Jacksonville Home Prices Surging
A recent study shows just how dramatically the market for higher-end Jacksonville real estate has changed over the past 10 years. The city’s Daily Record newspaper indicates than in 1995, a dozen homes sold for more than $1M in Duval County, which includes Jacksonville and some surrounding areas. In 2000, that number jumped to 100. This year, analysts anticipate that at least 500 homes in the county will sell for $1M or more.
According to the office of Jim Overton, a local Florida property appraiser, the following number of Jacksonville homes are currently valued in the brackets below:
- Between $1 million and $1,999,999: 976
- Between $2 million and $2,999,999: 142
- Between $3 million and $3,999,999: 25
- Between $4 million and $4,999,999: 9
- Between $5 million and $5,999,999: 4
- Between $6 million and $6,999,999: 1
- Between $7 million and $7,999,999: 1
Current statistics also indicate that the increase in Jacksonville real estate prices extends to the condo market. The National Association of Realtors reports there are 287 single-family homes and condominiums for sale in greater Jacksonville that have asking prices of $1M or higher. Ray Rodriguez of the Real Estate Strategy Center of North Florida believes that while many things contribute to the rise in home costs, the biggest factor is low-interest mortgages.
Individuals are looking for more expensive homes because low rates allow for more affordable monthly payments. Rodriguez also predicts that while most of the area’s $1M-plus homes are in Atlantic Beach, Neptune Beach, Ortega, San Marco, South Jacksonville Beach and other waterfront communities, areas of Jacksonville away from the coast will soon start cracking the seven-figure mark. I guess Miami real estate has some serious competition.
