Northeast Florida experienced a significant uptick in its housing market during March, marked by a substantial increase in home sales and a growing inventory of available properties. This trend indicates a market gaining momentum as the spring season approaches, with both buyers and sellers actively participating.
Key Takeaways
- Closed sales for single-family homes saw a 22.6% increase from February to March.
- The median sales price rose by 1.5% to $395,000 in March.
- New listings surged by 14.6%, contributing to a 9.1% rise in active inventory.
- Homes spent less time on the market, with the median days decreasing by 20%.
Market Momentum Builds
The Northeast Florida Association of Realtors (NEFAR) reported that March was a strong month for the region’s housing sector. The median sales price for single-family homes climbed to $395,000, a 1.5% increase from February and a 4.2% rise compared to March of the previous year. This marks the second consecutive month of price increases.
Closed sales of single-family homes reached 1,847, a notable 22.6% jump from February. This surge in activity was supported by a 14.6% increase in new listings, bringing the total to 2,663. Consequently, the active inventory expanded by 9.1% to 6,901 properties. The market also showed increased efficiency, with homes selling faster as the median number of days on the market dropped by 20% to 40 days.
NEFAR President Kim Knapp commented on the market’s performance, stating, "March’s numbers show a market that is gaining momentum as we move into the spring season. Sales activity is up, more sellers are entering the market and buyers are continuing to engage even as affordability remains a factor." She added that this indicates a "stronger and more sustainable rhythm."
County-Specific Performance
The report also detailed performance across various counties within the six-county region:
- Duval County: Saw a 2.8% increase in median price to $335,000. Closed sales rose by 24.7% to 955.
- Clay County: Experienced a 4.3% median price increase to $364,990, with closed sales up 33.8% to 269.
- St. Johns County: The median price rose 1.2% to $550,000. Closed sales increased by 14.5% to 458.
- Putnam County: Showed a significant median price decrease of 32.2% to $186,950, though active inventory provided a 7.1-month supply.
- Nassau County: Median price decreased by 5.3% to $459,500, while closed sales increased by 20% to 114.
- Baker County: Recorded a substantial 41.8% median price climb to $355,000, though with fewer closed sales (19).
The Home Affordability Index for the region fell by 2.3% to 86, indicating that while the market is active, affordability continues to be a consideration for potential buyers.
Sources
- Home sales surge in March as Northeast Florida inventory expands: NEFAR, News4JAX.
- March home prices in Northeast Florida rise for a second straight month, Jacksonville Daily Record.