Florida Real Estate Market Booms: Apopka and Jacksonville Observe a Sudden Rise in Interest

 

It might be astonishing for many to know that Apopka houses only a population of around 56,000+ individuals, making it the 52nd largest county in Florida; however, that hasn’t kept it from becoming one of the most booming residential markets in the state. The world of real estate is full of surprises, and the market in Apopka and Jacksonville is a testament to that. In April 2023, as incredible as it may sound for some – the median listing home price in Apopka soared to $442K − trending up 9.1%, whereas the median listing home price in Jacksonville plummeted to $310K − trending down an alarming 4.6%.

Just 12 miles northwest of world-infamous Orlando lies stunning Apopka in Florida's Orange County. Sprawling 32.6 square miles, this city stands out by offering an array of attractions, including downtown Orlando and Florida’s reputable International Airport close by, and pre-construction homes ranging from Bay Ridge to Sweetwater Country Club. Although buying a house here would be a dream come true, house prices went up 9.1% year over year, with the majority selling within 61 days on the market and fetching an average cost of $442,000 during May 2023 alone. 

 

As opposed to Appoka, however, housing prices in Jacksonville have witnessed a 2.8% drop since 2022; selling at an average sale price of $293K and staying listed for 49 days till buyers managed to meet discounted rates of 2.6% – That being said, prices here are still considerably high, especially when bedroom based costs are observed: 

 

If you are looking into buying either property in Apopka or Jacksonville, then it won’t be recommended to do so without consulting with a well-recognized property management organization. They will offer services such as screening necessary tenant processes more efficiently – saving clients from potential traps and any possible defrauding efforts. Besides securing compliance with state and federal regulations, property managers are well-versed at cutting down expensive maintenance fees as well. So, while soliciting their services they may add to the cost cap, they make up for it in availing discounts and effective negotiations on your behalf. In other words, experienced property managers will efficiently handle all your property management needs which in the long run will save you time and money ( as well as headaches).         

The recent rise in housing costs in Florida, generally, and Apopka and Jacksonville specifically, can be attributed to many different aspects. As Jacksonville's population constantly increases, apartment concessions (incentives and discounts) provided by landlords are also rapidly following suit, with increased rent payments as well. This is making people get into the market which, in turn, creates higher prices. In the city of Jacksonville, purchasers experience the pressures from a highly competitive market and often find themselves getting engaged in bidding wars; triggering prices of households to sell close or nearly go beyond their advertised values, where some 12% are sold upwards of the asking price representing a positive sign for the sale and purchase of  properties in the region. Certain parts of Northeast Florida along with Apopka have observed new housing development as well, leading towards an expansion in pricing brackets. All in all, this overview of the property market in both areas makes one thing certain, the prices are going up and are likely to keep following this trajectory; making it a good time to invest and reap from this market boom.