The Downtown Jacksonville, Florida, real estate market is currently somewhat competitive, characterized by a significant decrease in median sale prices compared to the previous year, longer days on the market, and a narrowing supply-demand gap in the broader Jacksonville multifamily sector [1] [3].
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As of August 2025, the median sale price for a home in Downtown Jacksonville was $118,000, representing a substantial 61.9% decrease year-over-year [1]. The median sale price per square foot also saw a decline of 24.1% to $186 [1]. Homes in this area are taking longer to sell, with an average of 74 days on the market in August 2025, compared to 39 days last year [1]. The number of homes sold also slightly decreased, from 10 in August 2024 to 9 in August 2025 [1]. The sale-to-list price ratio for Downtown Jacksonville was 92.7% in August 2025, a 4.0 percentage point decrease year-over-year, indicating that homes are generally selling below their original list price [1]. The Redfin Compete Score™ for Downtown Jacksonville indicates a “somewhat competitive” market, with some homes receiving multiple offers, while the average home sells for about 7% below list price and goes pending in around 69 days [1].
In the broader Jacksonville market, the median home price as of July 2025 was $303,000, down 2.3% year-over-year, with homes selling after an average of 69 days on the market [2]. This indicates a moderate cooldown after years of growth, though it remains more affordable than many other Florida metropolitan areas [2]. The overall Jacksonville market is described as “somewhat competitive” with a Redfin Compete Score of 41 out of 100 [2].
The multifamily market in Jacksonville is experiencing improving fundamentals. The construction pipeline has significantly slowed, with under-construction inventory declining by 50% in 2024 and expected to continue decreasing [3]. Multifamily construction starts fell by 61% over the past year [3]. Population growth in the Jacksonville metro area is projected to expand at twice the national rate through 2029, which is expected to support increased renter demand [3]. Rent growth is anticipated to shift positive by mid-2025, with a projected recovery to a more sustainable rate of 2.0% by the end of 2025 [3]. Occupancy rates are expected to gradually increase as the construction pipeline contracts [3].
Environmental factors also play a significant role in the Jacksonville real estate market. Downtown Jacksonville faces a major risk of flooding, with 67% of properties at risk of severe flooding over the next 30 years [1]. The area also has an extreme risk of severe wind events, primarily from hurricanes, with 100% of properties at risk over the next 30 years [1]. Additionally, 100% of properties are at extreme risk of heat, with a projected 185% increase in days over 107ºF over the next 30 years [1]. These climate risks are increasingly influencing buyer decisions and insurance costs [2].
