Property values in Volusia County have reached an all-time high, surpassing previous records for the fourth consecutive year. In 2023, property values in the county skyrocketed to an impressive $97.7 billion, showcasing the strong real estate market in the area. Realtor Shatawna Evans, representing clients who are eager to benefit from this surge, shares her insights on the remarkable increase.
Evans recently listed a stunning three-bedroom, two-bathroom home with an enclosed pool in Port Orange's Waters Edge community. Priced at $535,000, this property has doubled in value since it was purchased in 2015 for $263,000. It's worth noting that a similar house with comparable features, just two doors down, sold for $530,000 last year. Evans attributes her clients' optimism to the promising trends in the area, stating, "They bought their home nine years ago. Look at what's happened since then. The Florida real estate market has gotten stronger. Prices in general have risen significantly."
Realtor Shatawna Evans with Exit Real Estate Property Solutions stands in front of a newly listed three-bed, two-bath house with a pool in Port Orange.
The Surge in Property Values
Data from the Volusia County Property Appraiser's Office confirms the observations made by Evans. The total "just value" of properties in the county, both residential and commercial, reached a staggering $97.7 billion in 2023. This marks an impressive 15.2% increase from the previous record of $84.8 billion set in 2022. Over the past eight years, property values in Volusia County have surged by an astounding 127.7%, reflecting the continuous growth and development in the area.
John Adams, the President of Adams, Cameron & Co. Realtors, understands the driving factors behind this phenomenal growth. He affirms, "Just think of all the apartment buildings that now line Williamson and LPGA boulevards that weren't there before. Every time they build a new house, it increases the property value."
New Parcels and Exponential Growth
The rise in property values is not solely attributed to existing home prices. Volusia County witnessed an increase in the number of taxable land parcels, reaching a total of 357,491 in 2023, a significant rise of 4,695 from the previous year. Interestingly, this growth is not due to an expansion in the county's geographical size. Despite covering 1,101.1 square miles, making it Florida's 10th largest county and bigger than Rhode Island, Volusia County continues to show exponential growth.
Mark Wright, the newly promoted Chief Deputy for the Volusia County Property Appraiser's Office, explains that the increase in subdivided parcels is responsible for this growth. These divisions are made to facilitate the construction of new homes, apartments, condominiums, and commercial real estate development projects. Wright suggests that the rise in subdivided parcels is a testament to the appeal of Volusia County as a desirable location for new residents.
Daytona's Margaritaville Continues to Flourish
One prominent example of this growth is Minto Communities' Latitude Margaritaville, a vibrant 55-and-older community in Daytona Beach. Minto's eighth development phase at Margaritaville, which began last year, included the construction of 295 new homes. Bill Bullock, President of Latitude Margaritaville division, shares that they sold a remarkable 600 new homes in 2023, with their final new home expected to be sold in mid or late 2024. Since its establishment in March 2018, Latitude Margaritaville has consistently been ranked as one of the nation's fastest-growing master-planned communities.
A Promising Future Ahead
As we move into 2024, the growth momentum in Volusia County shows no signs of slowing down. Mark Wright anticipates a continued influx of new residential subdivisions and apartment projects, emphasizing that the county remains an attractive destination for individuals looking to relocate. The positive outlook is further supported by the fact that despite rising home prices, Volusia County is still considered a bargain compared to other coastal areas in Florida.
The Hopeful Path Ahead
In the midst of this vibrant real estate market, Shatawna Evans is encouraged by the early interest in her listing in Port Orange. Within just two weeks of listing the property, several potential buyers have already shown keen interest. Scott Steger, the Broker/Owner of Exit Real Estate Property Solutions, believes that this indicates the asking price is in line with market expectations, making it an enticing opportunity for prospective buyers.
This remarkable surge in property values in Volusia County not only showcases the strength of the local real estate market but also highlights its potential for future growth. With continued investment in new developments and a consistent influx of residents, Volusia County is undoubtedly an area to watch in the coming years.
