Jacksonville, FL Multifamily Market Condition Report: Inventory squeeze pushes prices to new record!
The Jacksonville multifamily market is on fire!
As investors compete to pick up Jacksonville investment property, sales prices SOAR!
Jacksonville Multifamily Home Sale Prices:
While sales prices were rising steadily over the past few years, 2020 saw prices per square foot rise by a whopping 27% ! That's a total of a 60% increase in multifamily home sales prices in just five years!
Jacksonville multifamily homes are moving fast!
Homes have been moving faster than ever in the last few years, with the average home marketing time currently at just 38 days!
The Jacksonville inventory squeeze continues!
The market has favored sellers for several years now and with 5 months of inventory on the market today, the lack of inventory continues to keep the strong sellers market going!
New Listings Vs. Sold Listings:
The last few months show a slight slowdown in closed sales, which is not unusual in the holiday season. Sellers are continuing to list at a steady pace.
What's ahead for the Jacksonville multifamily market in 2021?
Buyer demand shows no signs of a slowdown, but inventory is currently being held back by government moratoriums restricting foreclosures and evictions. As restrictions ease, many landlords will choose to evict and sell, and foreclosed inventory will also return to market. This additional (mostly distress) inventory will give buyers more options, soften the current raging sellers market and put downward pressure on sales prices.