JACKSONVILLE, Fla., March 10th – With spring on the horizon the housing market in Northeast Florida sees a continuing rise in inventory, and homes selling a little bit faster than last month. In February, the market experienced an upturn in closed sales for the first time this year, which was a welcome change from January. Additionally, the amount of time homes spent on the market fell notably, showing that homes are selling quicker.
The median sales price for single-family homes in Northeast Florida’s six-county region increased by 4% since February, rising to $389,989. This caused the Home Affordability Index* to dip to a score of 66, a 2.9% decrease from January.
“These changes are indicative of a reasonably stable Jacksonville real estate market. Buyers and sellers alike are taking advantage of current conditions to secure their next homes.” said 2025 NEFAR President, Mario Gonzalez.
In February, closed sales for single-family homes rose by 8.7% month-over-month, totaling 1,271 transactions, while pending sales decreased by 16.4%, sitting at 1,231. New listings fell slightly by 1% from January to February, recording 3,304 homes.
Since January, the active inventory of single-family homes increased by 10.7% to 7,954 properties. However, this is a drastic increase from the previous year, as the number of properties has grown exponentially by 69.9% since February 2024. This rise in inventory from 2024 is a positive change for buyers, as they have many options to choose from. The median number of days on the market decreased to 41 days, a 19.6% decrease from January, indicating homes selling more quickly than they did last month.
“While some buyers remain on the fence, others are seizing these conditions to choose exactly the home they want and are able to negotiate with sellers on their terms,” said Gonzalez.
Northeast Florida by County
In Duval County, February showed a 5.4% decrease since January in the median price of single-family homes, now at $334,000. Sales of homes increased in speed in February, with the median days on the market falling 20% to 36 days. While closed sales rose 8.5% to 667, pending sales were 645. Notably, new listings dipped 1.5% to 1,729. Meanwhile, there was a 10.2% climb in active inventory, now at 3,893 homes—a 5.8-month supply. The Home Affordability Index decreased since January by 4.9% to 77.
In Clay County, in February 2025, the median price for single-family homes decreased by 0.2% from January to $352,900. Median days on the market climbed by 9.8% from January to 67. Closed sales increased by 10.6% to 177, and pending sales experienced a decline of 28.4% to 159. New listings rose by 3.9% to 449, while active inventory increased by 10.1% to 1,137 homes, representing a 6.4-month supply. The Home Affordability Index remained at 73, indicating decent affordability in the market.
In St. Johns County, the February 2025 median price for single-family homes increased by 4.6% from January to $549,000. Median days on the market dropped 31.7% from January to 41. Closed sales increased by 7.8% to 303, with pending sales now at 301. New listings rose by 4.2% to 835, while active inventory increased by 15.4% to 2,081 homes, representing a 6.9-month supply. The Home Affordability Index fell slightly to 47, as St. Johns County remains the most expensive county in the region.
In Putnam County, the February 2025 median price of single-family homes rose to $257,500. The median days on the market fell 50.7% to 35 days, reflecting shorter sales cycles. Closed sales remained at 32, while pending sales were 33. New listings decreased by 25% to 81. The active inventory fell by 1.1% to 277 homes, indicating an 8.7-month supply, and the Home Affordability Index fell to 100, though Putnam County is still the most affordable area in the region.
In Nassau County, in February 2025, the median price of single-family homes was $457,450, a 2.7% decrease from January. The median days on the market fell 50.8% to 31. Closed sales were up 22.4% to 82, while pending sales fell 15.6% to 81, and new listings decreased by 12.6% to 181. Active inventory rose by 5.7% to 486 homes, a 5.9-month supply. The Home Affordability Index rose slightly to 56.5, showing a small increase in relative affordability.
In Baker County, February 2025 showed a decrease in the median home price, falling to $311,500, which is 2.5% higher than January. Homes moved slower with the median days on the market rising 35.6% to 71. Closed sales decreased to 10, while pending sales rose to 12, and new listings fell by 17.1% to 29. Active inventory was at 80 homes, providing an 8-month supply. The Home Affordability Index saw a small rise of 3.8% to 83, indicating increased 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.
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.
