JACKSONVILLE, Fla. – The median price of a single-family home jumped more than 5% and sales plummeted more than 16%, according to a new report from the Northeast Florida Association of Realtors (NEFAR).
Duval County followed the trend of the six Northeast Florida counties tracked by NEFAR, which shared data on Tuesday that found the median price of single-family homes for the region registered at $390,280, which was near the high of $395,000 posted in July.
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“Not only were buyers pausing, so were sellers,” said NEFAR President Diana Galavis. “New listings slid down slightly from the previous month. But if you compare year over year there are more new listings on the market in November 2023 than at the same time last year. The monthly supply of inventory for November was up to four months, and this is a significant increase from 3.2 months in October. A stable market is six months’ worth of inventory. More available inventory on the market is good for buyers as they search for a home in North Florida.”
Galavis said slow sales and higher median days on the market showed a direct reflection of higher interest rates.
The average interest rate for a 30-year fixed mortgage hit 7.56% on Tuesday, with the rate for 15-year fixed mortgages decreasing to 6.76%, according to CNN.
Although homes took longer to sell in November than the previous month, homes are spending less days on market than they did the same time last year, which is surprising, NEFAR said.
“Even with higher interest rates and a significant dip in closed sales, the median sales price increased by 4%. Buyers are finding that North Florida is a place where they want to work, play, and call home,” Galavis said.
But, NEFAR added, the region still has a way to go before it can be considered a buyers’ market.
Homes continue to be expensive in Northeast Florida, with the region’s Home Affordability Index for single-family homes continuing to hover at 63, an all-time low. The Housing Affordability Index measures housing affordability for the region. An index of 100 is defined as the point where a median-income family has the exact amount of income needed to purchase a median-priced existing home.
Northeast Florida by County
In Duval County, the November 2023 median price of single-family housing was $334,075, a 5.1% jump from October 2023. The median days on the market in November inched up to 38, a 1.3% increase from the month before. Month-to-month, closed sales plummeted 16.5% to 660, pending sales tumbled 19.2% to 633, and new listings decreased 1.2% to 1,282. Active inventory for the county rose 13% to 2,574 homes, a 3.9-month supply. In November, the Home Affordability Index fell slightly to 73.
In Clay County, the November 2023 median price of single-family homes dropped slightly .7% to $355.243. The median number of days on the market increased 5.7% to 46. Month-to-month, closed sales plummeted 25.1% to 182, pending sales dropped 2.6% to 191, and new listings fell 5.6% to 320. Active inventory for the county rose to 737 homes, a 7.1% increase from October 2023 and showed a 4.0-month supply. The Home Affordability Index rose 3% to 69.
In St. Johns County, November 2023 median prices decreased 5.6% to $510,000 for single-family homes. The median days on the market tumbled 6.3% to 45. Month-to-month, closed sales inched up 2.9% to 419, pending sales dropped 14.8% to 351, and new listings decreased 10.4% to 601. Active inventory rose 2.4% to 1,668 homes, and 4-month supply. The Home Affordability Index gained some steam rising 6.7%, to 48, yet still indicated that St. Johns County is the most expensive county to live in Northeast Florida.
In Putnam County, the November 2023 median price of single-family homes was $230,000, an 1.7% drop from October 2023. The speed of sales slowed dramatically with homes remaining on the market a median of 56 days, a 30.2% increase from the month before. Month-to-month, closed sales dropped precipitously 57.4% to 23, pending sales skidded downward 11.4.% to 39 and new listings fell 18.9 % to 60. There was a 2.8% increase in active inventory to 183 homes. Putnam County’s Home Affordability Index registered at 106, a 3.4% increase from the month before indicating that prices in the county became more affordable. With a Home Affordability Index registering at 106, Putnam County is by far the most affordable place to live in Northeast Florida.
In Nassau County, the November 2023 median price of single-family homes was $458,475, a 13.9% increase from October 2023. Median days on the market jumped up to 51, a 44.3% increase. Month-to-month, closed sales fell 30 % to 77, pending sales decreased 8.5% to 86, and new listings skidded downward 16% to 147. Active inventory increased 4.2% to 370 homes, a 4.8-months’ supply. The Home Affordability Index registered 53, a 10.9% fall from the month before.
In Baker County, the November 2023 median price of single-family homes decreased to $294,990. The median number of days on the market in November rose 3.4% to 60 from the month before. Month to month, closed sales skyrocketed 50% to 18, pending sales fell 40% to 9, and new listings remained the same at 17. Active inventory inched up 3.8% to 55 homes, a 3.1-month supply. The Home Affordability Index registered at 83, climbing 5.7% from the previous month.