Daytona Beach, FL Real Estate Market Trends & Analysis [Updated 2020]

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The Daytona Beach real estate market is highlighted by an incredibly high foreclosure rate. In fact, few major metropolitan areas across the country have exhibited a higher distribution of foreclosures than the Daytona Beach housing market. The poster child of the entire Florida real estate market, real estate in Daytona Beach is a big reason Florida currently boasts the highest foreclosure rate of all the states. That said, the volume of distressed homes in Daytona Beach is currently leaning in favor of local investors. Select neighborhoods have proven lucrative for Daytona Beach real estate investors in recent history because of the area’s low acquisition costs. As a result, Daytona Beach real estate news should promote an influx of investor activity.

Daytona Beach Real Estate Market 2020 Overview

  • Median Home Value: $157,384

  • 1-Year Appreciation Rate: 5.0%

  • Median Home Value (1-Year Forecast): 2.2%

  • Average Days On Market: 89

  • Median Rent Price: $1,300

  • Price-To-Rent Ratio: 10.08

  • Percent With Negative Equity: 11.0%

  • Unemployment Rate: 3.0% (latest estimate by the Bureau Of Labor Statistics)

  • Population: 68,866 (latest estimate by the U.S. Census Bureau)

  • Median Household Income: $39,932 (latest estimate by the U.S. Census Bureau)

  • Percentage Of Vacant Homes: 27.42%

  • Foreclosure Rate: 1 in every 1,712 (5.8%)


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2020 Daytona Beach Real Estate Investing

According to Attom Data Solutions, lenders across the country “started the foreclosure process for the first time on 26,055 property owners in July 2019, up 6.0% percent from the previous month but down 14.0% from a year ago.” It is worth noting, however, that of all the qualifying metropolitan areas, few contributed a higher foreclosure rate to the national number than the Daytona Beach real estate market. In fact, one out of every 1,712 housing units in the Daytona Beach market is considered distressed. That’s an important distinction to make, as foreclosure activity was actually down 21.0% on a national level. That said, Daytona didn’t only go against the national trend, but it actually had one of the worst foreclosure rates in the country. As recently as December, “the number of properties that received a foreclosure filing in Daytona Beach, FL was 17% higher than the previous month and 0% higher than the same time last year,” according to RealtyTrac.

While distressed properties are perhaps a homeowner’s worst nightmare, they are essentially the most coveted assets in the Daytona Beach real estate investor industry. If for nothing else, the owners of said distressed assets are most likely motivated to sell their homes; that, or risk facing the consequences of foreclosure or bankruptcy. More impertinently, however, motivated sellers are an investor’s best friend. The higher ratio of motivated sellers in the Daytona Beach real estate market should lean heavily in favor of local real estate investors looking to acquire deals at a discount. Let’s take a look at what the city’s distressed inventory means for real estate investors in Daytona Beach.

2020 Foreclosure Statistics In Daytona Beach

According to RealtyTrac, a nationally recognized real estate information company, the Daytona Beach real estate market is home to some 218 distressed properties. The homes identified by RealtyTrac are currently in at least one of three stages in the foreclosure process: default, auction or bank owned. The distribution of distressed homes is fairly dispersed between the three types, but the majority of Daytona Beach’s distressed properties are auction homes. In fact, 64.7% of the homes identified by RealtyTrac are either up for auction, or will be soon. The remaining distressed homes are split between pre-foreclosures and bank-owned homes, 11.8% and 23.5% respectively.

Up about 100.0% from the previous year, auctions are the most abundant source of distressed homes in Daytona Beach. That said, investors looking to acquire deal at a discount may be able to tilt the scales in their favor by visiting local home auctions. As a result, investors may want to pay special consideration to the following neighborhoods, where the distribution of distressed homes are highest in Daytona Beach:

Foreclosures in Daytona Beach

Data presented by RealtyTrac

2020 Median Home Prices In Daytona Beach

The median home value in the Daytona Beach real estate market is somewhere in the neighborhood of $157,384, according to Zillow. Today’s median home value is the result of seven consecutive years of appreciation, capping the latest increase with a 5.0% jump in the last year (December 2018 to January 2020). To put things into comparison, the median home value in the United States increased 3.7% over the same period. It is worth noting, however, that real estate in Daytona Beach is expected to appreciate at a slower rate than the national average over the course of next year, 2.2% and 2.8% respectively. These Daytona Beach real estate trends should continue to shape the foreclosure market in the coming year.

Median home prices Daytona Beach

Data presented by Zillow

Daytona Beach Real Estate Market 2015 Summary

  • Median Home Price: $132,000

  • 1-Year Appreciation Rate: 2.3%

  • Unemployment Rate: 5.3%

  • 1-Year Job Growth Rate: 1.4%

  • Population: 62,316

Daytona Beach Real Estate Investing 2015

Daytona Beach real estate market news summed up the area with one simple word in 2015: affordability. In fact, the median home price for Daytona Beach was around $132,000 at the time, or approximately $76,000 less than the national average. Appreciation rates across the country were nearly twice of those seen in Daytona Beach in 2015.

Even with slower appreciation rates, the Daytona Beach housing market made considerable improvements since the worst part of the recession. Homeowners in the area began to see growth in positive equity. Daytona Beach real estate investing, in particular, saw improvements thanks to increasing home values. Subsequently, Daytona Beach was one of the best cities to flip houses five years ago.

While Daytona Beach wasn’t the picture of a perfect economy, people in the area had reason to celebrate a renewed optimism. The end of the downturn essentially opened doors to attract high-end development that created jobs and expand the local tax base. Supply and demand within the Daytona Beach housing market grew steadier with each passing year. That said, the area’s unemployment was better than the national average. At 5.3%, Daytona Beach unemployment was 0.3% lower than the rest of the country, and 0.7% better than the previous year.

There were very few markets that were better for real estate investing than Daytona Beach at the time. The Florida city was officially the second best area to flip houses in the country (behind only Baltimore). According to RealtyTrac, Daytona Beach real estate investing was accompanied by a 74.7% return on investment. While that is nearly 20 points lower than Baltimore, it was enough to place the Daytona Beach housing market second on the list of best places to flip a home.

The Daytona Beach housing market was incredibly affordable. Data compiled by the National Association of Realtors (NAR) suggested homeowners in Daytona Beach spent about 8.2% of their income on monthly mortgage payments. Conversely, the average homeowner across the country spent about 15.1% of their income on monthly mortgage obligations.

Daytona Beach real estate investing thrived because of the local distressed market. According to RealtyTrac, there were approximately 644 properties in Daytona Beach that are were some stage of the foreclosure process. At that rate, foreclosures were 14.0% higher than the last month and 9.0% higher than the previous year. However, if the number of available properties isn’t enough to get Daytona Beach real estate investors excited, the discounts they offer will. The median sales price of a non-distressed home was $98,000. The median sales price of a foreclosure home was $55,100, or 44.0% lower than non-distressed home sales. That was a savings of nearly $43,000 per distressed property.

Daytona Beach County Map:

Map of Daytona Beach neighborhoods

Have you thought about investing in the Daytona Beach real estate market? If so, what are you waiting for? We would love to know your thoughts on real estate in Daytona Beach in the comments below:

*The information contained herein was pulled from third party sites. Although this information was found from sources believed to be reliable, FortuneBuilders Inc. makes no representations, warranties, or guarantees, either expressed or implied, as to whether the information presented is accurate, reliable, or current. Any reliance on this information is at your own risk. All information presented should be independently verified. FortuneBuilders Inc. assumes no liability for any damages whatsoever, including any direct, indirect, punitive, exemplary, incidental, special, or consequential damages arising out of or in any way connected with your use of the information presented.
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