Selling season underway in Northeast Florida 

Selling season underway in Northeast Florida 

For Immediate Release  

JACKSONVILLE, Fla., April 8, 2024 – The “selling season” in Northeast Florida has arrived, albeit a bit early this year. For single-family homes, prices are up, active inventory is up, new listings are up, and so is the median number of days on the market. There are only two exceptions – pending sales for single-family homes dropped nearly 20%, and, unfortunately for consumers, the Home Affordability Index ratcheted down slightly, 2.2%, to register at 66.5. 

The Home 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.  

“The market is moving up in a positive direction each month,” said 2024 NEFAR President Rory Dubin. “March saw over a 20% increase in closed transactions despite a slight increase in the median price. In fact, almost a third of sales were above list price, indicating high demand in our more affordable market compared with the rest of and most of the Southeast. Both inventory and new listings increased as well, showing a robust market for both buyers and sellers.”  

Specifically, the median sales price for single-family homes in the region in March was $389,000, a 1% increase from February. Active inventory totaled 5,920 homes, a 3.2% increase over last month. Likewise, new listings tallied 3,580, a 6.7% increase. And the median number of days on the market stood at 33, up 3.1% from the month before. 

As spring arrives and the selling season becomes busy, employing a REALTOR® who has local knowledge and experience is vital, Dubin said. “It is more important than ever to use a NEFAR Realtor to navigate the high amount of activity in real estate in Northeast Florida.”  

Northeast Florida by County  

In Duval County, the March 2024 median price of single-family housing was $345,950, slightly less than a 1% drop from February 2024. The median number of days on the market in March rose to 29, a 7.4% increase from the month before. Month-to-month closed sales rose 24.4% to 964, pending sales fell 19.4% to 746, and new listings increased 10.5% to 1,813. Active inventory for the county climbed 5.4% to 2,709 homes, a 2.8-month supply. In March, the Home Affordability Index remained the same at 75.   

In Clay County, the March 2024 median price of single-family homes inched up just barely .1%, to $348.000. The median number of days on the market fell 5.4% to 44. Month-to-month, closed sales jumped 11% to 253, pending sales plummeted 25.3% to 192, and new listings climbed 4.3% to 432.  Active inventory for the county rose to 741 homes, a 3.2% increase from February 2024 and showed a 2.9-month supply. The Home Affordability Index sank 1.3% to 74.   

In St. Johns County, March 2024 median prices climbed 10.4% to $546,259 for single-family homes.  The median days on the market rose 21.9% to 39. Month-to-month, closed sales rose 17.5% to 484, pending sales dropped 17.2% to 409, and new listings increased 3.3% to 989. Active inventory increased 4.3% to 1,852 homes, a 3.8-month supply. The Home Affordability Index fell, 11.3% to 47, indicating that it is still very expensive to live in St. Johns County.   

In Putnam County, the March 2024 median price of single-family homes was $230,000, a 7.3% drop from February 2024.  The median of 22 days on the market remained stable and virtually unchanged from the month before. Month-to-month, closed sales fell 6.8% to 41, pending sales plummeted 27.3% to 32 and new listings dropped 8.7% to 84. Active inventory also declined to 167 homes. Putnam County’s Home Affordability Index registered at 114.5, a 9% increase from the month before indicating that prices in the county are very much within the reach of buyers.  With a Home Affordability Index registering over 100, Putnam County remains by far the most affordable place to live in the region.  

In Nassau County, the March 2024 median price of single-family homes was $445,490, a negligible 1% decrease from February 2024. The median days on the market skyrocketed 53.1% to 49. Month-to-month, closed sales climbed 51.6 % to 141, pending sales decreased 15% to 125, and new listings inched up 1.3% to 234. Active inventory declined 4.7% to 402 homes, a 2.9-months’ supply. The Home Affordability Index registered 61.5, a 6% increase from the month before.  

In Baker County, the March 2024 median price of single-family homes jumped to $295,000, an 18.5% increase. The median number of days on the market in March rose to 43, a 21.4% increase from the month before. Month to month, closed sales climbed 22.2% to 11, pending sales fell 33.3% to 8, and new listings increased 33.3% to 28. Active inventory decreased 3.9 % to 49 homes, a 4.5-month supply. The Home Affordability Index registered at 88, dropping 16.2% 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.