How is the Real Estate Market Shaping Up as We Step Into 2018?
2017 was a fascinating and pivotal year for the country. The economic upswing has continued, past the moment where it could have been seen as a short-lived trend. The real estate market has been more active than ever in several regions, including Fernandina Beach, and is expected to continue to grow in 2018.tate in September.
The real estate market in Fernandina Beach has benefited from the recent local and state economic growth, particularly in its thriving tourism industry. The Fernandina Beach real estate market is a major determining factor for how tourism and the local economy will shape in 2018. If you are considering a Fernandina Beach move or real estate purchase, what can you expect this next year in the local market and how is the real estate market shaping up for 2018?
Coming Off a Positive 2017
The real estate market stood strong even against tough obstacles in the past year. This is an extremely positive indication leading into 2018.
Investors looking for new rental properties should expect price growth. Rent values rose from $1,600 to $1,700 from December 2016 to June 2017 and have stood steady at about $1,700. The numbers of rentals have increased from 41 to 107 over the same period, as tracked on Trulia.
This is an excellent opportunity for potential landlords as well as homeowners looking for a vacation property that they can rent out for part of the year.
A Healthy Future for Fernandina in 2018
Neighbor Scout reports that the two most prosperous neighborhoods for real estate in 2018 for Nassau County are Fernandina Beach (known as Old Fernandina) and City Center Fernandina, which is the area covering the southern half of the historic district.
For property values, Trulia is showing promising financial returns. Market trends report a massive $35,000 median increase in the last 12-month period, with price growth close to 12%. The average price per square foot rose a little under 10%, to $167 per square foot.
The statistics shows forward momentum, and there is little doubt it will continue on this trajectory in 2018. The recent five-year median sales price growth for all properties in Fernandina Beach rose from about $242,500 to $325,000. There was significant growth within the last year, with median prices calculated at $289,000 in late 2016, and median prices calculated at $325,000 now.
People are buying, and they are buying now. Realtor.com is already displaying some top-tier properties sold in the early months of 2018. According to the website, about 48 high-end properties sold in Fernandina Beach in the month of January alone. This shows a clear desire to invest and buy in the region
Effects of Irma on Fernandina Beach
In terms of Hurricane Irma, Fernandina Beach and much of the rest of the state warded off a large portion of the expected damage.
Potential home buyers may be interested in the condition of homes in Fernandina Beach. Fortunately, many the effects in our coastal historical community are negligible.
Overall, Irma did not have the intense impact many were expecting. Given this was a record-breaking storm, it also suggests that Northern Florida has a well-developed infrastructure to handle the intensity of future hurricanes.
A Glimpse at Fernandina Beach’s Overall Features
Fernandina Beach is a wonderful place to call home. Niche.com reports that 67% of all residents own their home, which is an encouraging look at future vitality. People want to stay, making the neighborhoods safer and more personal.
The aggregate site also compiles and rates the public school system. With 15 listed public schools in the area, 8 obtained A rankings (the remainder were rated at B).
While the kids are in school, parents can embrace new business opportunities. Professionals can venture down to Jacksonville, one of the country’s largest cities, for prosperous work. The drive to the city is 45 minutes, making for a reasonable commute.
We can answer any questions that you may have about relocating to Fernandina Beach, and we offer a myriad number of homes available for purchase. Many Fernandina Beach vacation rentals are also widely available while you explore the limitless treasures of the island and the available real estate options in the area.
It’s your opportunity to visit, and maybe even call home. Contact us today at 800-741-4011 for more about the local Fernandina Beach real estate market or any questions at all.