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South Riverside's Housing Market: Rising Home Values Amidst Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
South Riverside, a 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 average home prices, while ownership percentages have fluctuated. Average rent prices have also varied, reflecting the dynamic nature of the local real estate market. The relationship between homeownership rates and average home prices in South Riverside reveals interesting trends. In 2013, the ownership rate was 51%, with an average home price of $90,903. As home prices steadily increased, reaching $174,297 by 2019, the ownership rate declined to 44%. However, this trend reversed in recent years. By 2022, despite average home prices rising to $258,107, the ownership rate increased significantly to 58%. This suggests that factors beyond just home prices, such as local economic conditions or demographic shifts, may have influenced homeownership decisions in the neighborhood. Federal interest rates have played a role in homeownership trends in South Riverside. In 2013, when interest rates were at a low 0.11%, the area had a 51% homeownership rate. As interest rates gradually increased to 2.16% by 2019, homeownership dropped to 44%. Interestingly, despite a spike in interest rates to 1.68% in 2022, homeownership rebounded to 58%, indicating that other local factors may have outweighed the impact of higher borrowing costs.
Renter percentages and average rent prices in South Riverside have shown their own distinct patterns. In 2013, 49% of residents were renters, with an average rent of $1,220. As the renter population increased to 57% by 2018, average rent actually decreased to $1,090, possibly due to increased supply or changes in housing quality. The renter percentage peaked at 57% in 2018 before declining to 42% in 2022, while average rent fluctuated, reaching $1,000 in 2022. These trends suggest a complex interplay between supply, demand, and overall neighborhood desirability.
Looking at the most recent data, average home prices in South Riverside continued to rise, reaching $261,460 in 2023 and $270,153 in 2024. This represents a 4.7% increase from 2022 to 2024, indicating ongoing appreciation in the local real estate market. Concurrently, federal interest rates have climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying activity in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in South Riverside will continue to appreciate, potentially reaching around $300,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are expected to follow a more moderate upward trajectory, potentially reaching approximately $1,300 per month in the same timeframe, assuming stable demand and economic conditions.
In summary, South Riverside has demonstrated resilience and growth in its real estate market. The neighborhood has seen a significant increase in homeownership rates despite rising home prices, suggesting strong local demand. The rental market has shown more volatility, with recent trends favoring homeownership. As property values continue to appreciate and interest rates remain elevated, the interplay between these factors will likely shape the future of South Riverside's housing landscape.
