There has been a lot of conversation recently about whether we are now in a strong buyer’s market. Some national headlines would certainly lead you to believe that we are. But as is often the case in real estate, the answer is not quite that simple.
Nationally, inventory has increased and buyers have more choices than they have had in recent years. But with local months of supply hovering around four months, it is difficult to characterize the entire housing market as a true buyer’s market. Instead, we are seeing pockets of buyer’s markets, seller’s markets and balanced markets—and sometimes all three can exist within the same city. That is certainly true here in Northeast Florida.
One of the most interesting local statistics from last month is that 65% of all homes sold had been on the market for less than two months. That tells us that homes that are priced correctly are still selling. It also reinforces something I have been telling sellers for some time: waiting 30 days to make a price adjustment can be too long in today’s market. Buyers have access to more information than ever, and they recognize very quickly when a home is priced above the market.
For buyers, the opportunity may be on the other end of that timeline. Homes that have been on the market between 61 and 120 days can represent a “deal zone,” where sellers may be more willing to negotiate. We are also seeing greater price flexibility at both the upper and lower ends of the market.
Prices provide another good example of why the numbers need context. Median home prices are approximately 5% higher than they were in January. In a typical year, we might expect them to be up closer to 11% by this point. At the same time, more activity at lower price points can pull the overall median sales price down even when individual home values have not declined by the same amount. The lower end of the market has picked up, which changes the mix of homes being sold and, in turn, affects the median.
Interest rates continue to be another major part of the housing conversation. Inflation remains a concern, and expectations about future Federal Reserve decisions continue to influence financial markets and mortgage rates. While higher borrowing costs certainly affect affordability, history also reminds us that interest rates are only one factor influencing home prices. Inventory, employment, population growth, consumer confidence and the supply of money in the economy all play a role.
Cash buyers are also an important part of our local market. Approximately 28% of sales in St. Johns County and 25% in Duval County are cash purchases, meaning a significant portion of buyers are not directly affected by mortgage-rate changes at all.
So, what does all of this mean?
It means the housing market is complex. There is no single statistic, interest rate or national headline that tells the whole story and there really is no single “Northeast Florida market.” Conditions can vary considerably by county, neighborhood, price point and even property type.
For sellers, pricing correctly from the beginning matters more than ever. For buyers, increased inventory and longer days on market can create opportunities, but the best homes are still selling relatively quickly.
Whether you are buying or selling, understanding what is happening in the specific market you are entering is much more valuable than reacting to a national headline. In a market this nuanced, who you work with matters.
Sources: Northeast Florida Association of REALTORS® (NEFAR) market statistics; The Market Distillery market analysis and data.
Devon Witt, Realtor
Berkshire Hathaway HomeServices Florida Network Realty
904-607-1281
www.devonwitt.com
— From Sand Castles, October 2026
