JACKSONVILLE, Fla., August 8, 2024 – Buyers rejoice! Every single metric in the Northeast Florida Association of REALTORS® (NEFAR) Market Statistics report for July shows the housing market making a shift towards a balanced market. Although the market is not totally balanced yet, stabilization is on its way, and that is a good thing for buyers.
“July statistics showed a continued stabilization of the real estate market in Northeast Florida towards a traditional balanced marketplace,” said 2024 NEFAR President Rory Dubin. “Despite a worsening economy and high inflation, median prices were down slightly, and the Home Affordability Index was up. Days on market are longer, and inventory of homes to purchase is higher,” he said.
Specifically, over Northeast Florida’s six-county region, the median sales price for single-family homes inched down by less than half a percentage point to $398,970. Meanwhile the Home Affordability Index crept up 1.6% to register at 65.
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.
July’s median for days on the market rocketed up 20% to 42 days and the active inventory of homes shot up 11.6% to 7,897 homes, which are also indications that the market is more conducive to buyers.
Other metrics of note: Month to month, closed sales in the six-county region dropped 4.8% to 1,868. Pending sales plummeted 20.3% to 1,387, while new listings rose 3.9% to 3,318.
“Purchasing a home or property remains one of the very best ways to hedge against inflation and the volatility of the stock market,” said Dubin. “It’s more important than ever to consult a REALTOR®, who is fully trained to aid sellers in pricing their homes accurately in the market. REALTORS® also are essential in assisting buyers in negotiating the purchase of a new home. Rest assured. The best time to buy or sell a home is today, and REALTORS® have the specific knowledge to optimize that experience.
Northeast Florida by County
Duval County
The July 2024 median price of single-family housing was $3345,500, a 1.6% increase from the month before. The median number of days on the market in June was 36, 20% longer than in June. Month-to-month closed sales fell 1.9 % to 928, pending sales plummeted 21.2% to 692, and new listings rose 1.1% to 1,682 homes. Active inventory for the county climbed 12.5% to 3,566 homes, a 3.8-month supply. In July, the Home Affordability Index remained steady at 75.
Clay County
The July 2024 median price of single-family homes rose 2.5% to $369.000. The median number of days on the market fell 3.8% to 38. Month-to-month, closed sales decreased 17.6% to 259, pending sales plummeted 23.9% to 191, and new listings increased 13.6% to 501. Active inventory for the county rose to 1,156 homes, an 18.4% increase from June 2024 and showed 4.5-month supply. The Home Affordability Index slid down slightly 1.4% to 70.
St. Johns County
In July 2024 median prices increased 1.9% to $591.000 for single-family homes. The median days on the market increased 31.9 % to 62. Month-to-month, closed sales dropped 13.5% to 505, pending sales sank 19.7% to 354, and new listings inched up 1.2% to 817. Active inventory climbed 9.7% to 2,334 homes, a 4.6-month supply. The Home Affordability Index remained unchanged at 44, indicating that it is very expensive to live in St. Johns County.
Putnam County
The July 2024 median price of single-family homes plunged to $214,000, a 16.4% drop from June 2024. A median of 34 days on the market reflected a 54.6% increase in the amount of time it took for homes to sell from the month before. Month-to-month, closed sales increased 20% to 48, pending sales dropped 13% to 40 and new listings rose 13.6% to 92. Active inventory also climbed to 252 homes, a 5.4% increase. Putnam County’s Home Affordability Index registered at 120.5, a 20.5% lift from the month before indicating that prices in the county are becoming much more affordable. With a Home Affordability Index registering well over 100, Putnam County remains by far the most affordable place to live in the region.
Nassau County
The July 2024 median price of single-family homes was $436,700, a 6.5% decrease from June 2024. In July, the median days on the market plummeted 23.3% to 33. Month-to-month, closed sales rose 3.4 % to 122, pending sales dropped 15.3% to 100, and new listings rose 5.9% to 197. Active inventory rose 4% to 519 homes, 4.3-months’ supply. The Home Affordability Index registered 59, an increase of 7.3% from the month before.
Baker County
The July 2024 median price of single-family homes plummeted $225,000, a 47.1% drop from the month before. The median number of days on the market in July climbed to 83, a 47.3% elevation from June. Month to month, closed sales dropped 57.1% to 6, pending sales catapulted 42.9% to 10, and new listings skyrocketed 93.3% to29. Active inventory increased 16.7% to 70 homes, a 11.6-month supply. The Home Affordability Index registered at 115, an 84% increase from the previous month demonstrating that Baker County joins Putnam County as an affordable place to live.
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The Northeast Florida Association of Realtors (NEFAR,) serves as the voice of real estate in Northeast Florida. As the region’s largest professional association, it represents 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 Northeast Florida Multiple Listing Service is a wholly owned subsidiary of NEFAR. NEFAR is headquartered in Jacksonville, with satellite Service Centers in Orange Park, Jacksonville Beach, Palatka, and World Golf Village.
