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Normandy, Jacksonville: A Decade of Housing Market Resilience and Growth
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
Normandy, a neighborhood in Jacksonville, Florida, has experienced significant changes in its housing market over the past decade. This small community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in Normandy has remained relatively stable, hovering around 50% throughout the observed period. However, there have been notable fluctuations in average home prices. In 2010, the average home price in Normandy was $91,266. The market experienced a sharp decline in the following years, with prices dropping to a low of $57,873 in 2012. This decline coincided with the aftermath of the 2008 financial crisis and housing market crash. However, since 2012, the neighborhood has seen a steady increase in average home prices. By 2022, the average home price had risen dramatically to $200,399, representing a remarkable 246% increase from the 2012 low.
The relationship between federal interest rates and homeownership rates in Normandy shows some interesting patterns. In 2013, when interest rates were at a low of 0.11%, the homeownership rate was 53%. As interest rates began to rise gradually, reaching 1.83% in 2018, the homeownership rate increased slightly to 55%. This suggests that other factors, such as local economic conditions and housing supply, may have played a more significant role in homeownership decisions in Normandy than interest rates alone.
Renter percentages in Normandy have fluctuated inversely with homeownership rates, as expected. The average rent prices have shown a general upward trend, with some volatility. In 2013, the average rent was $1,761. It peaked at $2,021 in 2019, representing a 14.8% increase over six years. However, there was a significant drop in average rent prices in 2020 to $1,056, possibly due to the economic impact of the COVID-19 pandemic. Since then, average rent prices have been gradually increasing, reaching $1,187 in 2022.
As of 2024, the average home price in Normandy stands at $202,727, showing a slight increase from the 2023 value of $200,671. This indicates a continued, albeit slower, upward trend in home prices. The current federal interest rate in 2024 is 5.33%, which is significantly higher than the rates seen in the previous decade. This increase in interest rates could potentially impact homebuying decisions in the coming years.
Looking ahead, based on the historical data and current trends, we can make some predictions for the next five years. Average home prices in Normandy are likely to continue their upward trajectory, albeit at a more moderate pace due to higher interest rates. We might expect to see average home prices reaching around $225,000 to $250,000 by 2029. Average rent prices are also expected to increase, potentially returning to and surpassing the 2019 peak. By 2029, average rent prices could be in the range of $2,200 to $2,500 per month.
In summary, Normandy has demonstrated resilience and growth in its housing market since the lows of 2012. The neighborhood has seen substantial appreciation in home values, with some volatility in rent prices. The interplay between homeownership rates, home prices, and rent prices reflects both national economic trends and local market conditions. As we move forward, the housing market in Normandy is poised for continued growth, albeit potentially at a more moderate pace due to higher interest rates and evolving economic conditions.
