For more information contact:
Marcia Hodgson
Communications Director mhodgson@nefar.com
(904) 394-9144 (W) or (904) 300-5709 (C)
For Immediate Release
JACKSONVILLE, Fla., June 10, 2024 – Have buyers finally had enough of the crazy high housing market? That is the question presented by the market statistics for May. At a time when one would expect to see the market showing signs of an approaching busy summer season, the numbers present a different story. In May’s single-family home market in Northeast Florida, prices and the number of closed sales increased only a tiny bit, while the percentage of list price received was flat and pending sales were down. Meanwhile active inventory and new listings continued to climb giving buyers a wider selection of homes to choose from this summer for the first time in years.
“Things are heating up in Florida and in the market for buyers!” said 2024 NEFAR President Rory Dubin. “Our last month of spring saw our area median prices rise slightly and cross a median price of $400,000 for the first time. This still places the greater Jacksonville area as one of the most affordable places to work, live, and travel of any metro area in Florida and the Southeast.”
In May, Northeast Florida’s median sales price was $400,203, a slight .3% gain from $399,990 seen in April. Days on the market climbed 13% to 34 days, and closed sales were up 7% to 2,060. Closed over list price fell 5.2% and pending sales dropped 22% to 1,490. New listings increased 4.9% to 3,602 and active inventory skyrocketed 21% to 7,586 – 3.7 months of supply.
Meanwhile, Northeast Florida’s Home Affordability Index inched down only slightly to show that the region is regaining some equilibrium.
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.
“In May, our market was stabilizing towards a more traditional situation, as both months of supply and total inventory had significant gains month over month from April,” explained Dubin. “The timing has never been better for both buyers and sellers to utilize the services of a local NEFAR REALTOR® to assist them in the negotiations and complexities of a successful purchase or sale. Investor and first-time buyer interest remain high in Northeast Florida throughout our six-county market area. The gateway to the Sunshine State has never been brighter!” he said.
Northeast Florida by County
In Duval County, the May 2024 median price of single-family housing was $345,500, the same as the month before. The median number of days on the market in May fell to 26, a 3.7% increase from April 2024. Month-to-month closed sales rose .2% to 1007, pending sales fell 23.5% to 731, and new listings increased 13.6% to 1,876 homes. Active inventory for the county climbed 28% to 3,435 homes, a 3.4-month supply. In May, the Home Affordability Index fell to 73.
In Clay County, the May 2024 median price of single-family homes rose 3.4%, to $365.000. The median number of days on the market rocketed up 81.5% to 49. Month-to-month, closed sales increased 12.2% to 257, pending sales plummeted 21.4% to 191, and new listings climbed 3.6% to 494. Active inventory for the county rose to 1,032 homes, a 25.2% increase from April 2024 and showed 4-month supply. The Home Affordability Index sank 4.2% to 69.
In St. Johns County, May 2024 median prices dropped 3.5% to $564,158 for single-family homes. The median days on the market rose 18.9% to 44. Month-to-month, closed sales climbed 20.8% to 610, pending sales dropped 23.9% to 408, and new listings fell 2.8% to 899. Active inventory climbed 15.1% to 2,285 homes, a 3.7-month supply. The Home Affordability Index rose 2.3% to 45, indicating that it is still very expensive to live in St. Johns County.
In Putnam County, the May 2024 median price of single-family homes was $262,500, a 7.2% increase from April 2024. The median of 30 days on the market reflected a 16.7% slowdown from the month before. Month-to-month, closed sales fell 18.2% to 36, pending sales dropped 4.4% to 43 and new listings decreased 11.6% to 99. Active inventory also climbed to 249 homes. Putnam County’s Home Affordability Index registered at 96, a 7.7% decrease from the month before indicating that prices in the county are becoming more expensive. With a Home Affordability Index registering close to 100, Putnam County remains by far the most affordable place to live in the region.
In Nassau County, the May 2024 median price of single-family homes was $418,000, an 13.9% decrease from April 2024. The median days on the market increased 54.8% to 48. Month-to-month, closed sales increased 2.3 % to 133, pending sales dropped 9.1% to 110, and new listings fell 7.7% to 216. Active inventory rose 5.9% to 523 homes, 3.9-months’ supply. The Home Affordability Index registered 61, a 16.2% increase from the month before.
In Baker County, the May 2024 median price of single-family homes jumped to $315,000, a 3.3% increase. The median number of days on the market in May fell to 42, a 26.3% drop from the month before. Month to month, closed sales climbed 30.8% to 17, pending sales fell 36.4% to 7, and new listings plummeted 48.6% to 18. Active inventory increased 6.9 % to 62 homes, a 3.6-month supply. The Home Affordability Index registered at 80, a decrease of 3.6% 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.
