JACKSONVILLE, Fla., September 13, 2024 – As fall approaches it is becoming more apparent that now is the prime time for buyers to make their move! The Northeast Florida Association of REALTORS® (NEFAR) Market Statistics report for August shows the housing market becoming more affordable and stable.
“During the culmination of the summer months, we continue to see an equilibrium forming in our Northeast Florida marketplace, typically considered to be about 4-6 months’ supply of inventory,” said 2024 NEFAR President Rory Dubin.
Over Northeast Florida’s six-county region, the median sales price for single-family homes dropped 3.7% to $383,990 while the Home Affordability Index* rose 6.2% to register at 69.
Month to month, closed sales in the six-county region dropped 8.0% to 1,777. Pending sales plummeted 30.6% to 1,295, while new listings decreased 6.5% to 3,097.
“Although closed and pending sales have decreased and inventory has increased, with the Fed predicted to enact several smaller rate cuts in their next several meetings, the trickle effect on mortgage rates should encourage buyers (and sellers) to be more active in the market,” he said.
Buyers should be happy to see an active inventory of single-family homes in the region rise 4.0% to 7,713, an increase over last month, and an 84.3% increase over September 2023. August’s median for days on the market shot up 30.8% to 51 days.
“Despite the trend of price increases in the past years now leveling off, Northeast Florida continues to be one of the best places for families, businesses and investors to focus of any metro area in the Southeast US,” said Dubin. “It is more important than ever for these buyers, sellers, landlords and tenants to use the expertise and professionalism of a local Realtor.”
Northeast Florida by County
Duval County
The August 2024 median price of single-family housing was $331,400, a 3.7% decline from the month before. The median number of days on the market in August was 44, 31.8% longer than in July. Month-to-month closed sales fell 8.6% to 874, pending sales decreased 33.1% to 640, and new listings rose 1.1% to 1,695 homes. Active inventory for the county increased 8.5% to 3,594 homes, a 4.1-month supply. In August, the Home Affordability Index reached 80.
Clay County
The August 2024 median price of single-family homes fell 3.3% to $355,000. The median number of days on the market climbed 50% to 54. Month-to-month, closed sales decreased 14.9% to 228, pending sales plummeted 31.9% to 169, and new listings declined 10.5% to 450. Active inventory for the county rose to 1,179 homes, a 7.0% increase from June 2024 and showed 5.2-month supply. The Home Affordability Index rose 7.1% to 75.
St. Johns County
The August 2024 median prices decreased 5.2% to $560,000 for single-family homes. The median days on the market increased 17.1 % to 65. Month-to-month, closed sales dropped 2.7% to 508, pending sales sank 31.6% to 333, and new listings declined 18% to 669. Active inventory decreased 2.6% to 2,133 homes, a 4.2-month supply. The Home Affordability Index rose 9.1% to 48, St. Johns County remains the most expensive place to live in the region.
Putnam County
The August 2024 median price of single-family homes climbed 15% to $241,495. A median of 71 days on the market reflected a 101.4% increase in the amount of time it took for homes to sell from July. Month-to-month, closed sales dropped 12% to 44, pending sales decreased 15.6% to 38 and new listings rose 5.5% to 96. Active inventory also increased 3.3% to 252 homes. Putnam County’s Home Affordability Index registered at 110.5, a 10.2% drop from the month before. 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 August 2024 median price of single-family homes was $476,200, an 8.3% increase from July2024. The median days on the market rose 10.1% to 38. Month-to-month, closed sales dropped 15.6% to 108, pending sales went down 9.5% to 105, and new listings decreased 16.2% to 165. Active inventory declined 3.8% to 486 homes, 4.5-months’ supply. The Home Affordability Index registered 56, a decrease of 4.3% from the month before.
Baker County
The August 2024 median price of single-family homes rose to $277,000, a 23,1% increase from the month before. The median number of days on the market in August dropped to 18, a 75.2% decrease from June. Month to month, closed sales climbed 114.3% to 15, pending sales declined 16.7% to 10, and new listings dropped 24.1% to 22. Active inventory increased 4.5% to 69 homes, a 4.6-month supply. The Home Affordability Index registered at 96, a 16.5% decrease from the previous month.
* 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.
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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.
