7801 Deercreek Club Rd., Jacksonville, FL 32256



For more information contact:
Marcia Hodgson
Communications Director
mhodgson@nefar.com
(904) 394-9144 (W) or (904) 300-5709 (C)

 

JACKSONVILLE, Fla., July 7, 2022 – Although prices rose higher in June, there was tangible evidence that higher mortgage rates and inflation are beginning to put the brakes on the wild ride that Northeast Florida’s housing market has taken over the past two years.

The median sales price for single-family homes in the region settled at a historically high $400,000 in June, a 2.3% increase over the month before. However, this number is based on closed sales that included offers from a few months ago before the market began to feel the impact of rising mortgage rates.

Meanwhile, the number of closed sales, pending sales, and listing prices received have all started dropping, tangibly demonstrating that the market is slowing down. Added to that is active inventory, which increased 17.4%, as well as a 46.2% increase in the median number of days on the market. These are all indications that prices may slowly begin to “normalize” in the coming months.

“This is good news for both buyers and sellers as we move into the third and fourth quarters of 2022,” said 2022 NEFAR President Mark Rosener. “It’s encouraging for buyers, as they now have more homes from which to choose.? On the flip side, while we still have a significant “seller’s market” at just 1.8 months’ supply, sellers need to heed the counsel of their REALTORS® to price their homes accordingly.”

Specifically in June, closed sales on single-family residences registered at 2,336, a 4.1% decrease since May. June also registered 2,077 pending sales, a 13.2% decline from May when there were 2,393. And the list-price-received category dropped from 101% in May to 100.6% in June, with 38.9% of sellers getting above their asking price, a decline of 8.7% from May. Meanwhile, the active inventory of single-family homes increased to 4,109 in June, a significant increase from May 2022 when only 3,501 homes were on the market. June’s inventory represents 1.8 months of active inventory. Meanwhile, the combined condo and townhouse market showed a significant 46.3% gain in homes for sale over the previous month when the number of units increased to 1,090. The median days on the market also increased by 16.7% to 14 days.

Although higher interest rates may be slowing down the market, they are not helping to make the area more affordable. With single-family home prices still at historic highs, the home affordability index slipped down 1.3% to 78. The 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. Higher numbers mean greater affordability. In June, the combined condo and townhouse affordability index remained unchanged from the month before at 115.

“There is no question that the Real Estate Market in Northeast Florida is continuing to shift, and I am proud of the NEFAR REALTOR® members who have responded to these shifts with flexibility and professionalism,” Rosener said. “They continue to deliver outstanding service to those looking to buy and/or sell in the Greater Jacksonville Area.? For those that have a real estate need, it has never been more important to have a trusted advisor to help you navigate this process.”?

Northeast Florida by County

In Duval County, the June median price of single-family housing was $350,000. The median days on the market was 19, a 35.7% increase over May, with 6.1% fewer sellers – 42.6% -- closing above the asking price. Active inventory for the county was 1,996 homes, an increase of 18.1% from last month and a 1.7 months’ supply. The home affordability index registered at 89, the same as in May.

In Clay County, the median price of single-family homes rose to $378,950 in June, an increase of 3.8% from May. The median days on the market crept up to 16. Approximately 17.7% fewer sellers from the month before – 41.3% -- closed over list price. The affordability index registered at 82, a 3.5% drop from the previous month. There was 1.5 months’ supply of homes and an active inventory of 517 in June, which is a 7.3% increase from May.

In St. Johns County, prices began to drop in June with $554,900 coming in as the median price of single-family homes, 4.1% less than May. The median days on the market was 21, a 61.5% increase from the month before, and the active inventory rose to 1,099 homes, a 26.9% increase from May and 1.8 months’ supply. Approximately 35% of sellers received more than their listing price in June. Although the affordability index inched up to 56, St. Johns County continues to remain the least affordable area to live in the region.

Putnam County continues to be the most affordable area to live in Northeast Florida even with the median price of single-family housing rising 3.6% to $248,500. Homes stayed a median of 39 days on the market in June. Approximately 29.4% of all sellers closed over their asking price. Active inventory increased to 172 homes. Putnam County’s home affordability index registered at 125, a 3.1% drop from the month before.

In Nassau County, the median price of single-family homes fell to $393,015 in June, a 4.6% decrease from the month before. With a median of 17 days on the market, approximately 22.7% of sellers closed above their listing price. Active inventory rose 12.8% in June to 264, 1.6 months of supply. The Home Affordability Index registered 79, 5.3% higher than May 2022.

“Whether buying or selling anywhere in Northeast Florida the bottom line is to enlist assistance from a REALTOR® you trust,” Rosener advised.?“These overall market statistics are important, but each neighborhood will be different so it’s important to know the hyper-local trends in your neighborhood.? Your REALTOR® has this knowledge and can help guide you through the process.”

 

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The Northeast Florida Association of REALTORS® (NEFAR,) serves as the voice of real estate in Northeast Florida. It is the region’s largest professional association, representing more than 11,000 members who work in all facets of the real estate industry including residential and commercial sales and property management. It serves the public through the support of community affairs programs and seeks to protect private property rights. The region's multiple listing service, realMLS, is a wholly-owned subsidiary of NEFAR. NEFAR is headquartered in Jacksonville, with satellite Service Centers in Orange Park, Jacksonville Beach, and Palatka.