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Zillow: Jacksonville’s Real Estate Market on the Rebound

November 5th, 2013 · Leave a Comment

After a significant drop from 2009 to 2011, the Jacksonville real estate market is back on the rise. Zillow’s Home Value Index indicates that home values in the area had increased 16 percent this summer over 2012’s prices. Further, 54.2 percent of homes in Jacksonville were selling for more than its original purchase prices.

Between increasing home values and positive return on investments (ROI), all data points to a strong Jacksonville housing market .

Compare these Jacksonville neighborhoods – one expensive and one moderately priced – to better understand the local housing market (as illustrated in the graphs below:)

In Beach Haven, an area bordered by San Pablo Road and Beach, J. Turner Butler and Hodges boulevards, the median sale price (left) is currently at $254,600. The median list price is somewhat higher at $279,900, indicating that  homes typically sell for less than sellers believe their homes are worth.

The percentage of listings that cut their prices is high at 29.8 percent. Even so, the majority of homes are sold at a higher price than their original purchase amount. Beach Haven homes may be listed for more than they sell for, but sellers still earn a positive ROI.

In Sunbeam, an area west of I-95 between Baymeadows and St. Augustine Roads, home sale prices (right) skyrocketed in 2013. The median sale price in Sunbeam is currently $126,000 and about 63.2 percent of homes sold for gains, indicating a strong resale opportunity.

The median list price in Sunbeam is at $191,000. Even with final closing prices significantly lower than the original asking price, the chance to make a profit is still relatively high.

Jacksonville offers a wide variety of neighborhoods for a prospective homebuyer.Those looking to sell homes in Jacksonville are in luck. As seen with Jacksonville as a whole, Beach Haven and Sunbeam, the current ROI is positive.

Written by Tali Wee of Zillow, a guest blogger for WhatsUpJacksonville.com. Professionals interested in guest blogging can write to [email protected].

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