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.

640 DETROIT Street, Jacksonville, FL 32254 (MLS# 2172223)

640 DETROIT Street, Jacksonville, FL 32254

New Listing

$800,000

Property Type: Commercial Sale Baths: 8 Square Footage: 5,408 Lot Size (sq. ft.): 43,996 Status: Active

Current Price: $800,000 List Date: 11/04/2026 Last Modified: 11/04/2026

Overview

Description

Investment opportunity in Jacksonville! This multifamily property features eight residential units across two concrete-block buildings on approximately 1.01 acres. Each unit offers two bedrooms and one bathroom. The property has approximately 5,408 square feet of building area and is conveniently located in Jacksonville. An attractive opportunity for investors seeking an established multifamily property. Buyer to verify all property details, rental information, and investment potential.

Supplements: Eight-unit multifamily investment property located in Jacksonville, FL. The two-story concrete block building features eight 2-bedroom, 1-bathroom apartments. Previous renovations included updated flooring, kitchens, appliances, and interior finishes. The property offers off-street parking and a spacious lot of approximately 1.01 acres. Buyer to ve ... (Read more)

Listing Details MLS# 2172223

General Property Information

Number Of Units Total: 8
Bathrooms Total: 8
Building Area Total: 5408
Year Built: 1960
Lot Size Acres: 1.01
Water Body Access YN: No
Waterfront YN: No
Stories Total: 2
Directions: Use GPS to navigate to 640 Detroit St, Jacksonville, FL 32254.
Public Remarks: Investment opportunity in Jacksonville! This multifamily property features eight residential units across two concrete-block buildings on approximately 1.01 acres. Each unit offers two bedrooms and one bathroom. The property has approximately 5,408 square feet of building area and is conveniently located in Jacksonville. An attractive opportunity for investors seeking an established multifamily property. Buyer to verify all property details, rental information, and investment potential.
List Price/SqFt: 147.93

Property Features

Building Features: Fenced; Kitchen Facilities Business Type: Rental; Residential Construction Materials: Block Cooling: Varies by Unit; Wall/Window Unit(s) Current Use: Multi-Family Existing Lease Type: Gross Fencing: Fenced; Vinyl Flooring: Vinyl Heating: Hot Water; Varies by Unit Listing Terms: Cash Lot Features: Other Operating Expense Includes: Insurance; Maintenance Grounds; Professional Management; Other Owner Pays: Insurance Parking Features: Off Street Road Frontage Type: City Street Sale Includes: Building & Land Sewer: Unknown Tenant Pays: Taxes Utilities: Electricity Connected; Water Connected Water Source: Public

Contract Information

Listing Contract Date: 2026-10-24
Property Sub Type: Multi Family

Location Tax and Legal

Street Number: 640
Street Name: DETROIT
Street Suffix: Street
County: Duval
State: FL
Postal Code: 32254
MLS Area Major: 074-Paxon

Status Change Information

Major Change Timestamp: 2026-11-04T15:25:40Z
Major Change Type: New Listing

Building Features

CRC: Unknown
Development Name: Woodstock Apartments

More Information

Unit 1 Details

Unit ID: 2BR/1BA
Annual Rent: 12000
Unit SqFt: 676
# Units (This Type): 8
Furnished: Unfurnished
Unit Remarks: Eight 2BR/1BA units, approx. 676 sq. ft. each.

Unit 2 Details

Unit ID: 2
Annual Rent: 11340
Unit SqFt: 676
# Units (This Type): Yes
Furnished: Unfurnished
Unit Remarks: 2BR/1BA residential unit.

Unit 3 Details

Unit ID: 3
Annual Rent: 10800
Unit SqFt: 676
# Units (This Type): Yes
Furnished: Unfurnished
Unit Remarks: 2BR/1BA residential unit.

Unit 4 Details

Unit ID: 4
Annual Rent: 10812
Unit SqFt: 676
# Units (This Type): Yes
Furnished: Unfurnished
Unit Remarks: 2BR/1BA residential unit.

Unit 5 Details

Unit ID: 5
Annual Rent: 12000
Unit SqFt: 676
# Units (This Type): Yes
Furnished: Unfurnished
Unit Remarks: 2BR/1BA residential unit.

Unit 6 Details

Unit ID: 6
Annual Rent: 12000
Unit SqFt: 676
# Units (This Type): Yes
Furnished: Unfurnished
Unit Remarks: 2BR/1BA residential unit.

Unit 7 Details

Unit ID: 7
Annual Rent: 10800
Unit SqFt: 676
# Units (This Type): Yes
Furnished: Unfurnished
Unit Remarks: 2BR/1BA unit with updated flooring.

Unit 8 Details

Unit ID: 8
Annual Rent: 10200
Unit SqFt: 676
# Units (This Type): Yes
Furnished: Unfurnished
Unit Remarks: 2BR/1BA unit, approx. 676 sq. ft.

Listing Office: BLUE PEAK REALTY LLC

Last Updated: November - 04 - 2026

Information deemed reliable but not guaranteed.

Search powered by FBS Products

Let’s Connect

Contact Detail

Newsletter

Subscribe to Zelda’s Market Updates & Newsletter

By submitting this form, you are consenting to receive marketing emails from: Go Zelda. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

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.

Compare listings

Compare