Jacksonville among top cities with growing housing market

Jacksonville was named a top city among the nation's 50 largest housing markets as it improves after a severe housing market bust.

Ten-X, an online real estate marketplace, on Wednesday released its Top Single-Family Housing Markets Report for Spring , which ranks Jacksonville fifth out of 50 of the largest U.S. housing markets.

Jacksonville ranked number two in the country and first in the state when it came to investing in the housing market in 2017, according to a Forbes list published in February.

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The Ten-X report noted that Jacksonville's housing market has been growing in sales and prices since the housing bubble. Ten-X  said Jacksonville's improving housing market is because of the city's growing population and prosperous local economy.

Although Jacksonville's expansion has slowed after some job losses in two of the last four months, the metro's economy has a job growth of just under 3 percent year over year, according to the Ten-X report.

"The U.S. economy remains in expansion despite potential political and international turbulence," said Ten-X chief economist Peter Muoio. "The labor market in particular has gotten off to a strong start in 2017, as job gains, low unemployment and rising wages are fueling housing demand."

The report also found that education and health care services in Jacksonville saw 5 percent job growth and the financial services sector has continued to boom.

The cities with growing housing markets that ranked higher than Jacksonville are Tampa (1), Dallas (2), Columbus, Ohio (3), and Las Vegas (4).

Cox Media Group