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Woodmere: Rising Home Values Amidst Market Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Woodmere, a suburban neighborhood in Jacksonville, Florida, has experienced significant changes in its housing market over the past decade. This analysis examines the trends in average home values, homeownership rates, and rental prices from 2013 to 2024, highlighting the neighborhood's evolving real estate landscape. The homeownership rate in Woodmere has shown a gradual decline over the years. In 2013, the neighborhood had a 76% homeownership rate, which decreased to 62% by 2022. This shift coincided with a substantial increase in average home prices. The average home price in Woodmere rose from $129,926 in 2013 to $316,936 in 2022, representing a remarkable 144% increase over this period.
The relationship between federal interest rates and homeownership rates in Woodmere follows an expected pattern with some nuances. When interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, hovering around 69-76%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a slight downward trend, dropping to 62% in 2022.
Renter percentages in Woodmere have generally increased as average rent prices rose. In 2013, 24% of residents were renters, with an average rent of $744. By 2022, the renter percentage had increased to 38%, while the average rent had risen to $1,094, a 47% increase. This trend suggests that rising home prices may have pushed more residents towards renting, despite the increase in rental costs. The population of Woodmere has fluctuated during this period, from 3,341 in 2013 to 2,831 in 2022, which may have influenced the rental market dynamics.
As of 2024, the average home price in Woodmere has continued to rise, reaching $324,189. This represents a modest 2.3% increase from 2022, indicating a potential slowdown in the rapid price growth observed in previous years. The federal interest rate in 2024 stands at 5.33%, significantly higher than in recent years, which could impact future homeownership trends and affordability in the neighborhood.
Looking ahead, predictive models suggest that average home prices in Woodmere may continue to increase over the next five years, albeit at a more moderate pace. Given the recent trends and current economic conditions, average home prices could potentially reach around $350,000 to $375,000 by 2029. Average rent prices are also expected to rise, potentially reaching $1,300 to $1,400 per month in the same timeframe, assuming current trends persist.
In summary, Woodmere has experienced a significant increase in both average home prices and rent over the past decade, accompanied by a slight decrease in homeownership rates. The neighborhood's real estate market has shown resilience and growth, with home values more than doubling since 2013. The interplay between interest rates, home prices, and rental costs continues to shape the housing landscape in Woodmere, with recent trends suggesting a potential stabilization in price growth and a continued shift in the balance between homeowners and renters.
