With spring on the horizon, the housing market in Northeast Florida sees a continuing rise in inventory and homes selling a little bit faster than last month. In February, the market experienced an upturn in closed sales for the first time this year, which was a welcome change from January. Additionally, the amount of time homes spent on the market fell notably, showing that homes are selling quicker.
The median sales price for single-family homes in Northeast Florida’s six-county region increased by 4% since February, rising to $389,989. This caused the Home Affordability Index to dip to a score of 66, a 2.9% decrease from January.
“These changes are indicative of a reasonably stable Jacksonville real estate market,” said 2025 NEFAR President Mario Gonzalez. “Buyers and sellers alike are taking advantage of current conditions to secure their next homes.”
In February, closed sales for single-family homes rose by 8.7% month-over-month, totaling 1,271 transactions, while pending sales decreased by 16.4%, sitting at 1,231. New listings fell slightly by 1% from January to February, recording 3,304 homes.
Since January, the active inventory of single-family homes increased by 10.7% to 7,954 properties. However, this is a drastic increase from the previous year, as the number of properties has grown by 69.9% since February 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 decreased to 41 days, a 19.6% decrease from January, indicating homes selling more quickly than they did last month.
“While some buyers remain on the fence, others are seizing these conditions to choose exactly the home they want and are able to negotiate with sellers on their terms,” said Gonzalez.
In St. Johns County, the February median price for single-family homes increased by 4.6% from January to $549,000. Median days on the market dropped 31.7% from January to 41. Closed sales increased by 7.8% to 303, with pending sales now at 301. New listings rose by 4.2% to 835, while active inventory increased by 15.4% to 2,081 homes, representing a 6.9-month supply. The Home Affordability Index fell slightly to 47, as St. Johns County remains the most expensive county in the region.
In Duval County, February showed a 5.4% decrease since January in the median price of single-family homes, now at $334,000. Sales of homes increased in speed in February, with the median days on the market falling 20% to 36 days. While closed sales rose 8.5% to 667, pending sales were 645. Notably, new listings dipped 1.5% to 1,729. Meanwhile, there was a 10.2% climb in active inventory, now at 3,893 homes — a 5.8-month supply. The Home Affordability Index decreased since January by 4.9% to 77.
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.
