By Teri Silver
New housing developments are popping up all over the United States, including Florida’s Palm Coast. Property values change constantly, especially when homebuyers decide they want to live a tropical lifestyle. How will new housing builds affect the sales market for established neighborhoods? The short answer is, only time will tell. That, and the market itself.
Palm Coast is one of the fastest-growing areas in Florida. As more people flock to the idyllic location each year, housing needs increase.
Tourism in Flagler County averages more than a million visitors per year. Good weather, attractive beaches, water sports, top-notch golf courses, and “mom and pop” restaurants are just a few reasons why people want to visit—and live—in Palm Coast.
Palm Coast Housing Market
Inflation has come on strong, but the housing market is up and down. While the last few years saw homes selling quickly and for top dollar, the housing market in Palm Coast is slowing down. Prices are falling, and the number of houses for sale is rising. Unfortunately, Florida homes may be on the sales market longer, even if they have backyard swimming pools.
The (2023) median sale price of a home in Palm Coast is around $351,000, which is down over 7 percent from the year before. Downward housing trends tend to have a ripple effect on new home construction, real estate, demographics, land expansion, and the need for more neighborhood schools.
New Developments
Cities and communities operate on tax dollars. If a piece of land is sold and zoned for business, commercial, and industrial uses, the tax dollars go back into the communities directly. Commerce does not bring the need for more schools—its tax revenue supports the schools.
On the other hand, housing developments for growing families mean that children will need schools. The cost of educating a child varies in the United States and the amount is rising. In Palm Coast, schools spend from $9,200 to $10,000 or more per student as of 2023. The more housing developments are built, the more children come into the school district.
Although each homeowner pays property taxes that support the schools, a growing district leads the administration to place school tax levies on the ballot every few years. These levies help to pay for building more schools, hiring more teachers and staff, and ongoing maintenance.
Home Sales
Getting top dollar for your property depends on a variety of factors—the power of equity can play a big part in that. Home equity lets sellers consider all moving expenses, where to live, and negotiate deals with house buyers.
Competing with new builds can be a challenge. Upcoming housing developments offer buyers more choices, including where they want to live and how much they want to spend, especially when everything in the house is brand new.
Selling the “Used”
When placing your Palm Coast home on the market, make sure your property is ready for a new owner. Consider these improvements.
- Yard work: Mow and edge the lawn and treat grass and flower beds for weeds. Prune trees and bushes.
- Woodwork: Paint or stain garage doors, window ledges, shutters, railings, decks, fences, front doors, and street poles.
- Clean and shine: Spruce up outdoor hardware on the doors, handles, light fixtures, and whatever else can use a wipe-down. Metallic paint is cheaper to use than replacing each item. Paint indoors as necessary.
- Replace old lights: Energy-efficient fixtures give the home a modern look. Install ceiling fans to increase air circulation.
- Update the bathrooms: Especially those with full baths and showers.
- Home offices: These are popular and necessary these days. Buyers want a dedicated place to read emails, engage in social media, work, pay bills, and play computer games.
- Install smart features: Smarten up the home with Artificial Intelligence (AI) to control smoke detectors, lighting, electrical outlets, security cameras, and a host of other “necessary” amenities.
The value of your Palm Coast property partially depends on how well it’s been maintained. But with the ever-changing sales market, new and previously built houses in Flagler County are in demand and available. Find out what your home is worth, check out the “for sale” signs, and contact ParkSide Realty Group to get the job done.
Teri Silver is a journalist and outdoor enthusiast. She and her husband live on 5 acres with a vast lawn, three gardens, a farm, a pond, many trees, and a lot of yard work! The best parts of the year are summer and fall when home-grown veggies are on the dinner table.