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Southside Jacksonville: Rising Home Values Amidst Fluctuating Ownership Rates
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
Southside, a neighborhood in Jacksonville, Florida, has experienced significant changes in its housing market over the past decade. The area has seen fluctuations in homeownership rates, substantial increases in average home prices, and rising rent prices, reflecting broader economic trends and local market dynamics. Homeownership rates in Southside have shown moderate variability. In 2013, 26% of residents owned their homes. This figure increased to 32% by 2017, indicating a growing trend towards homeownership. However, by 2022, the rate had settled at 27%, suggesting a slight retreat from the peak. Concurrently, average home prices in the neighborhood have demonstrated a consistent upward trajectory. In 2013, the average home price was $201,821. By 2022, this figure had risen dramatically to $377,585, representing an impressive 87% increase over nine years.
Federal interest rates have played a significant role in shaping homeownership trends in Southside. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. This coincided with a gradual increase in homeownership rates, peaking at 32% in 2017. As interest rates began to rise more steadily from 2017 onwards, reaching 1.68% in 2022, a slight decline in homeownership rates was observed, settling at 27% by 2022.
Renter percentages in Southside have remained consistently high, fluctuating inversely with homeownership rates. In 2013, 74% of residents were renters, which decreased to 68% by 2017 as homeownership peaked. By 2022, the renter percentage had increased again to 73%. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $1,094. It dipped to $944 in 2017 but then rose significantly, reaching $1,361 by 2022, a 24% increase from 2013. This trend aligns with the growing population, which increased from 2,050 in 2013 to 2,696 in 2022, potentially driving up demand for rental properties.
As of 2024, the average home price in Southside stands at $381,123, showing a slight increase from the 2023 figure of $383,175. This represents a marginal 0.5% decrease, indicating a potential stabilization in the housing market. Notably, the federal interest rate has risen significantly to 5.33% in 2024, up from 5.02% in 2023, which may impact future homebuying decisions.
Looking ahead, predictive models suggest that average home prices in Southside may continue to rise moderately over the next five years, potentially reaching around $420,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,500 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Southside has experienced a dynamic housing market over the past decade. While homeownership rates have fluctuated, they've generally remained between 25-30%. Average home prices have seen substantial growth, nearly doubling since 2013. Rent prices have also increased significantly, reflecting the neighborhood's growing population and desirability. The recent stabilization in home prices, coupled with rising interest rates, suggests a potential shift in the market dynamics that will be important to monitor in the coming years.
