With fall in full swing, the Northeast Florida housing market continues to offer promising conditions for homebuyers. The Northeast Florida Association of Realtors (NEFAR) Market Statistics report for October reveals an ongoing trend of increased inventory and moderate price growth, signaling a stabilizing market.

The median sales price for single-family homes in Northeast Florida’s six-county region rose by 1.5%, reaching $395,000. However, the Home Affordability Index* saw a 2.9% decline to a score of 68, highlighting shifts in affordability despite favorable buying power in recent months.

“The market in Northeast Florida was continuing to see the effects of both interest rates and the upcoming election in October. This resulted in increased days on market, increased inventory, slightly lower closed sales, and a lower median price that dropped below $400,000,” said 2024 NEFAR President Rory Dubin.

Closed sales for the month showed a slight decrease of 3.9% from the previous month, totaling 1,512 transactions. Pending sales dropped more sharply by 22.4%, recording 1,120, while new listings surged by 9.7% to 2,927. This increase in new listings points to a widening of available options for prospective buyers.

The active inventory of single-family homes rose by 10.7% to 7,839 properties, marking a substantial 73.9% increase compared to October 2023. This surge is a positive sign for buyers looking for more choices in the market. Meanwhile, the median days on the market was raised to 49 days, indicating continued balanced selling conditions.

NEFAR’s market reports are available at nefar.com.