Jacksonville FL Multifamily Market Report 2024

Jacksonville, FL Multifamily Investment Property Market Report - July 2024.

Jacksonville, Florida is a hotspot for property investors nationwide, and one of the fastest growing cities in the country. But the Jacksonville market has passed its peak, and the multifamily market is feeling the shift!

multifamily listings

Multifamily listings are up and sales are down.

After bottoming out in 2022, available multifamily listings have continued to rise overall despite seasonal trends.

Months of inventory

There is currently 8 months worth of multifamily for sale inventory. 

6 months is considered a balanced market, so the market is currently slightly favoring buyers.

multifamily dom

Marketing time for multifamily homes is consistently rising.

Homes are taking longer to sell as inventory grows, and lending has become less favorable. 

MF prices

Multifamily sale prices are still high but are no longer growing.

While sales prices of investment properties have not taken any shifts in the last two years, market conditions dictate future downward pressure on sale prices.

Jacksonville FL Rental Demand

You can't mention investment property sales without considering the rental market it serves. Rentals are also cooling!

rental listings

Available rentals are increasing while closed rentals are down.

Available rentals bottomed out in 2022 and listings have skyrocketed since!

rental inventory

Rental inventory is rising.

While 2 months of rental inventory is not a high number by any means, inventory continues to rise.

rentals DOM

Days on market for rentals are well above pre-pandemic levels.

Rentals are currently averaging roughly 30 days on market to close.

rents

Rents have leveled off.

Rents grew significantly during the pandemic peak and have leveled off and continue to remain at a median of roughly $1,800/month.

*** You may want to note that a good portion of the rental inventory in Jacksonville is not listed in MLS and instead through private property managers. So while this is an accurate snapshot of the rental inventory, actual rental stats may differ slightly***

What does it all mean to owners and tenants?

Well the good news is if you are looking to rent a home in Jacksonville, there are plenty of options and rents are no longer rising. This will make it easier to find suitable housing in your budget. If you are looking to invest in the Jacksonville multifamily space, you have a lot more options and prices are becoming more reasonable. The future looks good for new buyers in this space. 

Looking to sell? Well if you timed the market right, ideally you sold two years ago. If you are looking to sell now, I would highly recommend selling sooner than later as the market is on a downward shift.

jacksonville short sales

Need help with your Jacksonville multifamily sale or purchase?

Last Updated on July 15, 2024 by Minna Reid

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