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Rising Home Values and Shifting Ownership in Normandy Village: A Decade of Change
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 Village, a neighborhood in Jacksonville, Florida, has undergone significant changes in its real estate landscape from 2013 to 2022. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the evolving dynamics of this community.
From 2013 to 2022, Normandy Village experienced a notable shift in its homeownership rates. The neighborhood's homeownership rate declined from 64% in 2013 to 48% in 2022. This change coincided with a substantial increase in average home prices, rising from $46,968 in 2013 to $193,541 in 2022, representing a 312% increase over nine years.
The relationship between federal interest rates and homeownership rates in Normandy Village follows an established trend. As interest rates remained low from 2013 to 2020, ranging from 0.09% to 0.38%, homeownership rates initially held steady around 55-56%. However, despite low interest rates, the rapid increase in home prices likely contributed to the decline in homeownership rates to 48% by 2022, even as interest rates began to rise to 1.68%.
Conversely, the renter population in Normandy Village grew from 36% in 2013 to 52% in 2022. This increase in renters coincided with fluctuations in average rent prices. The average rent decreased from $1,033 in 2013 to $525 in 2017 before rising again to $1,380 in 2022. The overall population growth from 2,142 in 2013 to 3,041 in 2022 likely contributed to the increased demand for rental properties and the subsequent rise in rent prices.
Recent data shows that the average home price in Normandy Village continued to rise, reaching $199,986 in 2023 and $210,322 in 2024. This upward trend persists despite the significant increase in federal interest rates to 5.02% in 2023 and 5.33% in 2024, suggesting strong demand in the local housing market.
Predictive models forecast that average home prices in Normandy Village will continue to rise, potentially reaching around $250,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,600 per month within the same timeframe. These projections are based on historical growth patterns and current market conditions.
In summary, Normandy Village has undergone a significant transformation in its real estate market. The neighborhood has shifted from a predominantly owner-occupied community to one with a more balanced mix of owners and renters. The substantial increase in average home prices, coupled with rising rent prices, reflects the growing desirability of the area. As the population continues to grow and housing demand remains strong, Normandy Village is likely to see further changes in its residential landscape in the coming years.
