Over Past Decade, Jacksonville Sees Big Drop In Available Homes
In Jacksonville, the percentage of homes for sale as compared to 2010 dropped 40.2%, while at the same time the average number of days a house was on the market dropped from 118 days to 49.
Realty listing company Redfin crunched the numbers, comparing home sales across the country in 2010 to 2019.
Overall, seasonally adjusted median home prices in Jacksonville increased 7.1% over the decade, from an average of $142,878 to $245,872.
But salaries didn’t keep up. Redfin found the annual median income growth for Jacksonville was just 1% over the same period.
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That in turn is reflected in the home ownership rate, which took a tumble. The Federal Reserve’s economic data shows the home ownership rate in Duval County dropped from 65.4% in 2010 to 57.9% in 2018. At last check, numbers for 2019 were not yet available.
The Federal Reserve’s data looked at Duval County, while Redfin’s data reflected the entire Jacksonville metropolitan area.
"The housing market is ending the decade in a vastly different place than it began," said Redfin chief economist Daryl Fairweather in an email to WJCT News. "In 2010, the market was in the middle of its greatest downturn in history: Home values were plummeting and the share of mortgages in delinquency was at an all time high. Heading into 2020, home values have recovered along with the economy, and now many parts of the country are grappling instead with new challenges like high home prices and a lack of homes for sale."
In 2010 the housing market was in the middle of its greatest downturn in history as the nation struggled to emerge from the Great Recession.
Redfin said Florida saw the nation’s largest post-housing crisis recovery, with Fort Lauderdale seeing the biggest metro area recovery in the nation.
In Fort Lauderdale, the median home price increased 161% from $106,000 at the beginning of 2010 to $278,000 at the end of 2019. The median home price has also more than doubled this decade in Orlando (+127%) and Miami (+106%).
Redfin looked at the nation's 50 largest metro markets by current population. The full report is available here.