The Northeast Florida housing market continues to show promising opportunities for buyers. The Northeast Florida Association of REALTORS® (NEFAR) Market Statistics report for September highlights increasing affordability and a stabilizing market.

Across Northeast Florida’s six-county region, the median sales price for single-family homes saw a modest increase of 1.8%, reaching $389,945. At the same time, the Home Affordability Index* rose by 1.4%, reaching a score of 70, signaling improved buying power for potential homeowners.

“Our market continued to see a significant decline in sales even as the average market price increased slightly from August,” said 2024 NEFAR President Rory Dubin. “The Home Affordability Index increased as well due to our area pricing being more competitive than any other major metropolitan area in the southeastern United States.”

Closed sales across the region saw a dip of 17.7% month-over-month, with 1,526 transactions completed. Pending sales dropped significantly by 32.7%, coming in at 1,134, while new listings fell 8.2% to 2,835, indicating a tightening of available new inventory on the market.

However, buyers will be encouraged by the active inventory of single-family homes, which rose 4.2% to 7,695 properties. This represents a substantial year-over-year jump of 74.1% from September 2023, reflecting a much-needed boost in available housing options. Additionally, the median number of days on the market remained steady at 46 days, signaling consistent selling conditions.

“Our area is an excellent location for home buyers and investors to purchase residential properties with inventory nearing 8000 units. The monthly supply of inventory is now about 5 months, indicating that market equilibrium between buyers and sellers in Northeast Florida,” said Dubin. “The current market makes it critical for all buyers, sellers, renters & investors to utilize the expertise in their transaction provided by a Realtor.”

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