Following a robust housing market value in November, home sales in the Northeast Florida region cooled a bit to close out 2023. But real estate officials note that’s a positive indicator for 2024.
The Northeast Florida Association of Realtors (NEFAR) reported a mixed bag market analysis for December. The median home price dropped or remained the same for half of the six counties in the region.
Nassau County, which recorded nearly a 14% increase of the median home value in November compared to October, the biggest increase on the First Coast, saw that price drop by 5.5% in December. The median home sales price for a Nassau County home is now $424,995.
St. Johns County, one of the fastest growing housing markets in the United States, maintained a median home price increase, jumping by 10.7% in December over November, to $564,787. Meanwhile, St. Johns saw the number of homes actually sold in December fall by 12.1% in December to 425.
Clay County saw a modest increase in the median price of a home in December, increasing by 1.1% to $349,990. Putnam County also saw an increase in median home price, increasing by 5.7% over November to $232,500
All other counties either saw a drop in median home sales price or remained virtually the same.
NEFAR officials say the dip in December’s median home prices shows a possible trend toward stabilizing the Northeast Florida housing market, which had been a seller’s market for at least the past three years. Ultimately, there was a 5% increase in home sales in December compared to November across the region.
“The local indicators bode well for Northeast Florida’s housing market for both buyers and sellers in our region,” said 2024 NEFAR President Rory Dubin.
While the December month-over-month median sales price dipped collectively across the First Coast, Dubin pointed out the comparison to a year ago shows notable upticks in home values.
“Median home prices were slightly down from last month, but up 4% from last December. There are now over 5,100 listings on the market, and more than 2,000 new listings were added, almost 20% more than the increase a year ago, indicating a more balanced market possible for 2024,” Dubin said.
Other notes from the December NEFAR report:
— Duval County saw median home prices remain essentially the same, at $334,495.
— Baker County recorded a drop in median home prices, falling to $288,990, down from $294,990 in November.