Northeast Florida’s housing market continued to show a blend of growth and shifting dynamics in May.
Home prices edged slightly upward, leading to a small dip in affordability across the region. Fewer new listings came to market, but the total number of homes available continued to climb, providing buyers with more choices. These regional trends played out differently across each county, where shifts in price, inventory and buyer demand highlighted the diverse conditions in the region.
The median sales price for single-family homes in Northeast Florida’s six-county region increased by 0.2% since April, to $388,995. This caused the Home Affordability Index to fall to a score of 66, a 1.5% decrease from April.
“In general, we are seeing the shift to a more balanced market for both buyers and sellers,” said Mario Gonzalez, 2025 Northeast Florida Association of Realtors president.
In May, closed sales for single-family homes totaled 1,984 transactions, a 3.5% increase since April. Meanwhile, pending sales were at 1,408, which was a decrease of 28.2%. There were 2,870 new listings in the month of May, an 8.7% drop since the previous month.
Since April, the active inventory of single-family homes increased by 6.6% to 9,147 properties. This is also a drastic increase from the previous year, as the number of properties has grown exponentially by 20.1% since May 2024. This rise in inventory from 2024 is a positive change for buyers, as they have many options to choose from. The median number of days on the market was 39.
“These changes may continue to signal more sellers to choose to list their home before things shift more to potentially favoring buyers,” said Gonzalez.
In St. Johns County, the May median price for single-family homes decreased to $550,000, a 3% decrease from April. Homes spent a median of 51 days on the market, an 18.6% increase since the previous month. Closed sales increased by 13.2% to 530, with pending sales falling by 34.5% to 326.
There were 763 new listings, 9.7% less than April. Active inventory increased by 10.8% to 2,636 homes, representing a five-month supply. The Home Affordability Index was 47, as St. Johns County remains the most expensive county in the region.
In Duval County, May showed a 1.5% decrease since April in the median price of single-family homes, falling to $329.990. In May, homes in Duval County spent a median of 36 days on the market. While closed sales rose 0.6% to 991, pending sales fell 28.6% to 715.
New listings fell 11.4% to 1,430, and there was an active inventory of 4,336 homes, a 4.4-month supply. The Home Affordability Index remained at 78.
The Home Affordability Index measures housing affordability for the region. A higher number means greater affordability. 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.
