Atlantic Beach Real Estate Market Prices, Trends, and Forecast 2023

Atlantic Beach Real Estate Market Prices, Trends, and Forecast 2023

Atlantic Beach, Florida, is a small coastal city in Duval County, east of Jacksonville. This charming beach town is known for its peaceful lifestyle, friendly locals, and upscale atmosphere. With its smaller population, Atlantic Beach offers a peaceful escape from dense city life. Locals can enjoy the expansive Atlantic Beach Country Club, access to the Atlantic and Intracoastal Waterway, and hiking at Dutton Island Preserve.

The Atlantic Beach real estate market is known for its high demand and luxury offerings. With its upscale atmosphere and prime location next to the beach and waterways, homes in Atlantic Beach often come with a high price tag. However, the city’s charm and peace make it a desirable location for those seeking a quieter lifestyle. The community has housing options for full-time residents and investors looking for rental income or a second home.

Local market conditions 2023

When buying or selling property in Atlantic Beach, Florida, there are a few things to remember. The high demand for housing options in the city means that buyers should be prepared to act quickly and potentially pay above the asking price to secure a desirable home. On the other end, sellers may be in a favorable position to negotiate and get top dollar for their property as inventory is consistently low. Working with a local real estate agent who understands the market is essential for buyers and sellers in this competitive coastal city.

Home values are increasing

Home values in Atlantic Beach, Florida, tend to be higher than inland cities in Jacksonville and Duval County due to the city’s prime location and luxury offerings. But why does home value matter in Atlantic Beach? For buyers, understanding the local housing market and home values is essential for making informed decisions and investing in properties that will hold their value. You want to buy a home with high value or the potential for high value with improvements so that you can make a profit if you sell your home. Sellers also look for home value because the higher the value, the higher the asking price. Buyers and sellers determine home value by local market conditions and the city’s desirability.

Home values in Atlantic Beach are increasing. Atlantic Beach single-family homes in the community have increased in value by more than 130% since May 2022 and nearly 85% since April 2023. This data indicated the city’s real estate market is thriving and that home values are continuously increasing, providing excellent conditions for homeowners and sellers, with a disadvantage for buyers. Home value for Atlantic Beach condominiums is down from 2022 by 40% but is increasing in 2023, with a 30% improvement since April 2023.

Ideal conditions for investors

Investors looking for ideal market conditions for real estate in Atlantic Beach, Florida, should take note of the city’s high demand and limited inventory. With a desirable location on the East Coast, residents and visitors seek the peaceful lifestyle and upscale atmosphere the beach community offers, driving up demand for properties. The city’s limited inventory creates a competitive market that can lead to higher rental prices, making it a lucrative location for real estate investments.

Not only can investors depend on tourist rental income, but full-time residents priced out of the market are also looking for rental property. Increasing home values also allow buyers to sell successfully. Single-family homes and condominium properties in the community account for less than three months of supply inventory, down by 13% from April 2023.

Northeast Florida real estate market trends

Northeast Florida encompasses six counties, including Baker, Clay, Duval, Nassau, Putnam, and St. Johns, and 31 regions like West Jacksonville, Orange Park, Fleming Island Area, and Atlantic Beach. In May 2023, Northeast Florida single-family homes and condominiums had a median sale price of $375,000, down from 2022 but up by 4% from April 2023. Homes are sitting on the market longer, with median days on the market at 33, up nearly 160% from 2022. Active inventory is slowly increasing, up by 83% from 2022, with just over two months of supply.

How the pandemic altered the regional market

The pandemic set a precedent for increasing prices and fast home sales. While conditions in Atlantic Beach and other Northeast communities are improving, the landscape changed dramatically from year to year. The inventory dilemma started during COVID with shutdowns and delayed supply chains halting new construction and making new properties more expensive due to increasing material costs. Market conditions are slowly stabilizing, with homes sitting on the market longer and inventory increasing.

Median home prices in Atlantic Beach, Florida

Single-family homes in Atlantic Beach have a median sale price of $1,315,000. This price is drastically higher than in May 2022, when it was less than $570,000, and still higher than in April 2023, when it was less than $715,000. The median sale price for condominiums in May 2023 was $445,000, and townhomes were $742,500.

How to know when to buy or sell

One of the most significant factors to consider as a buyer or seller is the current state of the local housing market. Observing market trends, such as inventory levels, sales prices, and days on the market, can provide insights into when it may be the right time to buy or sell. The ideal market conditions for buyers include high inventory and low demand, so they can choose a property with minimal competition and have an advantage in negotiations.

The opposite is true for sellers, as ideal conditions include low inventory and higher demand to create more competition and higher prices. However, life circumstances do not always align with the best time to buy or sell. Working with a local real estate expert who understands the Atlantic Beach market is crucial for making informed decisions, maximizing profits, and avoiding pitfalls.

Make informed decisions with a local real estate expert

Steve Williams is an Atlantic Beach real estate agent with over 40 years of experience buying and selling homes in Northeast Florida. Learn more about the Atlantic Beach market and navigate your purchase or sale with Steve as your guide.

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Steve has overseen the marketing and sales of literally thousands of residential, commercial, and land listings in Northeast Florida, including permitting and construction of many single-family residences.

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