If you’re dreaming of sun, golfing, and beaches on the Atlantic coast, consider Jacksonville. This city, located near the state’s northern border, boasts surprisingly affordable property prices and has been named one of the top 5 places to buy real estate in Florida. Jacksonville’s median home price as of June 2023 is just $302,000. The figure is well below the national median, meaning that potential buyers have a good chance of finding the right property. Research data shows Jacksonville’s already affordable home prices have gone down over the past year, dropping 4.8% from June 2022 to June 2023. This article covers everything you need to know about buying a property in Jacksonville and includes several attractive and affordable offers.
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Life in Jacksonville
One of the major advantages of this location is its accessibility compared to other cities in Florida. Statistics show that daily spending here is 21.6% lower than in Miami and 10.3% lower than in Orlando.
However, Jacksonville’s home prices can vary greatly depending on the neighbourhood you are considering purchasing in. Although the median price is $302,000, which is more than $100,000 cheaper than the national median of $410,200, there are also many estates valued at several million dollars. And the closer to the water the home is, the higher the price will be.
How to buy a house in Jacksonville?
Here are a few key steps you need to take if you plan to borrow mortgage funds:
1. Make the maximum down payment
Traditionally, homebuyers are advised to put at least 20% down on a property. For a house in Jacksonville with a median price of $302,000, that amount would be $60,400. Keep in mind that the more you can put down up front, the less you will have to borrow.
2. Get preapproved for a mortgage
Before you start looking for a house, it would be smart to get preapproved for a mortgage. This key step determines how much you can borrow from the bank, which will help you set a realistic budget.
3. Find the right bank
Once you are ready to make a purchase, compare offers from several Florida banks to get the best deal. Besides comparing interest rates, take a close look at the fee structure and terms of each contract. Overseas buyers will have less favourable offers than US citizens, but a proven source of income will help you get a reasonable rate even without citizenship.
4. Find the best estate agent
Browsing offers online will not help you understand the ins and outs of the market. An experienced estate agent who is familiar with real estate price trends can help you purchase a house in Florida that fits your budget and needs.
5. Start house-hunting and make an offer
When starting to choose a house, be sure to make a list of what is important to you and what features do not matter. If a property you generally like does not have the kitchen of your dreams, you may be able to remodel it in the future.
6. Order a house appraisal
Although a house inspection is not technically required, identifying hidden property defects is an important step that could turn into a big problem later on. If the appraiser finds issues, you can reasonably ask the owner to reduce the price.
What is for sale in Jacksonville?
Below are several options for residential units at different price points. This list will give you an idea of what properties are on the market in Jacksonville.
$209,500 ready house on 15th Street
A small 92 m2 house is completed and move-in ready. For $209,500, you will get a cosy one-storey home with 3 bedrooms and 2 full bathrooms. The house is being sold turnkey: the rooms feature classic finishes in light colours, the kitchen comes with cabinets and appliances, and the bathrooms have shower cabins, plumbing fixtures, and even mirrors. This property is perfect for a couple or a small family.
$302,990 single-family home in Hillcrest
The median market price can get you a spacious 184 m2 house. The open-concept ground floor is ideal for entertaining. A large kitchen with a spacious pantry is connected to the living room and has access to the patio. The ground floor also contains a powder room and a mudroom. Upstairs, you will find a luxurious master bedroom with a huge walk-in closet and a private bathroom. A laundry room, 2 additional bedrooms with a shared bathroom, and a versatile loft are also located on the first floor.
$599,900 house near Dutton Island Preserve
If you are considering development projects in Florida to be completed in the next 6 months, one of the options would be a house in a community near Dutton Island Preserve. This impressive 233 m2 2-storey home with 4 bedrooms, 3 bathrooms, and a 2-car garage is just a short drive from Hanna Park, Dutton Island Preserve, and the Atlantic Beach Pier. The developer provides a 10-year warranty on the property.
$3.5 million home: the most expensive house in Jacksonville
Today, the most expensive house in the city costs $3.5 million. This is a mansion with one of the best golf and water views in Glen Kernan. Located just minutes from the beach and downtown, the house offers luxurious amenities. The mansion has a kitchen, 5 ensuite bedrooms, a swimming pool, a billiard room, a bar, a wine room, a Turkish bath, a pantry room, a mudroom, a 5-car garage, and a golf cart space. A covered lanai with a summer kitchen and a fireplace is great for outdoor relaxation by the pool.