As we enter the cooler months, the Northeast Florida housing market continues to show promising opportunities for buyers. The Northeast Florida Association of Realtors (NEFAR) Market Statistics report for September highlights increasing affordability and a stabilizing market.
Across Northeast Florida’s six-county region, the median sales price for single-family homes saw a modest increase of 1.8%, reaching $389,945. At the same time, the Home Affordability Index rose by 1.4%, reaching a score of 70, signaling improved buying power for potential homeowners.
“Our market continued to see a significant decline in sales even as the average market price increased slightly from August,” said 2024 NEFAR President Rory Dubin. “The Home Affordability Index increased as well due to our area pricing being more competitive than any other major metropolitan area in the southeastern United States.”
Closed sales across the region saw a dip of 17.7% month-over-month, with 1,526 transactions completed. Pending sales dropped significantly by 32.7%, coming in at 1,134, while new listings fell 8.2% to 2,835, indicating a tightening of available new inventory on the market.
However, buyers will be encouraged by the active inventory of single-family homes, which rose 4.2% to 7,695 properties. This represents a substantial year-over-year jump of 74.1% from September 2023, reflecting a much-needed boost in available housing options. Additionally, the median number of days on the market remained steady at 46 days, signaling consistent selling conditions.
“Our area is an excellent location for home buyers and investors to purchase residential properties with inventory nearing 8000 units,” said Dubin. “The monthly supply of inventory is now about five months, indicating that market equilibrium between buyers and sellers in Northeast Florida. The current market makes it critical for all buyers, sellers, renters and investors to utilize the expertise in their transaction provided by a Realtor.”
In St. Johns County, the September median prices decreased 1.3% to $550,000 for single-family homes. The median days on the market increased 0.9% to 59. Month-to-month, closed sales dropped 20.1% to 417, pending sales sank 31.7% to 287 and new listings declined 0.7% to 664.
Active inventory increased 0.9% to 2,091 homes, a 5.0-month supply. The Home Affordability Index rose 4.2% to 50; St. Johns County remains the most expensive place to live in the region.
In Duval County, the September median price of single-family housing was $334,750, a 0.3% increase from the month before. The median number of days on the market in September was 38, 9.5% shorter than in August. Month-to-month closed sales fell 18.2% to 753, pending sales decreased 34.9% to 553 and new listings fell 9.8% to 1,522 homes.
Active inventory for the county increased 7.5% to 3,664 homes, a 4.9-month supply. In September, the Home Affordability Index reached 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 of 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 greater than 100 means that the family has more than enough income, while a value lower than 100 means that a family doesn’t have enough income to qualify for a mortgage loan.
