The Northeast Florida housing market showed signs of renewed activity in March as home prices continued a modest upward trend while buyer demand strengthened.
Across the region’s six counties, single-family homes saw a slight rise in median price compared with the previous month, even as affordability slipped somewhat. Sales activity picked up notably, with a strong increase in completed transactions and steady pending sales signaling continued buyer interest heading into spring.
At the same time, more sellers entered the market, boosting the number of new listings and expanding the overall inventory of available homes. With properties spending less time on the market, the data reflects a market that is gaining momentum while gradually balancing increased supply with sustained demand.
“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. This is a positive sign as we head into the spring, with the market finding a stronger and more sustainable rhythm,” said NEFAR President, Kim Knapp
In March, the median sales price for single-family homes in Northeast Florida’s six-county region rose 1.5% to $395,000. The Home Affordability Index in the region fell by 2.3% to 86.
Closed sales for single-family homes totaled 1,847 transactions, a 22.6% increase from the previous month. Meanwhile, pending sales were at 1,395.
There were 2,663 new listings in the month of March, a 14.6% increase from February. There was an active inventory of 6,901 properties, an increase of 9.1%. The median number of days on the market was 40, a 20% decline.
“March’s numbers reflect a market that is gaining strength as we head into the spring season. Prices increased modestly while sales activity rose significantly, showing that buyer demand remains strong across Northeast Florida. At the same time, increased listings and growing inventory are creating more opportunities, even as affordability continues to be a consideration for many buyers,” said Knapp
In St. Johns County, the March median price for single-family homes increased by 1.2% to $550,000. Homes spent a median of 47 days on the market, a 21.2% dip from the previous month. Closed sales were at 458, a 14.5% increase, with pending sales at 347. There were 690 new listings.
Active inventory was at 1,782 homes, representing a 3.9-month supply. The Home Affordability Index was 62, as St. Johns County remains the most expensive county in the region.
In Duval County, March showed the median price of single family homes was $335,000, a 2.8% increase from February. Homes in Duval County spent a median of 35 days on the market, a 20.5% decrease from the month prior. There were 955 closed sales, which was an increase of 24.7%, and 674 pending sales.
New listings rose 9.3% to 1,314, and there was an active inventory of 3,350 homes, a 3.5-month supply. The Home Affordability Index fell by 3.8% to 101.
The Home Affordability Index measures whether a typical family earns enough to qualify for a mortgage on a typical home, based on current interest rates, median income and median home prices. A higher number means greater affordability. This index measures affordability factors for all homebuyers making a 20% downpayment.
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. An index value over 100 means that the family has more than enough income, while a value below 100 means that a family doesn’t have enough income to qualify for a mortgage loan.
Source: Northeast Florida Association of REALTORS.
