As temperatures start to rise in Northeast Florida, so do closed sales and new listings. Following seasonal trends, the housing market sees an increase in inventory as well as sales, continuing the upturn that began last month after the winter months brought lower numbers. Additionally, home prices showed a rise in affordability, which is a welcome change for buyers.
The median sales price for single-family homes in Northeast Florida’s six-county region decreased by 1.8% since February, dropping to $379,995. This caused the Home Affordability Index to rise to a score of 69, a 3% increase from February.
“While interest rates remain in line with pre-COVID levels, today’s higher home prices have become the new normal,” said 2025 NEFAR President, Mario Gonzalez. “Recent price dips have sparked renewed buyer interest, with a noticeable jump in showing requests and open house traffic.”
In March, closed sales for single-family homes rose by 35.7% month-over-month, totaling 1,784 transactions, while pending sales were at 1,514. New listings rose noticeably by 10.6% from February to March, recording 3,656 homes.
Since February, the active inventory of single-family homes increased by 10.2% to 8,258 properties. However, this is a drastic increase from the previous year, as the number of properties has grown exponentially by 63.3% since March 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 increased to 43 days, a 19.4% increase from February, indicating homes selling slightly slower than they did last month.
“Spring is shaping up to be a strong season for buyers. With more homes hitting the market, there’s greater choice and sellers are more flexible on price, terms, and repairs,” said Gonzalez.
In St. Johns County, the March 2025 median price for single-family homes did not change, sitting at $549,000. Median days on the market rose 47.2% from February to 53. Closed sales increased by 34.3 to 415, with pending sales now at 339. New listings rose by 6.7% to 889, while active inventory increased by 14.2% to 2,258 homes, representing a 5.4 -month supply. The Home Affordability Index rose slightly to 48, though St. Johns County remains the most expensive county in the region.
In Duval County, March showed a 3.6% decrease since February in the median price of single-family homes, now at $320,000. Sales of homes decreased in speed in March, with the median days on the market rising 4.5% to 35 days. While closed sales rose 38.7% to 967, pending sales were at 772. Notably, new listings increased 12.3% to 1,945. Meanwhile, there was a 10.8% climb in active inventory, now at 4,019 homes, a 4.2-month supply. The Home Affordability Index increased since February by 5.1% to 82.
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.
— Source: Northeast Florida Association of Realtors
