September Market Stats 2023

September Market Stats 2023

For Immediate Release 

JACKSONVILLE, Fla., January 8, 2024 –  

Month over month looks good for buyers as price is slightly down while affordability is up, but looking at those same stats year over year, the market hasn’t corrected back nearly as far as many buyers are hoping for. But the percent closed over list price is down both month over month and year over year, so that is a good sign.  

And buyers should be happy to see an active inventory of single-family homes in the region rise to 5,230, a 10.9% increase over last month and a 21.1% increase over September 2022. However, although the numbers show a 30% rise in the months’ supply of inventory, 3.1 is still considered low, historically speaking.  “There is a change in the season for real estate,” Galavis said, pointing to the approach of the holidays at the end of the year, traditionally a slower time in the market. “The market is navigating fluctuating interest rates, the higher cost of living, and low inventory,” which can deter buyers from jumping in, she said. 

Registering at 66, Northeast Florida’s Home Affordability Index skidded downwards 1.5% demonstrating that purchasing a home, particularly for first-time home buyers, still remains an expensive undertaking.  

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.  This index measures affordability factors for all homebuyers making a 20% downpayment. An index of 100 is defined as the point where a median-income family has the exact amount of income needed to purchase a median-priced existing home. An index value over 100 means that the family has more than enough income, while a value below 100 means that a family doesn’t have enough income to qualify for a mortgage loan. 

Northeast Florida by County 

In Duval County, the September 2023 median price of single-family housing was $330,000, a negligible change from August 2023. The median days on the market in September increased to 33, a 17.9% hike from the month before. Month-to-month, closed sales fell 13.5% to 857, pending sales dropped 15.1% to 772, and new listings increased 4.8% to 1,427. Active inventory for the county rose 13.5% to 2,314 homes, a 2.7-month supply. In September, the Home Affordability Index fell 1.3%, registering at 76.  

In Clay County, the September 2023 median price of single-family homes dropped 2.9%, to $358.710. The median number of days on the market increased 30.6% to 41. Month-to-month, closed sales fell 17.1% to 247, pending sales dropped 4.4% to 238, and new listings tumbled 12.2% to 375.  Active inventory for the county rose to 682 homes, a 7.6% increase from August 2023 and showed a 2.8-month supply. The Home Affordability Index inched up 2.2 % from 69 to 70.  

In St. Johns County, September 2023 median prices decreased 2.5% to $536,493 for single-family homes.  The median days on the market jumped up 31.4% to 46. Month-to-month, closed sales fell 12.1% to 393, pending sales inched up 1% to 424, and new listings rose 1.25% to 733. Active inventory rose to 1,642 homes, an increase of 8.7% from August 2023, and 4.2-month supply. The Home Affordability Index increased slightly, 2.2% to 47, yet still indicated St. Johns County is an expensive place to live.  

In Putnam County, the September 2023 median price of single-family homes was $255,000, an 21.7% hike from August 2023.  The speed of sales slowed with homes remaining on the market a median of 33 days, 9.6% drop from the month before. Month-to-month, closed sales fell 24.1% to 41, pending sales decreased 14.8.% to 46 and new listings catapulted 21.3 % to 74. There was an 8 % increase in active inventory to 175 homes. Putnam County’s Home Affordability Index registered at 98, an 18.7% fall from the month before indicating that prices in the county became much less affordable.  However, with a Home Affordability Index hovering near 100, Putnam County remains by far the most affordable place to live in the region. 

In Nassau County, the September 2023 median price of single-family homes was $395,000, a 6.2% decrease from August 2023. There was a 57.9% increase in the median days on the market to 60. Month-to-month, closed sales fell 26.2 % to 107, pending sales skidded down 19% to 85, and new listings inched up 2.3 % to 176. Active inventory increased 8.2% to 356 homes, a 3.3-months’ supply. The Home Affordability Index registered 63, a 5% jump from the month before. 

In Baker County, the September 2023 median price of single-family homes decreased to $275,000. The median number of days on the market in August fell to 32, a 25.6% drop from the month before. Month to month, closed sales climbed 12.5% to 18, pending sales tumbled down 46.2% to 14, and new listings skyrocketed 42.3% to 37. Active inventory climbed 38.6 % to 61 homes, a 3.4-month supply. The Home Affordability Index registered at 91, rising 3.4% from the previous month.  

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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.