Duval County’s residential real estate market has lagged behind much of the state’s housing price increases, but new data shows that one Jacksonville neighborhood is among the fastest-growing in Florida.
Home prices in the county have increased nearly 6 percent since last year and increased more than 1.1 percent quarter-over-quarter, according to Zillow Research’s recently released second quarter housing data. But the area south of Interstate 10 between Riverside Avenue and I-295 is one of the top 20 ZIP codes in the state for residential property value growth.
The housing prices in that area of Avondale – the 32205 ZIP code – experienced a more-than-16 percent increase since last year and a 5.5 percent increase quarter-over-quarter, making it the most appreciating ZIP code in the city on an annual basis.
The area surrounding Old Kings Road, northwest of I-295, is also experiencing a boom in property values. The 32219 ZIP code has recorded a nearly 14 percent yearly increase in residential real estate prices and actually outpaced the Avondale area for quarterly growth.
The highest increase in Florida was a ZIP code in the Miami-Dade area that saw a 27 percent year-over-year increase and nearly 8 percent quarterly growth for real estate values.
But that isn’t the only burgeoning area in Duval County.
Of the 30 ZIP codes the research firm analyzed, only 32217 has recorded a yearly decrease in property values, although eight other areas experienced a quarterly decline.