JACKSONVILLE, Fla., October 18, 2024 – As we enter the cooler months, the Northeast Florida housing market continues to show promising opportunities for buyers. The Northeast Florida Association of REALTORS® (NEFAR) Market Statistics report for September highlights increasing affordability and a stabilizing market.
Across Northeast Florida’s six-county region, the median sales price for single-family homes saw a modest increase of 1.8%, reaching $389,945. At the same time, the Home Affordability Index* rose by 1.4%, reaching a score of 70, signaling improved buying power for potential homeowners.
“Our market continued to see a significant decline in sales even as the average market price increased slightly from August,” said 2024 NEFAR President Rory Dubin. “The Home Affordability Index increased as well due to our area pricing being more competitive than any other major metropolitan area in the southeastern United States.”
Closed sales across the region saw a dip of 17.7% month-over-month, with 1,526 transactions completed. Pending sales dropped significantly by 32.7%, coming in at 1,134, while new listings fell 8.2% to 2,835, indicating a tightening of available new inventory on the market.
However, buyers will be encouraged by the active inventory of single-family homes, which rose 4.2% to 7,695 properties. This represents a substantial year-over-year jump of 74.1% from September 2023, reflecting a much-needed boost in available housing options. Additionally, the median number of days on the market remained steady at 46 days, signaling consistent selling conditions.
“Our area is an excellent location for home buyers and investors to purchase residential properties with inventory nearing 8000 units. The monthly supply of inventory is now about 5 months, indicating that market equilibrium between buyers and sellers in Northeast Florida,” said Dubin. “The current market makes it critical for all buyers, sellers, renters & investors to utilize the expertise in their transaction provided by a Realtor.”
Northeast Florida by County
In Duval County, the September 2024 median price of single-family housing was $334,750, a 0.3% increase from the month before. The median number of days on the market in September was 38, 9.5% shorter than in August. Month-to-month closed sales fell 18.2% to 753, pending sales decreased 34.9% to 553, and new listings fell 9.8% to 1,522 homes. Active inventory for the county increased 7.5% to 3,664 homes, a 4.9-month supply. In September, the Home Affordability Index reached 82.
In Clay County, the September 2024 median price of single-family homes rose 1.8% to $359,950. The median number of days on the market increased 13.7% to 54. Month-to-month, closed sales decreased 10.2% to 212, pending sales plummeted 30.2% to 164, and new listings declined 15.5% to 381. Active inventory for the county rose to 1,151 homes, a 2.5% increase from August 2024 and showed 5.4-month supply. The Home Affordability Index rose 1.3% to 76.
In St. Johns County, the September 2024 median prices decreased 1.3% to $550,000 for single-family homes. The median days on the market increased 0.9% to 59. Month-to-month, closed sales dropped 20.1% to 417, pending sales sank 31.7% to 287, and new listings declined 0.7% to 664. Active inventory increased 0.9% to 2,091 homes, a 5.0-month supply. The Home Affordability Index rose 4.2% to 50, St. Johns County remains the most expensive place to live in the region.
In Putnam County, the September 2024 median price of single-family homes climbed 2.9% to $250,000. A median of 54 days on the market reflected an 18.2% decrease in the amount of time it took for homes to sell from August. Month-to-month, closed sales dropped 17.8% to 37, pending sales decreased 26.7% to 33 and new listings decreased 16.8% to 79. Active inventory also increased 4.5% to 257 homes. Putnam County’s Home Affordability Index registered at 110, remaining neutral 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.
In Nassau County, the September 2024 median price of single-family homes was $444,995, a 4.7% decrease from August 2024. The median days on the market rose 70.8% to 62. Month-to-month, closed sales dropped 15.5% to 98, pending sales went down 23.3% to 92, and new listings increased 1.8% to 167. Active inventory declined 2.1% to 463 homes, 4.7-months’ supply. The Home Affordability Index registered 61.5, an increase of 7.9% from the month before.
In Baker County, the September 2024 median price of single-family homes fell to $265,000, a 4.3% decrease from the month before. The median number of days on the market in September climbed to 57, a 52% increase from August. Month to month, closed sales dropped 40% to 9, pending sales declined 68.8% to 5, and new listings remained neutral at 22. Active inventory increased 6.2% to 69 homes, a 7.7-month supply. The Home Affordability Index registered at 103, a 7.3% increase 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 of 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 (DBA realMLS) 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.