The Northeast Florida Association of Realtors October Market Statistics report revealed a trend of increased inventory and moderate price growth, signaling a stabilizing market.
RELATED: Good news for buyers: Housing market moving toward being balanced, NEFAR says
NEFAR said the median sales price for a single-family home in the region rose by 1.5%, reaching $395,000. But the Home Affordability Index saw a 2.9% decline to a score of 68, showing shifts in affordability despite favorable buying power in recent months.
“The market in Northeast Florida was continuing to see the effects of both interest rates and the upcoming election in October,” 2024 NEFAR President Rory Dubin said. “This resulted in increased days on market, increased inventory slightly lower closed sales, and a lower median price that dropped below $400,000.”
Closed sales for October showed a slight decrease of 3.9% from September, totaling 1,512 transactions. Pending sales dropped by 22.4%, recording 1,120 while new listings grew by 9.7% to 2,927.
The active inventory of single-family homes rose by 10.7% to 7,839 properties marking a 73.9% increase compared to October 2023.
NEFAR said this is a positive sign for buyers looking for more choices in the market. The median days on the market was raised to 49 days, indicating balanced selling conditions.
“The shift to market equilibrium is now nearly complete and it is more important than ever for sellers to utilize a skilled local realtor to position their home correctly in the market and optimize the marketing among a larger inventory competing for buyers,” Dubin said. “Similarly, buyers need to be aware of the opportunities and the negotiating power of the realtor not only for pricing, but potential seller concessions that may be available, and everything else from repairs and time to closing.”
More inventory is giving buyers more negotiating power. Laila Hassan, a real estate advisor at Engel and Volkers First Coast, said this is the time to ask for concessions.
“There’s more negotiating power than there was, let’s say a year ago, six months ago, people are starting to get better deals on homes. The interest rates might be up, but I think they’re going to stay this way,” Hassan said.
Home prices across the region have been rising steadily for the last year and a halfbut some counties recently saw significant price bumps.
The median sales price rose by almost 8% in Nassau County and by more than 35% in Baker County from September to October.
The interactive map below shows the county-by-county market statistics. Hover your cursor over an area to see the data.
