Is the Jacksonville Florida housing market changing in 2025?

Jacksonville, FL Housing Market 2025: Cooling Prices, Higher Inventory, and Movement Toward Balance

The Jacksonville housing market in 2025 is undergoing a spectacular transformation. After years of hyper-growth, the market is slowing down, with declining home prices, increased inventory, and longer selling times. These trends represent movement toward a more balanced situation for both buyers and sellers.

Home Prices: Declining from Pandemic Heights

In February 2025, the home sale price of Jacksonville's median was $299,492, 4.3% off last year. This is a decline from an all-time high of $383,000 reached in May of 2024, an indicator of market balancing from the levels reached during the pandemic peak.

Also sliding, price per square foot down 4.7% over last year, at $182. These numbers reflect sellers softening expectations so that there can be more accurate pricing in this current market.

Inventory: An Increase in Homes for Sale

The housing inventory in Jacksonville has increased substantially. In January of 2025, homes available for sale totaled 4,395, a 31.5% increase over January of last year. As of November of 2024, active listings for Duval County were 5,153 and totaled a months-of-supply measurement of 4.3 months, a range of 4-to-6 months, which is considered balanced.

This increase in stock provides more choice to buyers and reduces the urgency which characterized the market in previous years.

Market Trends: Longer Selling Timeframes and Price Corrections

Jacksonville houses are taking longer to sell. The median days on market in January 2025 were 71, up from 65 days during last year. In November 2024, the average days on market was 65, continuing a pattern of longer selling periods.

Frequent price reductions have become the pattern. At the tail-end of 2024, nearly 21.3% of listings were reduced in price due to decreased demand by consumers and increased competition among vendors. This is an evidence of the pattern towards a buyer's market.

Economic Factors: Job Growth and Population Influx

Jacksonville's economy remains robust, supporting the housing market's resilience. Jacksonville generated 30,200 jobs during November 2023, an increase of 3.8% compared to last year that beat the state average. Major companies like Amazon, Mayo Clinic, and Bank of America ensure employment security and attract new residents.

The population continues to grow, resulting in projected 1.82 million residents by January 2027.The increase assists in stimulating housing demand, even as the market levels off from historical highs.

Rental Market: Slight Decreases Despite Stability

The Jacksonville rental market has changed little. The median rent in November 2024 was $1,706, 1.2% lower than last year. Rental vacancies were flat at 8.8%, indicating a balanced market even as rental rates declined.

A strong job economy and proximity to the University of North Florida are among the factors that guarantee consistent rental demand, particularly in surrounding neighborhoods to the campus.

The Jacksonville housing market is transitioning from the pandemic-era hyper-growth to a more balanced market. Even though home prices have declined and inventory has increased, the market continues to be supported by a strong economy and population growth. Buyers have an improved negotiating position, and sellers are adjusting to changing market conditions.

This changing environment is indicative that Jacksonville is heading towards a housing market that will be favorable to both buyers and sellers, marked by stability and sustainable growth.