate: See the database of home sales figures here

Jacksonville homebuyers will see higher mortgage rates in 2022 | In mid-March 16 the Federal Reserve said it plans to increase its short-term interest rate by a quarter of a percentage point to 0.5% and “anticipates that ongoing increases … will be appropriate.” The average for a 30-year fixed mortgage rate in 2022 is projected to be about 4.5%, much higher than the low- to mid-2% range seen in 2020 and 2021.

As Zillow exits Jacksonville housing market, other 'iBuyers' are moving in | While online real estate marketplace Zillow may be exiting the world of instant buyers —or iBuyers — other traditional Realtor businesses are starting to dip into the potential of this home-selling tool in the Jacksonville area. iBuyer is a real estate transaction model for companies, led by OpenDoor, to purchase residential properties from private sellers with the goal of essentially flipping them for profit.

Homebuyers feel pressures of competitive market, bidding wars with investors | Last year in the Jacksonville metro area, 22% of homes purchased were bought by investors. This is double the rate in 2015. Jacksonville is the No. 4 metro area for investors buying homes, following Atlanta and Chicago, at 25% each, and Miami at 24%. By ZIP code the highest percentage were bought in 32209 (New Town, Moncrief Park, Magnolia Gardens) at 54%.

Custom home builders ooze in optimism about hot Duval housing market | Unlike the mass construction of homes in communities and subdivisions, custom home builders spend more time on each project and often work on fewer than 10 homes a year. The positive is there's no shortage of people who want new homes in Florida, and Jacksonville has room to spare. Many who want custom-built homes are downsizers or retirees and are happy the housing market is beginning to show signs of stabilizing and moving forward from the pandemic.

Rents are going up, much like home prices

As home sales soar, rental market is in demand in Jacksonville and Florida | The U.S. single-family rent growth increased 8.5 percent nationally since July 2021, which is the fastest year-over-year increase in 16 years, according to the CoreLogic Single-Family Rent Index. Jacksonville ranked as the fifth-best large metropolitan area to buy a rental property in the United States, according to a study by Stessa, a web-based platform for property investors.

Priced out of Florida: Jacksonville renters fight sharp increases | Average rent costs in the United States are going up about 17% for studio to two-bedroom apartments in Realtor.com’s February year-over-year report — outpacing the current inflation rate of about 8%. Rent has increased at an even higher percentage across Jacksonville, and it’s forcing some people to move out of Florida or even become homeless. Efforts by city and state lawmakers are ongoing to pass rent stabilization ordinances or rent increase freezes.

Rebecca Shore tries to decide where to start as she boxes up belongings in her Jacksonville apartment to move to Kentucky. Shore's rent was increased by $300 a month, forcing her to rethink where to live.
Rebecca Shore tries to decide where to start as she boxes up belongings in her Jacksonville apartment to move to Kentucky. Shore's rent was increased by $300 a month, forcing her to rethink where to live.

Inflated rent in Jacksonville attracts national attention with 60 Minutes report | Jacksonville received national attention for its rising rent costs in a special report from CBS’s 60 Minutes. Lesley Stahl talked about the 15% increase in rent across the country over the last year, nearly twice the overall inflation rent, and a Jacksonville couple who experienced a 30% rent increase. As a result of an inflated housing market, more area residents may be trying to break into homeownership. But that cost is rising, too.

Jacksonville Airbnb hosts brought in a whopping $28 million last year | People are using Airbnb’s popularity in the state as both hosts and guests. In a recent report from the online vacation rental marketplace, Florida ranked as the second-highest state for new host income in 2021, with California being first. Across the state, new hosts have brought in $265 million, including $28 million in Jacksonville.

Affordable housing needed

Jacksonville's first tiny-home community an answer to affordable housing | Jacksonville's first tiny-house community opened in October 2021 with 50 rental homes on Navaho Avenue on the Westside, each with 500 to 600 square feet of space. The community was developed by Habitat for Humanity of Jacksonville.

Affordable apartments planned at old Lake Forest Elementary site | Ability Housing is planning an affordable-housing development at former Lake Forest Elementary School off Edgewood Avenue West near Interstate 95 in Jacksonville. The complex is at least three years from opening and calls for about 160 units. Four-fifths of the complex will be rented to people earning 60 percent or less of the area’s median income, a cutoff that recent census data placed at $32,820 per year. The rest will rent for market rates.

Architecture firm PQH Group created this conceptual rendering of the Village of Lake Forest, an apartment development Ability Housing plans to build on the site of the former Lake Forest Elementary School.
Architecture firm PQH Group created this conceptual rendering of the Village of Lake Forest, an apartment development Ability Housing plans to build on the site of the former Lake Forest Elementary School.

Proposed Christian community envisions Jacksonville seniors living off the land | Seniors on a Mission has proposed a self-sustaining Christian housing community for middle-income seniors. The Jacksonville nonprofit envisions G3 Village as a walkable community with seven four-story "living" pods connected to a main building with several amenities. The "agri-village" would include greenhouses and agricultural space with farm animals.

$94 million rehabilitation of the 'Jacksonville Four' complexes is complete | Millenia, the owner of four historically beleaguered apartment complexes in Jacksonville, along with several partners spent nearly $100 million renovating them. The complexes all have new names for a fresh slate: Eureka Garden became Valencia Way; Moncrief Village is now The Weldon; Southside Apartments is now Palmetto Glen; and Washington Heights is renamed Calloway Cove.

More residential options coming

Here's a look at other residential projects set to bring thousands of new apartments, condos and townhomes to Jacksonville.

Downtown: New senior living apartments set to open in August in Jacksonville's downtown Cathedral District

San Marco: New 345 luxury apartments, parking garage replacing old Florida Baptist Convention site in San Marco

San Marco: Construction of San Marco luxury apartments to begin by year's end, developers say

San Marco: Eastborough apartment community bringing 226 new homes to Jacksonville's San Marco

San Marco: Luxury townhome community moving forward in Jacksonville's historic San Marco

Southside: Luxury apartments, retail, restaurants planned for Jacksonville's Morocco Shrine Center

Southside: San Pablo Parkway development features 304 upscale apartments, retail and office space plus future hotel beaches: $60 million North Beach-area luxury apartment, retail project nearing final stage

Northside: Upscale apartment complex planned near Jacksonville's River City Marketplace

Beaches: Luxury oceanfront condominium development Azure nearly sold out before construction even begins

Springfield: Redevelopment of former Jacksonville Jewish Center could begin in late 2022

This article originally appeared on Florida Times-Union: Selling, buying or renting: A guide to Jacksonville's housing market

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