Northeast Florida’s housing market experienced a notable increase in home prices during May, with the median price for single-family homes climbing 5.1% to $410,000. While sales activity saw a slight moderation and inventory levels edged up, they remain tight, presenting challenges for buyers. The region’s real estate experts indicate a market adjusting to a more sustainable pace, with ongoing buyer interest supporting property values.
Key Takeaways
- Median single-family home price in Northeast Florida rose 5.1% to $410,000 in May.
- Closed sales increased by 2.9% month-over-month.
- Homes spent less time on the market, with a median of 31 days.
- Active inventory remains limited, representing a 3.6-month supply.
- The Home Affordability Index for the region fell to 81.
Market Dynamics and Inventory
The Northeast Florida Association of Realtors (NEFAR) reported that despite a slight increase in inventory, the overall supply of homes remains constrained. Active inventory stood at 7,109 homes, equating to a 3.6-month supply. This limited availability, coupled with strong consumer interest, continues to bolster home values and sales activity. Pending sales and new listings, however, were below levels seen in the previous year.
County-Specific Performance
Several counties within Northeast Florida showed varied market trends:
- Duval County: The median single-family home price was $340,000. Homes sold faster, with a median of 28 days on the market. Active inventory provided a 3.7-month supply.
- Clay County: Saw a slight dip in median price to $359,900. New listings increased, but the market offered a 3.5-month supply.
- St. Johns County: Experienced a decrease in median price to $580,000, though closed sales saw a significant jump. The market had a tight 3.2-month supply.
- Putnam County: Reported a decrease in median price and an increase in days on market, but offered a more favorable 7.2-month supply.
- Nassau County: Median prices rose to $480,000, with a notable increase in new listings. The supply was at 4.1 months.
- Baker County: Showcased a dramatic surge in median price to $455,000, with a 5.4-month supply of homes.
Home Affordability Index
The Home Affordability Index, which measures a median-income family’s ability to purchase a median-priced home, declined to 81 for the region. This index indicates that affordability is decreasing, with values below 100 signifying less purchasing power for the average household.
Sources
- Northeast Florida home prices rise 5.1% in May; inventory edges up but remains tight: NEFAR, News4JAX.