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Q2 2020 Jacksonville, FL Market Review: Services

Market Review

Jacksonville, FL | Q2 2020

Key Highlights

  • The US economy was forced to shutdown to combat the coronavirus pandemic. This caused the unemployment rate to rise sharply across the nation. In April 2020, Jacksonville’s labor force declined by 11.3% from its peak in February 2020 and has since bounced back to 2016 levels.

  • Second Quarter 2020 average median sale price was just shy of $250,000, up 31% year-over-year, and up 7% for the quarter.

  • Inventory of single-family residences continued its downward trend in Second Quarter 2020 declining by 17% year-over-year. The lack of inventory and the strong demand from buyers due to low interest rates have helped to push prices higher.

  • Rental prices in Jacksonville increased by 5.6% in Second Quarter 2020 and 7.5% for the year ending in August 2020.

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