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Beacon Hills and Harbour: Rising Home Values and High Ownership Rates in Jacksonville
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Beacon Hills and Harbour, a charming neighborhood in Jacksonville, Florida, has experienced significant changes in homeownership rates and property values over the past decade. The area has seen a general trend of increasing homeownership, rising average home prices, and fluctuating average rent prices.
The homeownership rate in Beacon Hills and Harbour has shown a substantial upward trend, particularly in recent years. From 87% in 2013, it increased to 95% by 2022. This rise in homeownership coincides with a dramatic increase in average home prices. The average home price rose from $220,343 in 2013 to $452,087 in 2022, representing a 105% increase over this period. The year 2021 saw a particularly sharp jump in average home prices, rising from $316,095 in 2020 to $369,796 in 2021, a 17% increase in a single year.
Federal interest rates have played a role in homeownership trends in Beacon Hills and Harbour. From 2013 to 2016, historically low interest rates of 0.1% to 0.4% coincided with relatively stable homeownership rates ranging from 86% to 89%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates surprisingly continued to increase, reaching 95% in 2022. This suggests that local economic conditions or demographic shifts may have had a stronger influence on homeownership in this neighborhood than national interest rates.
The renter population in Beacon Hills and Harbour has decreased significantly as homeownership rates have risen. The percentage of renters dropped from 13% in 2013 to just 5% by 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $1,898 in 2013 to $1,942 in 2022, with the highest average rent of $2,000 recorded in 2021, coinciding with a period of rapidly increasing home prices.
In 2023 and 2024, the neighborhood continued to see growth in average home prices. The average home price reached $469,080 in 2023, a 3.8% increase from 2022, and further rose to $485,009 in 2024, representing a 3.4% increase from the previous year. These increases occurred despite a significant jump in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024.
Based on historical data and current trends, it is predicted that average home prices in Beacon Hills and Harbour will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices are expected to reach around $550,000 to $600,000 by 2029. Average rent prices are likely to continue their upward trajectory as well, potentially reaching $2,200 to $2,400 by 2029, assuming current trends persist.
In summary, Beacon Hills and Harbour has experienced a significant increase in homeownership rates and average home prices over the past decade. The neighborhood has seen a corresponding decrease in the renter population, although average rent prices have generally trended upwards. Despite rising interest rates, the area continues to see growth in property values, suggesting a strong local real estate market and potentially increasing desirability of the neighborhood.
