Northeast Florida’s housing market experienced a notable downturn in November, with closed home sales plummeting by 20.4% compared to the previous year. This decline is accompanied by a decrease in median home prices and a shrinking inventory of available properties, signaling a cooling market.
Key Takeaways
- Closed home sales in Northeast Florida dropped 20.4% year-over-year in November.
- The median price for a single-family home fell 2.1% in November and 4.1% compared to last year.
- Active home inventory decreased by 4.4%, leaving a 5.3-month supply.
- Pending sales saw a significant drop of 29.6%.
- Single-family home permits issued in November were down 19.28% from October and 25.4% from the previous year.
Market Performance
The Northeast Florida Association of Realtors (NEFAR) reported that closed sales for single-family homes reached 1,374 in November, a substantial decrease from 1,726 in October and significantly lower than the previous year. The median price of a single-family home in the region was $375,000 in November, marking a 2.1% dip from the prior month and a 4.1% decrease from the same period last year. The record median price for the six-county region was $403,000, set in May 2024.
Inventory and Affordability
The active inventory of homes for sale also contracted, falling by 4.4% from 7,623 to 7,286 homes. This reduction has resulted in a 5.3-month supply of homes in the region. The peak active inventory for 2025 was recorded in May at 8,881 homes. Despite the market slowdown, the Home Affordability Index saw a slight improvement, rising from 71 in October to 73 in November. This index measures a family’s ability to afford a home based on interest rates, median income, and median home prices.
County-Specific Data
NEFAR’s data for November highlights varied performance across the six counties:
- Baker County: Median price dropped 20.1% to $290,000, with closed sales at 13.
- Clay County: Median price decreased 2.5% to $350,000, and closed sales fell 20% to 188.
- Duval County: Median price rose 1.5% to $330,000, but closed sales declined 22.9% to 709.
- Nassau County: Median price increased 3% to $471,243, though closed sales saw a sharp 30.1% decrease to 72.
- Putnam County: Median price declined 13% to $235,000, with closed sales down 13.6% to 38.
- St. Johns County: Median price fell 9.5% to $508,993, and closed sales dropped 13.7% to 354.
New Construction Slowdown
The Northeast Florida Builders Association (NEFBA) reported a slowdown in new construction, with 557 single-family home permits issued in November. This represents a 19.28% decrease from October and a 25.4% drop compared to November of the previous year. Year-to-date permit issuances are down 30.14% from 2024.
Sources
- Closed home sales in Northeast Florida drop 20.4% from last year, Jacksonville Daily Record.