Summer housing market expected to be fruitful for both buyers and sellers

Summer housing market expected to be fruitful for both buyers and sellers 

For Immediate Release 

JACKSONVILLE, Fla., May 9, 2024 – More single-family homes are being listed in Northeast Florida, which may be a solid indication that this summer’s housing market will be fruitful for both buyers and sellers. 

Specifically, the six-county region registered 3,750 new single-family listings, a 54.3% increase from a year ago and a 4.8% hike from last month. Add to this inventory in Northeast Florida, which steadily rose to 6,490 homes – a 63.7% increase from April 2023 and a 9.9% hike from March 2024. Also closed sales fell 5.8% to 1,843, and pending sales decreased 26.7% to 1,465. All together this is evidence that buyers may now have a better selection to choose from than they have seen in a long time. 

On the sellers’ side, prices are also continuing to rise, but the rate of increase is slowing. Single family homes on the First Coast inched up 2.7% to a median sales price of $399,990. Northeast Florida’s Home Affordability Index continued to dip down to 64 in April.  

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 Northeast Florida market continued to strengthen in April versus March, with listing inventory up almost 10 %, and about 5% of those as new listings. This indicates more sellers are returning to the market,” said NEFAR 2024 President Rory Dubin. “This is concurrent with modest increases in the median sales process and the average price per foot of homes sold. With 3.5 months of inventory, the region is returning to a more balanced market between buyers and sellers.” 

The median price per square foot for single-family homes in Northeast Florida was $215, a 2.9% increase over March 2024, when the median price was $209. 

Mandatory changes in the selling process are on the horizon, and in a few short months prospective buyers will be asked to sign buyers’ sales agreements with their agents. “It is critical with many changes occurring in the real estate transaction that sellers and buyers rely on members of the Northeast Florida REALTORS® Association to help them navigate a changing and complex sales process,” Dubin said, noting he recently returned from a five-day National Association of REALTORS® legislative conference in Washington D.C. 

 “Many of the attorneys and legislators I spoke with during my time in D.C. stated that buying a home is an important and complex transaction, one where they rely on REALTORS® to assist them in their home, property, or land acquisition transactions,” he said. 

Northeast Florida by County  

In Duval County, the April 2024 median price of single-family housing was $345,500, a negligible drop from $346,00 the month before. The median number of days on the market in April rose to 31, a 24% increase from March 2024. Month-to-month closed sales fell 2.5% to 964, pending sales fell 31.6% to 704, and new listings increased 1.5% to 1,840 homes. Active inventory for the county climbed 10.6% to 2,904 homes, a 3-month supply. In April, the Home Affordability Index remained the same at 75.   

In Clay County, the April 2024 median price of single-family homes inched up 1.1%, to $352.000. The median number of days on the market fell dropped 22.5% to 31. Month-to-month, closed sales tumbled 16.2% to 217, pending sales plummeted 20.6% to 196, and new listings climbed 19.6% to 518.  Active inventory for the county rose to 876 homes, a 19.8% increase from March 2024 and showed 4-month supply. The Home Affordability Index sank 1.4% to 73.   

In St. Johns County, April 2024 median prices climbed 11.4% to $600,000 for single-family homes.  The median days on the market rose 25.7% to 44. Month-to-month, closed sales dropped 4.9% to 485, pending sales dropped 20.9% to 409, and new listings increased .2% to 990. Active inventory climbed 5.3% to 2,010 homes, a 4.1-month supply. The Home Affordability Index fell, 14.3% to 42, indicating that it is still very expensive to live in St. Johns County.   

In Putnam County, the April 2024 median price of single-family homes was $244,950, a 6.5% increase from March 2024.  The median of 21 days on the market reflected a 4.5% drop from the month before. Month-to-month, closed sales increased 2.4% to 42, pending sales plummeted 14% to 37 and new listings skyrocketed 47.6% to 124. Active inventory also climbed to 208 homes. Putnam County’s Home Affordability Index registered at 104, an 8% decrease from the month before indicating that prices in the county are within the reach of buyers only less so from last month when it registered 113.  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 April 2024 median price of single-family homes was $484,995, an 11.5% increase from March 2024. The median days on the market fell 28.9% to 32. Month-to-month, closed sales dropped 16.4 % to 122, pending sales plummeted 24.3% to 112, and new listings inched up 3% to 241. Active inventory rose 3.8% to 435homes, 3.6-months’ supply. The Home Affordability Index registered 51.5, a 15.6 decrease from the month before.  

In Baker County, the April 2024 median price of single-family homes jumped to $305,000, a 3.4% increase. The median number of days on the market in April skyrocketed to 57, a 48.1% increase from the month before. Month to month, closed sales climbed 18.2% to 13, pending sales fell 50% to 7, and new listings increased 32.1% to 37. Active inventory increased 21.3 % to 57 homes, a 4.4-month supply. The Home Affordability Index registered at 88.5, a negligible increase 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.