Northeast Florida’s housing market in May reflected continued price growth alongside moderating sales activity and declining inventory levels across the region.
While closed sales increased from the previous month and homes sold more quickly, pending sales and new listings remained below year-ago levels, signaling a more measured pace of market activity. Inventory levels rose month over month but remained lower than a year ago, providing buyers with more options than earlier this spring while maintaining competitive conditions in many areas.
As the summer market begins, Northeast Florida continues to demonstrate resilience, with county-level trends highlighting varying opportunities and affordability challenges throughout the region.
“May’s data highlights a market that is adjusting to a more sustainable pace,” said NEFAR President Kim Knapp. “Inventory growth is creating additional opportunities for buyers, while strong consumer interest continues to support home values and sales activity. Across Northeast Florida, we are seeing a market that remains healthy, resilient and well-positioned for the months ahead.”
In May, the median price for single-family homes across the six-county region increased by 5.1% to $410,000. Homes spent a median of 31 days on the market, an 8.8% decrease from the previous month. There were 1,969 closed sales, a 2.9% increase from April, with pending sales at 1,384. There were 2,720 new listings. Active inventory was at 7,109 homes, representing a 3.6-month supply. The Home Affordability Index fell to 81
“May’s numbers reflect continued confidence in the Northeast Florida housing market,” said Knapp. “Home values increased, sales activity remained strong, and homes sold more quickly, demonstrating sustained demand across the region. While affordability remains a concern for many buyers, steady inventory levels are helping provide opportunities as we move into the summer market.”
In St. Johns County, the median price for single-family homes decreased in May by 1.2% to $580,000. Homes spent a median of 34 days on the market, a 6.3% increase from the previous month. Closed sales were at 576, a 14.5% increase, with pending sales at 361.
There were 677 new listings. Active inventory was at 1,856 homes, representing a 3.2-month supply. The Home Affordability Index fell to 57, as St. Johns County remains the most expensive county in the region.
In Duval County, May showed the median price of single-family homes was $340,000. Homes in Duval County spent a median of 28 days on the market, a 6.7% decrease from the month prior. There were 926 closed sales, which was a decrease of 2.3%, and 665 pending sales. New listings decreased 3.5% to 1,348, and there was an active inventory of 3,388 homes, representing a 3.7-month supply. The Home Affordability Index remained at 98.
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.
