First Coast median home values exceed $400K for first time last month

Image via Drew Dixon.

The median price for a single-family house for the six-county First Coast region monitored by the Northeast Florida Association of Realtors (NEFAR) topped $400,000 for the first time in May.

While $400,203 is a new watermark for the median price for a home in Northeast Florida, that figure increased only slightly from April’s median home figure of $399,990. The monthly change is only a 0.3% increase.

Generally, home sales statistics were mixed in May compared to April, when nearly every county in the First Coast area saw declines in median home prices. Even NEFAR officials said the May numbers bucked the usual trend this time of year, when home prices usually surge.

“At a time when one would expect to see the market showing signs of an approaching busy summer season, the numbers present a different story. In May’s single-family home market in Northeast Florida, prices and the number of closed sales increased only a tiny bit, while the percentage of list price received was flat and pending sales were down,” said a NEFAR news release Monday.

Duval County, home to Jacksonville and the largest metropolitan area in the region, fell flat in terms of home values in May. The median price for homes in Jacksonville was $345,500, unchanged from April.

St. Johns County, one of the fastest growing counties in the U.S. and where median home prices exceeded $600,000 earlier this year, saw a decrease in home values. The tourism-rich metro area around St. Augustine witnessed a 3.5% drop in home values, settling in at $564,158 for the median price for a house.

Another First Coast county that had been enjoying a bonanza on home sales for much of 2023 into 2024 also saw a sharp decline in home sale values. Nassau County sustained a 13.9% drop in median sales prices from April to May, ending at $418,000 for the month. Nassau saw median home values exceed $500,000 earlier this year.

NEFAR officials pointed out that while median home prices are vacillating in Northeast Florida, Jacksonville is still worthy of consideration, since many other areas of Florida are not as affordable.

“Our last month of spring saw our area median prices rise slightly and cross a median price of $400,000 for the first time. This still places the greater Jacksonville area as one of the most affordable places to work, live, and travel of any metro area in Florida and the Southeast,” said NEFAR President Rory Dubin.

Clay, Putnam and Baker counties all saw median home values increase from April to May (3.4% increase in Clay, 7.2% in Putnam, 3.3% in Baxter). Those are the least populated counties in Northeast Florida.