As summer sets in, the Northeast Florida housing market is showing signs of seasonal adjustment.
Buyer activity has tapered, with fewer new contracts being signed, while sellers are gradually entering the market with more measured expectations. Homes spent longer on the market in June, and active inventory continued to climb, offering buyers more choices and slightly more negotiating power.
Across the region, conditions vary by county, but the broader trend suggests a shift toward a calmer, more balanced market environment.
“While it is a ‘balanced market’ the seemingly seismic shift from the seller’s market during COVID has consumers realizing that conditions are considerably more favorable for buyers these days,” says Northeast Florida Association of Realtors (NEFAR) President Mario Gonzalez.
The median sales price for single-family homes in Northeast Florida’s six-county region remained at $389,000. This caused the Home Affordability Index to continue at 66.
In June, closed sales for single-family homes totaled 1,963 transactions, a 3.5% decrease since May. Meanwhile pending sales were at 1,253, a decrease of 34.2%. There were 2,671 new listings in June, an 8.3% drop since the previous month.
In June, there was an active inventory of 9,135 properties. This is also an increase from the previous year, as the number of properties has grown by 15.4% since June 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 46, a 24.3% increase from the previous month.
“Many sellers are taking advantage of current conditions and placing their homes for sale, assuming the conditions will continue to shift more and more towards a buyer’s market,” said Gonzalez.
In St. Johns County, the June median price for single-family homes increased to $577,750, a 5% increase from May. Homes spent a median of 58 days on the market, a 16% increase since the previous month. Closed sales decreased by 9.1% to 490, with pending sales falling by 41% to 276. There were 669 new listings, 14.1% less than May. Active inventory increased by 5.4% to 2,662 homes, representing a 5.4-month supply. The Home Affordability Index was 45, as St. Johns County remains the most expensive county in the region.
In Duval County, June showed the median price of single-family homes staying at $330,000. In June, homes in Duval County spent a median of 38 days on the market. There were 995 closed sales, and pending sales fell 32.9% to 652. New listings fell 1.9% to 1,413, and there was an active inventory of 4,329 homes — a 4.4-month supply. The Home Affordability Index remained at 78.
The Home Affordability Index measures housing affordability for the region. In other words, it 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 greater than 100 means that the family has more than enough income, while a value less than 100 means that a family doesn’t have enough income to qualify for a mortgage loan.
Source: Northeast Florida Association of REALTORS.
