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College Gardens: Rising Home Values and Fluctuating Ownership in Jacksonville
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
College Gardens, a vibrant neighborhood in Jacksonville, Florida, has experienced significant changes in its real estate market over the past decade. From 2013 to 2022, the area saw substantial fluctuations in homeownership rates and a remarkable increase in average home prices, reflecting broader economic trends and local market conditions.
The homeownership rate in College Gardens demonstrated considerable variability between 2013 and 2022. Starting at 60% in 2013, it decreased to 43% by 2019, before rebounding to 64% in 2022. This trend coincided with substantial changes in average home prices, which rose from $28,625 in 2013 to $111,148 in 2022, marking a 288% increase over this period.
The relationship between federal interest rates and homeownership rates in College Gardens appeared to follow expected patterns. For example, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates increased from 54% to 56%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages and average rent prices in College Gardens also showed interesting trends. The percentage of renters increased from 40% in 2013 to a peak of 57% in 2019, before declining to 36% in 2022. Average rent prices generally rose over this period, starting at $537 in 2013 and reaching $797 in 2022, a 48% increase. Notably, there was a significant jump in average rent to $918 in 2021, possibly reflecting increased demand for rental properties during that time.
In 2023 and 2024, the average home prices in College Gardens continued to rise, reaching $112,820 in 2023 and $113,614 in 2024. This represents a slower rate of increase compared to previous years, possibly influenced by the sharp rise in federal interest rates to 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on the observed trends, we can forecast that average home prices in College Gardens may continue to increase over the next five years, but at a more moderate pace. The rate of increase could slow down due to higher interest rates, potentially reaching around $125,000 to $130,000 by 2029. Average rent prices might also continue to rise, potentially reaching $900 to $950 per month in the same timeframe, assuming steady demand and economic stability.
In summary, College Gardens has experienced significant growth in both home values and rent prices over the past decade. The neighborhood has seen a recent resurgence in homeownership, despite rising home prices. The interplay between interest rates, housing prices, and ownership rates highlights the complex dynamics of the local real estate market. As the neighborhood continues to evolve, these trends will likely shape its future development and demographic composition.
