As fall approaches it is becoming more apparent that now is the prime time for buyers to make their move! The Northeast Florida Association of Realtors (NEFAR) Market Statistics report for August shows the housing market becoming more affordable and stable. 

“During the culmination of the summer months, we continue to see an equilibrium forming in our Northeast Florida marketplace, typically considered to be about 4-6 months’ supply of inventory,” said 2024 NEFAR President Rory Dubin. 

Over Northeast Florida’s six-county region, the median sales price for single-family homes dropped 3.7% to $383,990 while the Home Affordability Index* rose 6.2% to register at 69.

Month to month, closed sales in the six-county region dropped 8.0% to 1,777. Pending sales plummeted 30.6% to 1,295, while new listings decreased 6.5% to 3,097.

“Although closed and pending sales have decreased and inventory has increased, with the Fed predicted to enact several smaller rate cuts in their next several meetings, the trickle effect on mortgage rates should encourage buyers (and sellers) to be more active in the market,” he said. 

Buyers should be happy to see an active inventory of single-family homes in the region rise 4.0% to 7,713, an increase over last month, and an 84.3% increase over September 2023. August’s median for days on the market shot up 30.8% to 51 days.

“Despite the trend of price increases in the past years now leveling off, Northeast Florida continues to be one of the best places for families, businesses and investors to focus of any metro area in the Southeast US,” said Dubin. “It is more important than ever for these buyers, sellers, landlords and tenants to use the expertise and professionalism of a local Realtor.” 

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