JACKSONVILLE, Fla. – Jacksonville’s housing market is expected to be the second hottest in the country, coming in just behind Tampa, according to analysts at Zillow.
While this is great news for home sellers, this is also making it more difficult for first-time home buyers.
Zillow is predicting Duval County home values will jump 22% through November -- and that means our housing market is expected to be even more competitive.
Right now, the average home value in Jacksonville is a little over $300,000.
While researchers at Zillow are predicting the market will slow slightly in 2022, they also say price growth and sales volume should to stay strong,
Sellers should continue to have the upper hand in 2022. Zillow analysts expect bidding wars on many homes.
The spike in home values also means rent prices will soar.
The Sun Belt continues to dominate Zillow’s list of hottest housing markets for the second year in a row.
Tampa, Jacksonville, Raleigh, San Antonio, and Charlotte top Zillow’s rankings.
Zillow analyzed the 50 largest U.S. metro areas to forecast the hottest, or most competitive, housing markets of 2022.
The coolest markets out of the 50 largest U.S. metro areas are expected to be New York, Milwaukee, San Francisco, Chicago, and San Jose.
Hybrid and fully remote job opportunities will continue to influence which areas will stay in high demand.
Analysts say the Sun Belt is so popular because of affordability, fast-growing economies and weather that allows people to enjoy the outdoors year-round.
With more flexible work opportunities and a recovering job market, many of these high-demand areas are also seeing increased local job growth.
Zillow predicts this surge will extend to smaller Sun Belt cities in 2022 as price hikes in this year’s star markets make more-affordable nearby markets more attractive.