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2024 Housing Market Overview for Real Estate Investors

Jacksonville Real Estate Market 2024

Gain insights about the 2024 Jacksonville real estate market to determine if it’s an optimal location for your next single-family or multi-family home investment.
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    Jacksonville Real Estate Market Trends and Statistics for Real Estate Investors 2024

    Jacksonville Real Estate Market 2024 - Trends & Statistics

    Welcome to our comprehensive guide to the Jacksonville real estate market in 2024! Here, we’ll offer you a detailed overview of the current state of the Jacksonville housing market, including population and employment trends. You’ll learn about the factors that are driving the market’s stability and resilience, the best places to invest and some of the major developments going on in the area.

    Why should you care about the Jacksonville real estate market? Well, for starters, Jacksonville is the largest city by area in the continental United States. It has a diverse economy that attracts new residents and businesses alike. The Jacksonville housing market has been growing rapidly in recent years, but it’s now in a state of transition, with moderating home prices and a surge in rental units. This presents both opportunities and challenges for homebuyers, sellers, and investors in the current housing market.

    Our guide will provide you with the information you need to make informed decisions about investing in the Jacksonville real estate market. Whether you’re a new or seasoned investor, you’ll find valuable insights and data-driven analysis to help you navigate the market with confidence.

    Data Sources:

    View Jacksonville Investment Properties

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    In this section, we’ll discuss Jacksonville median home values and rents in 2024 and over the last ten years. These trends are important for real estate investors to understand affordability and equity growth opportunities in the Jacksonville real estate market.

    Home prices in the Jacksonville real estate market are slightly higher than national average.

    Median Home Value

    Jacksonville vs United States

    The data in this chart is based on the average single family home in Jacksonville and the United States as of February 2024. 

    The Jacksonville real estate market is currently experiencing a mix of trends, with some indicators showing growth while others point to a slowdown. The average home price in the Jacksonville metro area is $351,548, which is 1.51% above the national average. According to data from Redfin, the median home price in the city of Jacksonville stands at $310,000 as of December 2023, representing an 8.8% year-over-year increase.

    However, on the other hand, combined data from the Northeast Florida Association of Realtors shows that while home sales increased by 5% from November 2023, sales declined 9.9% year-over-year in December 2023. This suggests that the market may be experiencing a slowdown in sales activity. Looking ahead, predicts that home prices in the Jacksonville metro area will reduce by 0.5% year-over-year in 2024, while year-over-year home sales will decline by 5.8%. This suggests that the market may continue to experience slow sales.

    In terms of inventory, Northeast Florida currently has a 3.4-month supply of housing inventory as of December 2023, representing a 28.4% year-over-year increase. This suggests that the market may be experiencing a shift towards a buyer’s market. But 3.4-month supply is still low, indicating that the market is still somewhat competitive.

    The average purchase price for single-family rental properties purchased by RealWealth investors in Jacksonville is $330,000, which is 4.62% lower than the national average home price. The average purchase price for duplexes bought by RealWealth investors in Jacksonville is $474,900.

    The property teams RealWealth works with in Jacksonville primarily sell new construction single-family homes in A and B neighborhoods and infill locations, as well as short-term rentals and new construction multifamily properties (2-4 units). These properties offer slow but steady cash flow and have high appreciation potential.

    In some Jacksonville neighborhoods, rents average 0.60% of the purchase price

    Median Monthly Rent

    Jacksonville vs United States

    The data in this chart is based on the average single family home in Jacksonville and the United States as of December 2022. 

    While the median monthly rent in the city of Jacksonville stands at $1,340, a 4.2% decrease from last year according to ApartmentList, the metro area’s median monthly rent is $1,737. This discrepancy highlights the diversity of neighborhoods and housing options within the city and its surrounding areas.

    In the Jacksonville metro area, 65.2% of homes are owner-occupied, while 34.8% of households rent. The price-to-rent ratio in the Jacksonville metro area stands at 16.9%, which mildly favors renting over buying. However, the rent-to-value ratio, a metric that predicts potential cash flow, is 0.49%, 13.32% lower than the national average of 0.57%.

    For RealWealth investors in Jacksonville, the average monthly rent for single-family rental properties is $1,975, with a rent-to-value ratio of 0.6%. For duplexes, the average monthly rent is $3,000, with a corresponding rent-to-value ratio of 0.63%. This suggests that while Jacksonville might not offer the highest cash flows, investing in the right property in the right location can still provide steady cash flow and potential for high future appreciation.

    Jacksonville's housing market has been appreciating rapidly

    Median Home Value (2014-2024)

    Jacksonville vs United States





    The Jacksonville real estate market has consistently demonstrated strong home value growth over the years, with a 108.85% increase in home values in the metro area from 2014 to 2024. This impressive growth rate is 27.31% higher than the national average, showcasing Jacksonville’s appeal as one of the best places to invest in real estate in the US.

    The long-term outlook for the Jacksonville real estate market is quite positive. The city’s stable job market, vacation rental potential, and steady population growth continue to drive demand for housing and contribute to the area’s consistent home value growth.

    Jacksonville rents have also been quickly rising

    Median Monthly Rent (2014-2024)

    Jacksonville vs United States





    Current trends indicate a cooling-off period in Jacksonville’s rental market, reflecting changes in larger Florida’s current housing market. As of January 2024, rents have fallen 4.2% year-over-year in the city of Jacksonville, according to ApartmentList. In the Jacksonville metro area, the average rent for2023 was $1,741 and in January of 2024 there was a slight decline of 0.22% to $1,737.

    However, in the last 10 years, rents have increased by a total of 55.98%, at a rate of 5.06% per year. This rate of rent price appreciation is almost 35% faster than the US average.

    While the current cooling-off period may raise concerns for some investors, it’s essential to note that the long-term outlook for Jacksonville’s rental market remains positive. The city’s steady population growth, increasing job opportunities, and limited housing supply will likely continue to drive rental prices up.

    Jacksonville Housing Market Population Trends

    One of the most promising signs of a strong real estate market is population growth. In this section, we’ll discuss what’s happening in the Jacksonville metro in that area.

    Jacksonville's population has been growing at a rapid rate

    Population Growth

    Jacksonville Metro Area


    CHANGE 2010-2024



    According to the 2022 census, the Jacksonville metro area boasts a population of 1,675,668. According to estimates, this number will increase to 1,749,964 by the end of 2024. Over the last 12 years, Jacksonville’s population has increased by 24.22%, averaging a 2.19% growth per year. This growth rate is 213% faster than the US average, highlighting the area’s rapid development.

    The city of Jacksonville itself has become one of the fastest-growing urban centers in the country. With just under one million residents, the city ranked as the sixth fastest-growing large city between 2021 and 2022. In addition to its population, Jacksonville is the largest city by area in the contiguous United States as of 2020.

    As more people are drawn to the area due to its affordability and job opportunities, real estate investors and developers are likely to capitalize on the growth by introducing new residential and commercial projects. This will, in turn, shape the landscape of the city, both literally and figuratively, offering an exciting array of possibilities for the Jacksonville real estate market in 2024.

    Jacksonville Real Estate Market Employment Trends

    Another sign of a good place to invest in real estate is a strong economy. In this section, we’ll discuss what’s happening in with jobs in the Jacksonville real estate market for 2024.

    The Jacksonville real estate market has been experiencing rapid job growth

    Job Growth

    Jacksonville Metro Area


    NEW JOBS 2022-2023



    Jacksonville’s impressively diverse economy, thriving job market, and notably low unemployment rate all serve as indicators of a workforce environment poised for continued growth. Such a robust employment landscape signals a positive outlook for the Jacksonville real estate market in 2024, enticing young millennials to the area in search of new job opportunities, affordable rental spaces, and Jacksonville houses for sale.

    Jacksonville’s economy is remarkable in its diversity, encompassing various industries including healthcare, logistics, finance, and manufacturing. Between October 2022 and October 2023, the Jacksonville metro area added an impressive 30,800 new jobs; a job growth rate of 3.93%. This growth rate is 134% faster than the national job growth rate for the same period.

    As of October 2023, Jacksonville’s unemployment rate stood at a mere 3.1% compared to the US unemployment rate of 3.7% for the same period. Industries that recorded the most job growth include construction; trade, transport and utilities; financial activities; education and health services; and professional and business services. Such growth in the labor market bodes well for house prices in Florida.

    While Jacksonville has historically been a nexus for commerce due to its vast port and transportation facilities, recent trends have shown a lot of diversification in the job market. Jacksonville is not only preserving its traditional strongholds in logistics and transportation, but also blossoming as a powerhouse in the finance, healthcare, and technology sectors.

    Major employers in Jacksonville, such as Amazon, Deutsche Bank, Baptist Health, Citi, FIS, Fanatics, GuideWell, Mayo Clinic, Southeastern Grocers, and Naval Air Station Jacksonville, are driving job creation and economic development in the area. The presence of these companies underscores the diversity and strength of Jacksonville’s economy.

    Major employers in Jacksonville

    Jacksonville real estate market major employers logos

    Why Invest in the Jacksonville Housing Market Today

    In this section, we’ll recap what we’ve covered above in terms of Jacksonville’s housing market trends, population trends and employment trends to help you understand what makes Jacksonville a strong place to invest in 2024 and into 2025.

    1. 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.

    2. 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.

    3. 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.

    4. 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.

    5. High quality of life

    With its sunny weather, pristine beaches, and abundant outdoor activities, Jacksonville provides the perfect blend of relaxation and recreation. The city’s thriving arts and culture scene, including numerous museums, galleries, and performance venues, adds to its appeal.

    Moreover, Jacksonville boasts one of the largest urban park systems in the country, with 80,000 acres of green space, offering endless opportunities for outdoor enjoyment. And with 22 miles of sandy beaches, Jacksonville is a haven for beachgoers and water sports enthusiasts. All of these factors have contributed to Jacksonville being ranked as the 16th best place to live in America by U.S. News and World Report.

    Additionally, the city’s relatively low home prices make it an affordable option for those looking to buy or invest in real estate.

    Newsworthy Building and Developments in Jacksonville

    Planned developments can help you as an investor to estimate how the value of your investment property might change in the future. Here are some notable projects in the works in the Jacksonville housing market right now:

    1. Jacksonville Shipyards

    Jacksonville Shipyards

    Image Source

    The Jacksonville Shipyards – an ambitious $2.5 billion mixed-use waterfront development in Downtown Jacksonville – promises to catalyze the city’s urban resurgence by blending prime residential spaces, cutting-edge infrastructure, and recreational facilities.

    Located across the scenic banks of the St. Johns River, the project comprises an array of enticing structures. These include a luxurious Four Seasons hotel, a state-of-the-art museum, 456 upscale apartments, and an impressive 125,000 square feet of next-generation retail and office spaces. Anchored by a picturesque marina and an expansive public park, Jacksonville Shipyards is poised to transform the city’s bustling waterfront landscape.

    According to Lori Boyer of the Downtown Investment Authority, the timeline for this venture is structured around key milestones: The Four Seasons hotel and office building are slated for completion by June 2026, while the park will see its construction debut in mid-2024. The cherry on the cake remains the Museum of Science and History, scheduled for a grand opening in late 2027.

    Spearheaded by The Cordish Companies in collaboration with the Jacksonville Jaguars and Iguana Investments, the Shipyards project is expected to yield a multitude of employment opportunities. It is also expected to generate significant tourism revenue, and ignite a cascade of further development in Downtown Jacksonville.

    2. Artea at Southbank

    Artea at Southbank Jacksonville real estate market development

    Image Source

    Artea at Southbank is a $93 million luxury multi-family development currently under construction in Downtown Jacksonville’s Southbank area. This four-story infill development is designed to revitalize the surrounding area and offer urban professionals a luxurious living experience with unparalleled convenience.

    The development will feature 340 apartment homes with studio, one, and two-bedroom floor plans, each equipped with private workspaces and access to a range of luxurious amenities. Residents will enjoy a saltwater pool, clubhouse, fitness center, indoor/outdoor rooftop lounge, and three courtyards, creating a tranquil oasis in the heart of the city.

    With weekday happy hour service and Ori Living Pocket Offices, residents will have access to a unique live-work-play lifestyle that seamlessly integrates work and leisure. The development’s prime location also offers convenient access to the JTA Skyway, downtown employment centers, sporting events, dining, and entertainment venues.

    Scheduled for completion in Summer 2025, Artea at Southbank is a 99-year leasehold by Corner Lot Development Group on a 3.87-acre site leased from JTA. This exciting project is sure to become a landmark in the Southbank area, offering a new standard of luxury living in Downtown Jacksonville.

    3. Jacksonville International Airport Concourse B

    Jacksonville Airport Concourse B - Jacksonville Real Estate Market 2024

    Image Source

    The Jacksonville International Airport Concourse B project is a $300 million expansion aimed at enhancing the airport’s capacity and efficiency. The project includes the addition of six new gates and two additional TSA security lanes, which will significantly reduce wait times for passengers. The TSA is also installing new screening equipment to process passengers faster, with the goal of cutting wait times by 50%.

    The design of the concourse will also incorporate natural light and open spaces, creating a more welcoming and comfortable environment for travelers. To accommodate the increased demand for parking, JIA has announced plans for a third parking garage. This will provide an additional 2,000 spaces for travelers. The garage is expected to be completed by the end of 2024.

    The Concourse B project is expected to break ground in Q1 2024 and be completed by late 2026. This expansion will not only benefit travelers, but also have a positive impact on the local economy, creating jobs and generating revenue for the city.

    4. Riverfront Plaza

    Riverfront Plaza is a development project that is revitalizing the former Jacksonville Landing site on the banks of the St. Johns River. The project breathes new life into this strategic location, creating a vibrant public space that fosters community engagement and economic activity.

    The project is being developed in phases, with the first phase currently underway. This initial stage includes a variety of exciting features, such as a cafe, playground, splash pad, and large lawn space.

    The second phase of the project promises to take the Riverfront Plaza to the next level, with plans for a beer garden, civic steps, a reflective pool, and improved connections to the Main Street Bridge. These additions will further enhance the plaza’s appeal, creating a 7.5-acre park that offers diverse recreational opportunities for all ages.

    The Riverfront Plaza project is part of a larger downtown revitalization plan that is attracting significant investments to the area. Projects like One Riverside, JAX River View Plaza, and the Four Seasons hotel are all contributing to the revitalization of the area, making it an exciting and vibrant place to live, work, and play.

    5. IKO Manufacturing campus

    The IKO Manufacturing campus is a $270 million investment by IKO Industries, a global leader in roofing, waterproofing, and insulation. The project involves the construction of a state-of-the-art manufacturing facility in Middleburg, Florida, which will serve as the company’s new production hub for high-quality roofing products.

    The 300,000-square-foot facility will be equipped with cutting-edge technology and employ 100 local residents. The first of three production lines is expected to be operational by the end of 2025, with plans for the remaining two lines to be completed in the following years. The campus will also feature an asphalt shingle production facility, an insulation board plant, and a commercial rolled roofing plant, making it a one-stop-shop for all roofing needs.

    The IKO Manufacturing campus is a significant investment in the local community, not only creating jobs but also providing environmentally friendly and energy-efficient roofing solutions to the surrounding area.

    Best Places to Invest in and Around the Jacksonville Metro Area

    1. Starke

    Starke, located in Bradford County, is a hidden gem in the Jacksonville metro area housing market, offering a unique blend of affordability, agricultural landscape, and proximity to nature. With a population of 5,822, this charming town is just 47 minutes drive to downtown Jacksonville, providing a slower pace of life and a strong sense of community.

    Investors will be delighted to know that Starke has seen real estate prices grow by $88,662 or 72.1% over the last 5 years, with 3% growth in home prices in the past year alone. Currently, home prices in Starke are still very affordable, averaging $211,650, making it one of the least expensive areas in the Jacksonville metro.

    DLP Bancshares acquired a bank in the area in September 2022. Apart from the banking sector, Starke is also home to several major employers, including The Chemours Company, Tractor Supply Co., and Meridian Behavioral Health. These companies provide a diverse range of job opportunities for residents, contributing to the area’s economic growth and stability.

    2. Inverness

    Inverness, located just northwest of Orlando, is a charming town that offers a unique blend of natural beauty and small-town charm. Offering outdoor recreation and a relaxed atmosphere, Inverness has become a popular destination for retirees and nature enthusiasts. The area boasts an abundance of natural springs, lakes, and rivers, providing endless opportunities for fishing, boating, and hiking.

    Investment-wise, Inverness presents a unique opportunity for rental property investors. The town’s growing senior population creates a demand for rental properties that cater to their needs, such as age-restricted communities and amenities like golf courses and swimming pools. Additionally, Inverness’s proximity to popular tourist attractions like Crystal River and Homosassa Springs makes it an attractive destination for short-term rentals. The area has a population of 7,423 people with a median age of 58.5.

    According to Awning, Inverness is one of the best Airbnb markets for investors in Florida, due to its prime location and abundance of outdoor activities. With an average rent of $1,700, according to Zumper, and major employers like Advance Green Energy, RE/MAX Realty One, and HCA Healthcare, Inverness offers a strong potential for rental income and appreciation.

    3. Orange Park

    Orange Park, situated west of Jacksonville, is a charming family-friendly suburb that is seeing an influx of new developments. With a population of 8,700 people, Orange Park boasts good schools, parks, and access to the St. Johns River, making it an ideal location for families and outdoor enthusiasts.

    One of the key advantages of investing in Orange Park is its lower risk of flooding compared to coastal areas around Jacksonville, providing peace of mind for investors and residents alike. The area has historically seen consistent, moderate home price appreciation, with home prices growing by 59.4% over the last 5 years, according to Stacker. The average home price in Orange Park is currently $315,210, presenting a strong potential for long-term appreciation.

    Orange Park’s strategic location near major transportation hubs, including the I-295 beltway and Jacksonville International Airport, makes it an excellent choice for businesses, providing easy accessibility and connectivity. Major employers in the area include Bridgestone HosePower, Jiffy Lube, and HCA Florida Healthcare.

    4. Palm Coast

    Palm Coast, located northeast of Daytona Beach on the Atlantic Coast, offers a unique blend of urban and suburban living, with a growing population and proximity to Jacksonville. With a population of about 94,000, Palm Coast boasts beautiful beaches, a healthy job market, and a strong economy, making it an attractive investment opportunity.

    One of the key advantages of investing in Palm Coast is its proximity to Jacksonville, which is expected to experience strong job growth in the coming years. As Jacksonville continues to grow, it’s likely that demand for housing will spill over into Palm Coast, driving up property values and rental income.

    Palm Coast’s housing market is already showing signs of strength, with home prices up 3.1% in December 2023 compared to the previous year, and an increase in homes sold. This indicates a healthy market with steady appreciation rates, making it a great time to invest in property.

    In addition to its strong housing market, Palm Coast also offers opportunities for vacation rentals, thanks to its beautiful beaches and temperate climate. Tourists flock to the area, creating a demand for short-term rentals and generating additional income for investors. Major employers in Palm Coast include Advent Health, Sea Ray Boats, and Yellowstone Landscaping.

    5. Jacksonville

    Jacksonville, the heart of the Jacksonville metro area, presents a range of residential and commercial opportunities. As a diverse economy, Jacksonville boasts stability and mitigated risk, anchored by healthcare, logistics, financial services, and tourism. This diversification creates a strong foundation for investment, with a growing population and rising housing demand.

    Major companies like Fidelity National Financial, CSX, and Mayo Clinic call Downtown Jacksonville home, fueling job opportunities and population growth. Additionally, the city’s busy port makes it a hub for international trade and logistics, creating further employment prospects. Downtown Jacksonville is currently undergoing major revitalization, with projects like the $2 billion Gateway Jax project and the Jacksonville Shipyards project, set to transform the area and attract new businesses and residents.

    These development projects have boosted property prices in the area. Over the past five years, the average home price in the city has increased by $111,861, reflecting a robust growth of 61.4%. Despite this impressive growth, Jacksonville still remains an affordable investment destination. The median home price stands at $293,901, still affordable compared to other areas in the metro area.

    From single-family homes to multifamily developments, there are various options for those looking to invest in the city’s housing market.

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