With fall in full swing, the Northeast Florida housing market continues to offer promising conditions for homebuyers. The Northeast Florida Association of Realtors (NEFAR) Market Statistics report for October reveals an ongoing trend of increased inventory and moderate price growth, signaling a stabilizing market.
The median sales price for single-family homes in Northeast Florida’s six-county region rose by 1.5%, reaching $395,000. However, the Home Affordability Index saw a 2.9% decline to a score of 68, highlighting shifts in affordability despite favorable buying power in recent months.
“The market in Northeast Florida was continuing to see the effects of both interest rates and the upcoming election in October. This resulted in increased days on market, increased inventory, slightly lower closed sales and a lower median price that dropped below $400,000,” said 2024 NEFAR President Rory Dubin.
Closed sales for the month showed a slight decrease of 3.9% from the previous month, totaling 1,512 transactions. Pending sales dropped more sharply by 22.4%, recording 1,120, while new listings surged by 9.7% to 2,927. This increase in new listings points to a widening of available options for prospective buyers.
The active inventory of single-family homes rose by 10.7% to 7,839 properties, marking a substantial 73.9% increase compared to October 2023. This surge is a positive sign for buyers looking for more choices in the market. Meanwhile, the median days on the market was raised to 49 days, indicating continued balanced selling conditions.
“The shift to market equilibrium is now nearly complete and it is more important than ever for sellers to utilize a skilled local Realtor to position their home correctly in the market and optimize the marketing among a larger inventory competing for buyers,” said Dubin, “Similarly, buyers need to be aware of the opportunities and the negotiating power of their Realtor, not only for pricing, but potential seller concessions that may be available, and everything else from repairs and time to closing.”
In St. Johns County, the October 2024 median prices increased 1.7% to $555,000 for single-family homes. The market pace slowed, with median days on the market rising 26.3% to 75. Closed sales dropped 10.3% to 383, while pending sales saw a significant 26.7% fall to 274. New listings edged up by 2.7% to 657, and active inventory increased by 6.0% to 2,071 homes, translating to a 5.4-month supply. The Home Affordability Index fell 4.0% to 48, underscoring its high cost of living. St. Johns County remains the most expensive place to live in the region.
In Duval County, there was a slight 1.0% increase in the median price of single-family homes, now at $337,995. Homes sold faster in October, with the median days on the market rising 21.6% to 45 days. While closed sales fell 1.4% to 770, pending sales took a sharper 20.6% drop to 574. Notably, new listings rose 16.7% to 1,645, contributing to the 15.3% rise in active inventory, now at 3,804 homes — a 4.9-month supply. The Home Affordability Index decreased 3.7% to 79.
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.
