The typical home value in the Jacksonville metropolitian area is $239,049. That’s a 4.4% increase over July of 2019, according to Zillow.
While the news may be good for sellers, it’s putting the squeeze on buyers. Zillow also reported the number of homes on the market in the metro area was down 30.5% from July of 2019. Inventory has been falling since early April.
While potential buyers look for homes, rents are also continuing rise. Zillow reported the average Jacksonville area rent has increased 2.8% from last year to $1,429 from July 2019.
Nationally, home prices are rising even faster, jumping 4.5% to an average of $253,527.
Despite strong national numbers in July, Zillow’s economic research team adjusted their housing forecast to be slightly more pessimistic in the long term.
Zillow now forecasts a slowdown to 3.6% home value growth over the next 12 months.
Zillow based its forecast on the likelihood of high unemployment, a wave of evictions and foreclosures, and continuing spread of the coronavirus.