‘Balanced’ real estate market emerges in Northeast Florida

The housing market. Image via AP..

Equilibrium at last?

After a real estate market that oscillated from hot to cold over recent years, the Northeast Florida Association of REALTORS® says stability is upon the region, with a buyers’ market finally in sight.

That’s good news for those renters and newcomers to the area looking to climb the ladder to home ownership.

“July statistics showed a continued stabilization of the real estate market in Northeast Florida towards a traditional balanced marketplace,” said 2024 NEFAR President Rory Dubin. “Despite a worsening economy and high inflation, median prices were down slightly, and the Home Affordability Index was up. Days on market are longer, and inventory of homes to purchase is higher.”

The increased inventory has incrementally lowered the average home price in the six-county region to $398,970, while the Home Affordability Index increased 1.6% to 65.

“July’s median for days on the market rocketed up 20% to 42 days and the active inventory of homes shot up 11.6% to 7,897 homes, indications that the market is more conducive to buyers. Other metrics of note: Month to month, closed sales in the six-county region dropped 4.8% to 1,868. Pending sales plummeted 20.3% to 1,387, while new listings rose 3.9% to 3,318,” NEFAR notes.

The region is characterized by two competing trends when it comes to home prices.

In Duval, Clay, and St. Johns, prices increased incrementally, with ranges between 1.6% and 2.5%.

However, the more rural counties see a different story.

“In Putnam County, the July 2024 median price of single-family homes plunged to $214,000, a 16.4% drop from June 2024 … In Nassau County, the July 2024 median price of single-family homes was $436,700, a 6.5% decrease from June 2024 … In Baker County, the July 2024 median price of single-family homes plummeted $225,000, a 47.1% drop from the month before.”