Volusia County total property value hits $100 billion

ORMOND BEACH, Fla. — In Volusia County, property values have reached an all-time high, with overall property value topping $100 billion for the first time in county history, according to new data from the Volusia County Property Appraiser’s Office.

In the new report, which is based on preliminary numbers from the past year, data shows that property value has increased by an average of 7% across the county. Marsha Evans, who has been a real estate agent in Volusia County for the past 19 years, said the increase is double what she expected.

“I thought, just looking at sales and where prices were and then price reduction before it would go under contract, that we’d be looking at a 3.5% gain collectively,” Evans said. “So, when the report came out that it was to 7%, that just was mind blowing to me.”

For individual cities, property value increases range from 5.1% in Oak Hill to 10.9% in Lake Helen. Evans, who is the company trainer and manager for Realty Pros Assured, said the one that stuck out was in Daytona Beach Shores, which saw values increase by 10.4%.

“The most surprising estimate was coming from Daytona Beach Shores, where they experienced all of that hurricane damage back with Hurricane Ian,” she said.

Evans said the data demonstrates that despite 2022’s hurricanes, Florida remains the hottest state for migration.  

“We’re running an average of 1,000 new residents a day in the state of Florida,” she said. “We are the only state that is attracting that type of migration.”

Evans said that with growth, there’s a need for buyers and renters. She said rent in Volusia County is starting to stabilize after rapidly growing in prior years.

“We’re seeing a stabilizing of the pricing and a slight reduction of pricing particularly on the three-bedroom and two-bedroom units,” she said.

For Volusia County specifically, Evans said real estate numbers are strong because of the area’s affordability compared to other parts of the state. 

“When you look at other regions of the state, we are one of the most affordable beachfront communities in the entire state of Florida,” she said.

Evans said as she looks ahead to the next year, she’s looking forward to seeing where interest rates go. 

“I have a sneaking suspicion that by the time we hit 2025, we’re going to be back into 5%, not at 5%, but in the fives for an interest rate,” she said. “When that happens, buckle your seatbelts, because we will be in for a surge.”

On selling, Evans said that in the current market, buyers need to price accordingly and make their home as move-in ready as possible.

“When people walk in and they see this and that needs to be done, they’re going to be deducting that from their offer,” she said. “So, I always say paint and mulch are your cheapest upgrades you can do on a home. And clean it, organize it. Buyers love clean lines.”

See the full report on the Volusia County Property Appraiser’s website.

Reagan Ryan is a 2023 — 2025 Report for America Corps Member, covering the environment and climate across Central Florida for Spectrum News 13. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on under-covered issues.