Jacksonville is one of the largest cities in Florida. We've witnessed positive growth over the years in terms of population, housing, salary growth, and sound market fundamentals. This city boasts a large work force and a strong recovery from COVID-19, in addition to a good quality of life.
"Jacksonville has seen the job market increase by 2.8% over the last year. Future job growth over the next ten years is predicted to be 44.4%, which is higher than the US average of 33.5%. - The Sales Tax Rate for Jacksonville is 7.0%. The US average is 7.3%. " - Source: Best Places
One of the cities in the country with the quickest growth is Jacksonville. Its remarkable expansion and the downtown housing market are being driven by the region's high demand for residential space. More people and businesses move into the city as a result of its regeneration and development. Private redevelopment and other significant infrastructure projects with a purpose of restoring rivers, adding more trails, and modernizing roadways to boost mobility resiliency and property values were made possible by public investments in stormwater management and roadways.
Modified travel lanes, wider sidewalks, shade trees, and increased on-street parking will give renewed vitality to park street welcoming pedestrians and bicyclist creating spaces for on-street dining and improving traffic safety.
La Villa, the city's oldest suburb and the location of Jacksonville's terminal, is experiencing a long-awaited revival that is showcasing new workforce and affordable housing. The Cathedral District, often known as downtown's neighborhood, is a rising residential area that welcomes families and is supported by a number of burgeoning commercial initiatives. On the north bank, economic development is centered most heavily on the Central Core. And currently, efforts are being made to redevelop significant riverside lots in order to build lovely waterfront amenities for the entire city. To make the central center safer and more hospitable, they will upgrade the traffic corridors. In order to support development efforts, they have traffic calming measures that increase pedestrian and bike safety, promote retail visibility, and enhance the quality of life for residents.
Amazon is rapidly expanding across Jacksonville. Amazon operates two area fulfillment centers, JAX2 at Pecan Park Road in Northwest Jacksonville and JAX3 in Cecil Commerce Center in West Jacksonville; the JAX5 Westside sortation center; and the AMXL HJX1 facility in Westside to handle heavy bulk freight. The another fulfillment facility, JAX7. This 1 million-square-foot facility is under construction in Imeson Park, not far from the new package delivery center.
According to Aundra Wallace, president of JAXUSA Partnership “With this announcement for its sixth facility in the region, Amazon continues to be a major driver of jobs and investment, Jacksonville’s prime location and infrastructure has made us a natural choice for distribution and ecommerce business and Amazon’s sustained success here demonstrates our regional strength.”
Amazon currently have 5,550 employees and that this famous retail center continues to be a major drive of jobs and investments in this big city.
There are several military bases in Jacksonville, namely: Naval Station Mayport, Marine Corps Blount Island Command, Naval Aviation Depot Jacksonville and Naval Air Station Jacksonville. These bases help provide employments to thousands of active duty, civilian and reserve men and women. And it gives the title to Jacksonville as the third largest military presence in the country.
Jacksonville continues to be one of the most affordable markets in the nation thanks to its outstanding quality of life, coastal location, year-round good weather, favorable tax structure, and broad employment sector. Many people relocate here in order to buy residential and commercial property and to tap into the local market. And as a result, there is a much higher demand for multifamily projects. Healthy market fundamentals, such as population growth, rent growth, and consistent multi-family appreciation, have historically underpinned Jacksonville's economy. The city's market is firmly established to flourish and presents a very good chance for investors who wish to benefit from both rising cash flows and value appreciation.
The build-to-rent industry is booming and provides investors with a number of advantages and prospects. Reduced vacancy rates, increased rental growth, and lower annual turnover costs are all benefits of these new development build-to-rent projects. While since June of last year, projects totaling about $57 million and the Northside Industrial projects have been approved.
Also, New Multi Tenant warehouse in the works near Jaxport Terminals and Two Birmingham firms are teaming up on a project in Florida. On Jacksonville's Northside, two brand-new industrial buildings warehouses will shortly be constructed on about 25 acres of property. Two new warehouses with a combined area of 79,000 square feet will be built by the Baltimore-based Merritt Properties in the Imeson Landing Business Park. The developer and commercial real estate firm officials claimed they have been considering the Jacksonville market for some time. The business already has property in North Carolina, Virginia, and Maryland. Thus, now is the ideal time to make an investment in Jacksonville.
The month of August showed a slight increase in available housing inventory over the previous month with listings staying on the market longer, giving buyers more breathing room to find a home.
Both the Median Sales Price and the Median Price Per Sq. Ft. slightly decreased as compared to last month, but increased by 17.6% and 21.2% respectively, compared to August 2021.
While the rise in interest rates has slowed the frenzied pace of the past year in the real estate market, Northeast Florida continues to grow. More millennials are moving closer to the age for first-time home purchases and interest has increased from out-of-state buyers, whether they’re investors, retirees or employees that are able to work remotely. Prices may not significantly rise in our area, however, predictions are that housing demand will continue for quite some time.
Source: Real MLS