JACKSONVILLE, Fla., December 13 – As 2024 draws to a close, the Northeast Florida housing market follows seasonal trends. In November, there was a decrease in affordability, but an increase in inventory, providing buyers with more options and allowing more people to find their homes.
The median sales price for single-family homes in Northeast Florida’s six-county region rose by half a percentage point, reaching $392,000. Because of this, the Home Affordability Index* saw a 4.3% decline to a score of 66.
“The market nationally as well as in Northeast Florida typically slows in sales volume heading into the holiday cycle from Thanksgiving to year-end, which was shown in the changes for November. Days on Market are at the highest level in at least two years, moving to 52 days for the greater Northeast Florida area, an increase of almost 13% over October and over 20% since November 2023. Closed sales were down by almost 11% from last month’s volume and pricing held steady at a nominal .6% increase. Active inventory is approaching 8,000 units, an increase of 6% from October with pending sales down over 16% from October. This resulted in an inventory supply of 5.4 months up over 18% from October,” said 2024 NEFAR President, Rory Dubin, referring to single-family homes in the five-county region.
Closed sales for single-family homes for the month showed a decrease of 12.7% from the previous month, totaling 1,385 transactions. Pending sales dropped more sharply by 22.2%, recording 1,081, and new listings fell by 6.3% to 2,569.
The active inventory of single-family homes rose by 7.8% to 7,676 properties, marking a substantial 67.7% increase compared to November 2023. This uptick is good news for buyers who are looking to keep their options open. Meanwhile, the median number of days on the market was raised to 53 days, showing a persistent balance in selling conditions.
“Interest rates remain volatile with unknown adjustments as we head into 2025. Investors, a major factor in our market, are hopeful for economic policy and rates with a new administration taking office in January. It remains to be seen how the typically stronger market in the first quarter will develop, meaning it is more important than ever to utilize a NEFAR REALTOR® for buyers, sellers, and investors now and in the months ahead to navigate both the seasonal changes coupled with federal changes. Here’s wishing for a strong year ahead for the robust Northeast Florida real estate market,” said Dubin.
Northeast Florida by County
In Duval County, there was a slight 2.2% decrease in the median price of single-family homes, now at $326,000. Sales of homes slowed down in November, with the median days on the market rising 11.9% to 47 days. While closed sales fell 17.7 % to 675, pending sales took a sharper 22.4% drop to 559. Notably, new listings dropped 8.8% to 1,394, though there was still a 10.8% rise in active inventory, now at 3,744 homes—a 5.5-month supply. The Home Affordability Index decreased 1.3% to 79.
In Clay County, the November 2024 median price of single-family homes rose by 7.0% compared to October 2024, reaching $377,500. The median days on the market increased significantly by 52.1% to 73 days. Closed sales declined by 7.7% to 216, while pending sales dropped sharply by 35.2% to 142. New listings fell slightly by 6.0% to 342 homes, contributing to an 8.2% increase in active inventory, which now totals 1,133 properties and represents a 5.2-month supply. The Home Affordability Index dropped by 9.9% to 68.5, indicating reduced affordability in the market.
In St. Johns County, the November 2024 median price for single-family homes increased by 1.8% from the previous year to $524,500. The market pace remained slow, with median days on the market rising 48.9% to 67. Closed sales decreased by 5.3% to 376, and pending sales experienced a steep decline of 20.6% to 274. New listings rose by 12.8% to 580, while active inventory increased by 2.6% to 1,961 homes, representing a 5.2-month supply. The Home Affordability Index improved slightly by 4.3% to 49.0, though St. Johns County continues to be one of the most expensive areas in the region.
In Putnam County, the November 2024 median price of single-family homes rose by 28.6% to $270,000. The median days on the market dropped 15.6% to 65 days, reflecting shorter sales cycles. Closed sales were down 24.3% to 28, and pending sales decreased sharply by 29.6% to 19. New listings decreased 13.4% to 58. The active inventory grew by 4.2% to 273 homes, and the Home Affordability Index fell to 96, though Putnam County is still the most affordable area in the region.
In Nassau County, the November 2024 median price of single-family homes was $461,750, a 3.3% decrease from October 2024. The median days on the market rose 21.6% to 45. Closed sales were down 13.6% to 76, while pending sales rose 19.1% to 81, and new listings increased 11.9% to 160. Active inventory rose slightly by 3.9% to 481 homes, a 6.3-month supply. The Home Affordability Index rose slightly to 56, showing a small increase in relative affordability.
In Baker County, there was a slight fluctuation, with the median home price dropping to $330,000 which is 0.9% lower than October. Homes moved slower with the median days on the market rising 27.3% to 29. Closed rose to 14, while pending sales decreased by 40% to 6, and new listings edged up drastically by 75% to 35. Active inventory was also up 40% to 84 homes, providing a 6-month supply. The Home Affordability Index saw a small 1.9% decline to 78.5, indicating reduced affordability.
* 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 13,000 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, and Palatka.
