As 2024 draws to a close, the Northeast Florida housing market follows seasonal trends. In November, there was a decrease in affordability, but an increase in inventory, providing buyers with more options and allowing more people to find their homes.

The median sales price for single-family homes in Northeast Florida’s six-county region rose by half a percentage point, reaching $392,000. Because of this, the Home Affordability Index* saw a 4.3% decline to a score of 66.

“The market nationally as well as in Northeast Florida typically slows in sales volume heading into the holiday cycle from Thanksgiving to year-end, which was shown in the changes for November. Days on Market are at the highest level in at least two years, moving to 52 days for the greater Northeast Florida area, an increase of almost 13% over October and over 20% since November 2023. Closed sales were down by almost 11% from last month’s volume and pricing held steady at a nominal .6% increase. Active inventory is approaching 8,000 units, an increase of 6% from October with pending sales down over 16% from October. This resulted in an inventory supply of 5.4 months up over 18% from October,” said 2024 NEFAR President, Rory Dubin, referring to single-family homes in the five-county region.

Closed sales for single-family homes for the month showed a decrease of 12.7% from the previous month, totaling 1,385 transactions. Pending sales dropped more sharply by 22.2%, recording 1,081, and new listings fell by 6.3% to 2,569.

The active inventory of single-family homes rose by 7.8% to 7,676 properties, marking a substantial 67.7% increase compared to November 2023. This uptick is good news for buyers who are looking to keep their options open. Meanwhile, the median number of days on the market was raised to 53 days, showing a persistent balance in selling conditions.

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