A positive bookend to an unprecedented year, 2020 ended in much the same way that it began: with the Jacksonville market exhibiting signs of stabilization and resilience. The Fourth Quarter 2020 saw some large closings compared to the previous two quarters, signed contracts are returning to pre-COVID levels, and supply growth slowed. Pent-up demand contributed to the rebound, as were falling prices, low-interest rates, more negotiability, a clearer political climate, and news of a vaccine. Although many of the challenges related to taxes, supply, and affordability remain, the Fourth Quarter results offer a firm foundation for more improvement in 2021.
Jacksonville’s economy and real estate markets also show continued progress during the final quarter of the year. As of the October report by the Bureau of Labor and Statistics, Jacksonville has recovered about 64% of jobs lost in the pandemic’s early months. Our market continues to outperform the broader state averages, which can be attributed to a diversified employment base and less reliance on tourism than other parts of the state.
In addition to positive strides in employment, Jacksonville also benefits from significant in-migration from across the country. According to a LinkedIn report, Jacksonville was the #1 ranked city in the country for net arrivals of the population during the pandemic from April-August. This influx of population can is seen throughout the city, with new home construction occurring at a pace not seen in over a decade, however, this time with much less speculative building. Homebuilder confidence is at a record high, and Jacksonville is a direct beneficiary.
Featured in this quarter’s Jacksonville Market report:
- Read exclusive insights from NAI Hallmark brokers on Jacksonville’s biggest sectors.
- Learn about the major leases and sales closed over the last quarter.
- See tables and graphs of historical asking rates, vacancy rates, and absorption.
- Discover what big news is happening in the coming months.
