Northeast Florida housing market reportedly showing signs of stabilization during rising interest rates

The Northeast Florida housing market is showing signs of stabilization amidst a rising interest rate environment. Although the median price of single-family homes rose 1.3% to $405,000, other indicators suggest the market has balanced out as interest rates around 7% impact buyers.

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Housing inventory across the region increased by more than 31% to 7,764 homes, the highest since January 2019, providing a 4.1-month supply. Closed sales declined nearly 11% to 1,907, and pending sales fell 35% to 1,261 homes, both unusual trends for June.

“The Northeast Florida real estate market is back to a stabilized level between sellers and buyers,” said 2024 NEFAR President Rory Dubin. “Days on market climbed by almost 2 weeks from last month to 39 days, pending sales dropped significantly as well as new listings. Months of supply is now up to 4 months as active inventory climbed towards 7,800 listings,” he continued.

The Home Affordability Index remained unchanged from May, registering at 63 for June. This index measures whether a typical family earns enough to qualify for a mortgage on a typical home. An index value over 100 indicates greater affordability, while below 100 suggests insufficient income to qualify for a mortgage.

“With interest rates averaging at or above 7% today and the election year upon us, it is more important than ever for both sellers and buyers to use a trusted REALTOR from the Northeast Florida Association of REALTORS to gain the most accurate and recent information to navigate the buying or selling process to make smart decisions,” Dubin added.

Northeast Florida by County:

Duval County :

The June 2024 median price of single-family housing was $340,900, a slight decrease of 1.2% from May. Median days on the market doubled to 34. Closed sales fell 12.6% to 913, pending sales plummeted 36.6% to 612, and new listings dropped 2% to 1,709. Active inventory rose 21.7% to 3,533 homes, a 3.9-month supply. The Home Affordability Index inched up to 75.

Clay County :

The median price of single-family homes barely rose by 0.5% to $360,000. Median days on the market increased to 44. Closed sales decreased 2.7% to 257, pending sales fell 33.3% to 174, and new listings dropped 1.5% to 455. Active inventory rose 20.8% to 1,082 homes, a 4.2-month supply. The Home Affordability Index increased slightly to 71.

St. Johns County :

Median prices increased 2.6% to $579,900. Median days on the market increased to 51. Closed sales dropped 9.6% to 573, pending sales fell 39.2% to 333, and new listings decreased 2.5% to 835. Active inventory climbed 13% to 2,298 homes, a 4-month supply. The Home Affordability Index dropped to 44.

Putnam County :

The median price of single-family homes rose 4.2% to $271,000. Median days on the market dropped to 21. Closed sales inched up 2.7% to 38, pending sales dropped 2.4% to 40, and new listings fell 9.6% to 85. Active inventory climbed 8.3% to 261 homes. The Home Affordability Index registered at 95.

Nassau County :

The median price of single-family homes was $475,000, a 13.4% increase from May. Median days on the market remained at 48. Closed sales fell 18.7% to 113, pending sales dropped 23.6% to 97, and new listings fell 11.4% to 187. Active inventory rose 7.3% to 528 homes, a 4.7-month supply. The Home Affordability Index registered 54.

Baker County :

The median price of single-family homes jumped 32.2% to $400,000. Median days on the market increased to 56. Closed sales dropped 27.8% to 13, pending sales plummeted 54.5% to 5, and new listings fell 5.9% to 16. Active inventory increased 8.8% to 62 homes, a 4.8-month supply. The Home Affordability Index registered at 64.

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The Northeast Florida Association of Realtors (NEFAR) serves as the voice of real estate in Northeast Florida, representing over 12,000 members. NEFAR supports community affairs programs and seeks to protect private property rights. Its multiple listing service, realMLS, is a wholly owned subsidiary of NEFAR.

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