Are Jacksonville home prices expected to drop further?

Nobody can honestly promise a specific direction. Prices are down modestly year over year, not falling sharply, and the market is described as balanced to slightly seller-favoring by most current reporting — not a buyer's market in the way the term usually implies.

How many days does it actually take to buy a house in Jacksonville right now?

It depends heavily on the specific home. Current data shows a real split: well-priced homes in strong areas can go under contract in under two weeks, while others sit for three months or more. The citywide average sits somewhere in between and can be misleading on its own.

Is Jacksonville still a buyer's market or a seller's market?

Most current data puts it close to balanced, with a slight lean toward sellers overall — but this varies meaningfully by neighborhood and price point, which is why a citywide label only tells part of the story.

Should I wait for mortgage rates to drop before buying?

That's a real financial trade-off, not a simple yes or no — rates have actually trended up, not down, through this fall. A monthly-payment conversation based on your actual numbers is more useful than a guess about where rates go next.

406 PHELPS Street, Jacksonville, FL 32206 (MLS# 2168877)

406 PHELPS Street, Jacksonville, FL 32206

$950

Property Type: Residential Lease Bedrooms: 3 Baths: 1 Square Footage: 842 Lot Size (sq. ft.): 2,614 Status: Closed

Current Price: $950 List Date: 10/12/2026 Last Modified: 10/27/2026

Overview

Description

Move-in ready and beautifully updated! This light and bright home features an inviting open floor plan with luxury vinyl plank flooring throughout—no carpeting! The updated kitchen features stainless steel appliances, while a versatile flex room with washer/dryer hookups can also serve as a home office or playroom. Enjoy the privacy of a fenced yard, perfect for outdoor relaxation and entertaining. Conveniently located near Downtown Jacksonville, EverBank Stadium, dining, entertainment, and major roadways.

Listing Details MLS# 2168877

General Property Information

Bedrooms Total: 3
Bathrooms Full: Yes
Bathrooms Total: Yes
Living Area: 842
Living Area Source: Public Records
Year Built: 1968
Lot Size Acres: 0.06
Association YN: No
Accessibility Features YN: No
Garage YN: No
Carport YN: No
Waterfront YN: No
Stories: Yes
Stories Total: Yes
Senior Community YN: No
Directions: From Downtown Jacksonville, take E Union St east to N Washington St. Turn left onto N Washington St, then left onto E State St. Turn right to continue on N Washington St, bear right onto Phelps St, and proceed to 406 Phelps St.
Public Remarks: Move-in ready and beautifully updated! This light and bright home features an inviting open floor plan with luxury vinyl plank flooring throughout—no carpeting! The updated kitchen features stainless steel appliances, while a versatile flex room with washer/dryer hookups can also serve as a home office or playroom. Enjoy the privacy of a fenced yard, perfect for outdoor relaxation and entertaining. Conveniently located near Downtown Jacksonville, EverBank Stadium, dining, entertainment, and major roadways.
List Price/SqFt: 1.19
Sold Price/SqFt: 1.13

Property Features

Appliances: Electric Oven; Microwave; Refrigerator Laundry Features: Electric Dryer Hookup; Washer Hookup Water Source: Public Parking Features: On Street Fencing: Fenced Utilities: Cable Available; Electricity Available; Sewer Available Cooling: Central Air Heating: Central Rent Includes: Trash Collection Tenant Pays: All Utilities Pets Allowed: Yes; Breed Restrictions Contingency Reason: Waiting for Signatures

Contract Information

Rental Service: RentSpree
Rental Application URL: https://apply.link/cLoOZ1k
RentEdge Syndication Y/N: Yes
Property Sub Type: Single Family Residence
Listing Contract Date: 2026-10-13
Lease Term: 12 Months

Location Tax and Legal

Street Number: 406
Street Name: PHELPS
Street Suffix: Street
State: FL
County: Duval
Postal Code: 32206
MLS Area Major: 072-Springfield
Subdivision Name: Oakland

Status Change Information

Major Change Timestamp: 2026-10-27T17:29:07Z
Major Change Type: Status Change
Purchase Contract Date: 2026-10-24
Close Date: 2026-10-27
Close Price: 950

Deposits and Fees

Security Deposit: 1000

More Information

Listing Office: OAK STREET REALTY CORP.

Last Updated: October - 27 - 2026

Information deemed reliable but not guaranteed.

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Zelda Greenberg is a real estate agent affiliated with Legacy Realty Group North Florida, Inc., a licensed real estate brokerage that abides by equal housing opportunity laws. This is not intended to solicit property already listed. All material presented is intended for informational purposes only. Information is compiled from sources that are deemed reliable but subject to price changes, condition, sale, withdrawal, and errors & omissions.

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