JACKSONVILLE, Fla. – Jacksonville saw the fourth-largest decrease in asking rents among major U.S. metros, according to a new report released on Monday.
Rents dropped 6% year over year in January to $1,459 a month. Rents are now $241 (-14%) below their record high of $1,700, set in July 2023, according to Redfin, a residential real estate brokerage and mortgage company.
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Redfin said rents are dropping in states like Florida and Texas because they are building more than other states. But Redfin said economists are also keeping a close eye on rental supply as potential new tariffs could hamper new construction.
In the local housing market, the median sales price for single-family homes in Northeast Florida’s six-county region decreased by 5.8% compared to December, falling to $376,990, according to the Northeast Florida Association of Realtors (NEFAR).
The good news for home buyers was housing became more affordable.
Since December, the active inventory of single-family homes increased by 14.7% to 7,556 properties. However, according to NEFAR, this is a drastic increase from the previous year, as the number of properties has skyrocketed by 72.6% since January 2024. This rise in inventory from 2024 is a welcome development for buyers, providing a wider range of options.
