Housing market warms up for buyers and sellers 

For Immediate Release 

Housing market warms up for buyers and sellers 

JACKSONVILLE, Fla., February 9, 2023 – It may only be February, but when it comes to buying and selling homes in Northeast Florida, it seems that spring is already here. 

“The weather is warming up and so is the market,” said Northeast Florida Association of REALTORS® 2023 President Diana Galavis, noting that it seems like the spring selling season has already landed in Jacksonville. Active inventory gradually rose in January 2.6% to 5,011 units in the six-county region, and the month’s supply of homes has risen 57.5% since December 2022. This demonstrates a further stabilization of the housing market, which is something both buyers and sellers can cheer about. 

“The Spring selling season is off to an early start with more available inventory for buyers. Sellers are confident and ready to move, which is reflective of the number of new listings on the market,” Galavis said. “The affordability index has increased to 76 which gives more opportunity to buyers looking to afford a home. More days on the market are a breath of fresh air for some buyers.  This allows buyers to feel less pressured and enjoy more breathing room as they shop for a property. Buyers seem to be more comfortable with interest rates and are ready to take advantage of the much-anticipated spring market.” 

At 76, Northeast Florida’s Home Affordability Index reflected a 4.1% increase in January from December’s mark of 73, and a considerable improvement from 2022’s low of 67 in October. The Housing Affordability Index measures housing affordability for the region. In other words, it measures whether a typical family earns enough to qualify for a mortgage on a typical home, based on current interest rates, median income, and median home prices.  A higher number means greater affordability. An index value of 100 means that the average family has exactly enough income to qualify for a mortgage.  

“Northeast Florida’s Home Affordability Index rose to 76 in January, giving buyers who are entering the market a better opportunity to afford a home,” Galavis said.  

In January, the median sales price of single-family homes in Northeast Florida was $360,000, a mild 2.7% drop from the previous month. Pending sales in January rose 29% to 1,698, while new listings jumped 34% to 2,650. The median number of days on the market in January was 55, a 14.6% leap from the prior month. Meanwhile, closed sales dropped to 1,074, which is a 34.9% decrease from December 2022 and indicative of the housing market as it says goodbye to the holiday season.  

“The January market reflects a significant increase in months of supply, moving Northeast Florida closer to a stable market,” Galavis said. “Closed sales were down for January, but this is a typical slow up for the time of year.  Factors such as interest rates, loan processing times, and inventory play a role in the lower closed sales in January,” she said. 

As the housing market begins to heat up this spring, Galavis reminds both buyers and sellers of the importance of enlisting a REALTOR® to assist them as they embark on what may be the most important transaction of their lives. “In a fast-paced, shifting market such as what we have been experiencing the past couple of years, it is important to have a REALTOR® as your trusted advisor to help navigate the process of buying, selling, and investing in real estate,” she said. “There are many downpayment and financing options that REALTORS^® understand, which can help both buyers and sellers reach their real estate goals.” 

Northeast Florida by County 

In Duval County, the January 2023 median price of single-family housing was $308,000, a slight decrease from December 2022 when it registered $319,945. The median days on the market in January was 50, a 28.2% increase over December. Month-to-month, closed sales dropped 36.2% to 547, pending sales rose 24% to 857, and new listings rose 34.8% to 1,357. Active inventory for the county was 2,381 homes, an increase of 2% from December and a 4.4-month supply. In January, the home affordability index showed housing was becoming slightly more affordable by registering at 88, an increase of 4.8% from the month before. 

In Clay County, the January 2023 median price of single-family homes increased slightly, 2.8%, to $365,000. The median days on the market were 61, a drop of 9.9%. Month-to-month, closed sales plummeted 41.81% to 131, pending sales increased 29.5% to 246, and new listings increased 30.4% to 386.  Active inventory for the county was 7787 homes, an increase of.4.5% from December 2022 and a 6-month supply. The affordability index registered at 75, a 1.3% decrease from the previous month.  

In St. Johns County, January 2023 median prices fell slightly by 2.7% to a median price of $526,500 for single-family homes.  The median days on the market were 49, a 25.8% drop from the month before. Month-to-month, closed sales plummeted 38.5% to 259, pending sales climbed 32.2% to 390, and new listings shot up 42% to 612. Active inventory rose to 1,240 homes, an increase of 4.1% from December 2022, and 4.8-month supply. The affordability index inched up 4% to 52, demonstrating that St. Johns County became just slightly more affordable as it continues to remain the most expensive area to live in the region.  

In Putnam County, the January 2023 median price of single-family homes was $234,250, a 1.9% drop from December 2022.  The median days on the market in January was 69, a 48.4% increase from November. Month-to-month, closed sales plummeted 38.5% to 32, pending sales skyrocketed 51.7% to 44 and new listings decreased 13.8% to 75. There was no change in active inventory as it remained at 187 homes. Putnam County’s home affordability index registered at 116, an increase of 2.7% from the month before indicating that the county became is becoming more affordable at the start of the year. Compared with other counties in Northeast Florida, Putnam continues to be the most affordable place to live in the region. 

In Nassau County, the January 2023 median price of single-family homes was $371,990, an 8% decrease from December 2022. There was a 12.3% increase in median days on the market to 64. Month-to-month, closed sales dropped 20.9% to 87, pending sales skyrocketed 48.4% to 141, and new listings climbed 46.9% to 188. Active inventory decreased slightly .9% in January to 336 homes, a 3.9-months’ supply. The Home Affordability Index registered 73, 9% higher than in December 2022. 

In Baker County, the January 2023 median price of single-family homes was $285.495, a 1.6% decrease from December 2022. The median days on the market in January was 75, a 1.4% increase since the month before. Month to month, closed sales dropped 18.2% to 18, pending sales increased 25% to 20, and new listings increased 14.3% to 32. Active inventory remained the same in January as it was in December at 80, a 4.4-month supply. The affordability index registered at 95, a 2.2% increase. 

-30- 

The Northeast Florida Association of Realtors (NEFAR,) serves as the voice of real estate in Northeast Florida. It is the region’s largest professional association, representing more than 12,000 members who work in all facets of the real estate industry including residential and commercial sales and property management. It serves the public through support of community affairs programs and seeks to protect private property rights. The region’s multiple listing service, realMLS, is a wholly owned subsidiary of NEFAR. NEFAR is headquartered in Jacksonville, with satellite Service Centers in Orange Park, Jacksonville Beach, and Palatka.