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Edgewood Manor: Resilient Homeownership Amid Rising Home Values 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
Edgewood Manor, a suburban neighborhood in Jacksonville, Florida, has demonstrated remarkable resilience in its real estate market over the past decade. This area has maintained high homeownership rates while experiencing significant appreciation in property values. The interplay between homeownership trends, average home prices, and federal interest rates has shaped the neighborhood's housing landscape.
The homeownership rate in Edgewood Manor has remained relatively stable, fluctuating between 69% and 77% from 2013 to 2022. During this same period, average home prices in the neighborhood saw an extraordinary increase. In 2013, the average home price was $33,132, which rose dramatically to $143,116 by 2022, representing a 332% increase over nine years. This substantial growth in home values occurred despite minor fluctuations in the homeownership rate, indicating that other factors such as local economic conditions and housing market dynamics played a significant role in driving up property values.
Federal interest rates have had a notable influence on homeownership trends in Edgewood Manor. From 2013 to 2016, when interest rates were at historic lows (0.11% to 0.40%), the neighborhood maintained a high homeownership rate of 69% to 77%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate remained relatively stable, hovering around 73% to 74%. This stability in homeownership despite rising interest rates may indicate strong local demand for housing and a resilient real estate market in the area.
Renter percentages in Edgewood Manor have fluctuated inversely to homeownership rates, ranging from 23% to 30% between 2013 and 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $1,097, which decreased to $939 by 2022, representing a 14.4% decline. Interestingly, this drop in average rent occurred despite a slight increase in the renter population percentage from 23% in 2020 to 26% in 2022. This trend suggests that factors beyond simple supply and demand, such as local economic conditions or changes in housing quality, may have influenced rental prices in the neighborhood.
In 2023 and 2024, average home prices in Edgewood Manor showed a slight decline, with values of $142,512 and $142,205 respectively. This represents a marginal decrease of 0.6% from the 2022 average home price. Concurrently, federal interest rates increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may have contributed to the stabilization of home prices after years of rapid growth.
Looking ahead, predictive models suggest that average home prices in Edgewood Manor may experience moderate growth over the next five years. Based on historical trends and current market conditions, average home prices could potentially reach $160,000 to $175,000 by 2029. Average rent prices are projected to stabilize and potentially increase slightly, possibly reaching $1,100 to $1,200 per month in the same timeframe.
In summary, Edgewood Manor has demonstrated resilience in its homeownership rates despite significant changes in average home prices and federal interest rates. The neighborhood has experienced substantial appreciation in property values over the past decade, with a recent stabilization in prices. Rental markets have shown some volatility, with recent trends indicating a potential for modest growth in the coming years. These patterns reflect a dynamic and evolving real estate market in this Jacksonville neighborhood.
