JACKSONVILLE, Fla. — In July, the Northeast Florida housing market showed signs of cooling, with a decrease in buyer activity and a more deliberate pace of sales.
The median sales price for single-family homes in the region rose slightly to $394,000, while the Home Affordability Index remained at 66.
Closed sales for single-family homes totaled 1,849 transactions, marking a 9.4% decrease from June. Pending sales also saw a significant drop of 28.9%.
“Buyers who were unsuccessful in buying a home during the strong seller’s market of the COVID years have been begging for a market shift towards these exact conditions,” said NEFAR President, Mario Gonzalez.
The Northeast Florida housing market is experiencing a shift towards a more balanced environment, with properties spending longer on the market compared to earlier in the year. This change is giving buyers more choices and room to negotiate.
In July, there were 2,613 new listings, which represented a 4.3% drop from the previous month. However, the active inventory of properties increased by 10.7% from the previous year, with 8,882 properties available. This rise in inventory is a positive change for buyers, as they have more options to choose from.
The median number of days on the market for properties was 43, indicating a slower pace of sales.
“These conditions are much more representative of a balanced market, and experienced realtors can help buyers and sellers navigate much more successfully than trying to go it alone in these waters,” added Gonzalez.
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