The Land Buying Guide: Jacksonville, Florida

The Land Buying Guide: Jacksonville, Florida

The Land Buying Guide: Jacksonville, Florida
Florida is known for beautiful weather and even more beautiful water. The state itself is filled with activities for people to enjoy from going to the beach to visiting Disney World. The city of Jacksonville is one of the prime locations in the entire state.

Jacksonville has an estimated 853,000 people that live within the city limits, according to 2014 data. The most populous city in Florida, Jacksonville is the 12th most populous city in the entire United States, and in terms of area, this is the largest city in the country.

Jacksonville sits just south of Georgia, approximately 25 miles, and 340 miles north of Miami . The state's lineage goes back to 1564 where early French settlers resided. A small town was established in 1822 following the United States gaining Florida from Spanish control.

The city itself gets its name from Andrew Jackson, the seventh president of the United States. Jacksonville, Florida rapidly grew in the 19th century due to harbor improvements. The port of Jacksonville accommodates the United States Navy, and is a major military hub. Tourism in the area is geared towards golfers. While many tourists visit the city for other reasons, the amazing golf courses in the area are the biggest draw.

In terms of industry, the local economy is not completely reliant on tourism like other areas of Florida. Jacksonville has a thriving economy, with the following major sectors:

* Banking
* Healthcare
* Logistics
* Insurance

While the city started small, it wasn’t truly until the 1960s that the city grew in size. This occurred through a vote of consolidation among many of the local governments under which the consolidated city of Jacksonville was formed.

In total, the city spans 874.3 mi.².

Jacksonville, Florida Climate

Categorized as a humid subtropical climate, the city has mild winters with hot and humid summers.
The average highs throughout the year are between 64°F and 92°F. The hottest temperature ever recorded in the city was 104°F in 1879. Winters are mild with 10 to 15 nights where the temperature falls below freezing. The coldest temperature ever recorded in the city was 7°F in 1985. There have only been three days of recordable snow in over 105 years.

Beautiful weather is a certainty in Jacksonville, and is one of the main reasons that the population has grown so widely in the past century. A look back at the population growth is nothing short of astonishing. In the 1850s, the population was just over 1,000 people, and by 1900 there was 28,429 people living within the city. This number doubled by 1910, and by 1930, 129,549 people lived in the city. Between 2010 and 2014, 32,000 people moved to the city.

And with the increase in population, the housing market in the city is doing very well (which we’ll talk about shortly). Land prices are favorable, too, due to the population.

Jacksonville, Florida Real Estate Market

The real estate market is booming in the city of Jacksonville. In the third quarter of 2015, housing prices reached a median sale price of $152,425, which is up 4.4% on the year, or $6,425. While sale prices are rising, the number of sales has decreased since the real estate boom in 2007. Home sales have remained under 3,000a year until 2015 when it reached between 3,000 and 4,000.

Statistics provided to us show us that the year-on-year prices have increased across the board in the state for houses, with the following:

* One-bedroom houses are going for a median sale price of $69,950, which is up 17.7% on the year.

* Two bedroom homes are selling for $88,500 on average, which is up 12% on the year.

* Three bedroom homes are selling for $141,000, which is 4.4% higher on the year.

* Four bedroom homes are selling for $226,200, with a year-on-year increase of 5.5%

Over the last five years, sale prices have appreciated by 21.9% in Jacksonville. And there are a lot of great homes for amazing prices that are on the market, including:

* A beautiful home that was built in 2005 with: two bedrooms, two bathrooms, a floor size of 1,500 ft.², and a lot size of 5,200 ft.². This home is selling for $259,900.

* A 1,270 ft.² home on a 6,500 square-foot lot with three bedrooms and two bathrooms is selling for $127,900.

There are several multi-million-dollar homes in the city for sale, with the most expensive being $12 million for 6,300 ft.² home on a massive 350 acre lot. Keeping an eye on our affordable houses section is highly recommended as well.

Land Prices in Jacksonville, Florida

Land prices in the city are on the rise. Why? The city is booming, and land is a commodity. People want to be able to go to the beach, but return home to live in their own oasis with several acres of land.

You have several options when you buy land in the city::

* Hold onto the land, and flip it for higher price.

* Build rental homes on the property (nearly 3 million tourists visit the city every year).

* Use the land for commercial development.

Of course, there are several options you can choose from for how to use your land in Jacksonville. But, these are the most common choices due to the high tourism in the city. So, what are land prices going for in the city?

4.5 acre lot with water frontage on Fort George River is selling for $2.1 million. This is a rarity because most of the land is owned by the Park service, so there are not many homes in this area. You could easily divide this property up with million-dollar homes right on the waterfront.

* A 46 acre lot is selling for $1.1 million.
* A 5,000 square-foot lot is selling for $3,000.
* The cheapest acre lot with us is currently selling for $2,850.

So, there’s a very diverse price range for the land. The main determining factor for the land's price is location. If the property is waterfront, it can sell for exponentially more than property that is in the western portion of the city. Any land that is close to or within the downtown area will be also dramatically more expensive.

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