For more information contact:
Marcia Hodgson
Director of Communications
mhodgson@nefar.com
(904) 394-9144
JACKSONVILLE, Fla., November 10, 2021 – Although the bidding wars that drove up housing prices in Northeast Florida this summer have cooled somewhat, the region’s hot residential market shows no signs of diminishing, even as temperatures outside becoming colder.
Nationally, existing home sales continue to be plentiful, buoyed up by strong demand, low interest rates, and a slight tick in new listings in recent months, according to the National Association of REALTORS®. In Northeast Florida, the median price of single-family residential housing hit $339,000 in October, an 18.9% increase since October 2020. Active inventory hovered at 3,252 homes, a 6.8% decrease from September, leaving 1.4 months-worth of inventory available to buyers, a 7.6% decrease from September 2021.
“Prices continue to slide upward, while average days on the market and inventory continue to slide downward,” said Missi Howell, president of the Northeast Florida Association of REALTORS® (NEFAR). “The historic market that we saw earlier this year, with double digit offers on almost every sale and more than 100% of the homes receiving offers of at least the asking price or more, has calmed just a bit, more from buyer fatigue and increasing prices. However, we are far from seeing this market end. In October, we had barely a months’ inventory available for buyers, and this challenge does not appear to have any hope of waning.”
Single family homes in Northeast Florida continued to be less affordable, registering 104 on the affordability index, a measure that accounts for housing affordability within the region. The index aims to measure the ability of a typical family to earn enough to qualify for a mortgage on a home based on current interest rates, median income, and median home prices. Higher numbers mean greater affordability.
In Duval County, the median sales price in October of single-family residential housing weighed in at $301,050, a slight increase from $300,000 in September. Duval’s affordability index measured 117, and its active inventory represented 1,748 homes, and 8.1% drop from 1,903 residential units in September. The typical single-family residence spent a median of 20 days on the market and nearly all sellers – 99.3% with single-family homes sold – received their asking price with 29.3% closing over list price.
In St. John’s County, October’s median sale price of single-family residential housing was $465,000, a 2.1% increase from September’s mark of $455,000 and a 17.7% jump from October 2020. The affordability index in St. John’s County was 76, and its active inventory represented 765 single family homes, a 4% drop from the 797 homes in on the market in September. The typical single-family residence spent a median of 21 days on the market and all sellers of single-family residences – 100.3% – received their asking price or more with 29% closing over list price.
In Clay County, October’s median sales price was $326,495, a 3% increase from September and a 30.6% increase over October 2020. Clay County’s affordability index measured 108, a 2.7% decline from the month before. Active inventory represented 391 single-family homes, a 5.8% drop from September. The typical single-family residence spent 17 days on the market with 1.1 month’s supply of inventory available to buyers. All sellers of single-family homes – 100.2% – received their asking price, with 35.1% closing over list price.
In Putnam County, October’s median sales price of single-family housing was $190,995, and 8% drop from September. Putnam County proved to be the most affordable region within Northeast Florida with an affordability index of 185, and 8.8% increase from September. Putnam’s active inventory was 154 homes for sale in October, a 3.2 months’ supply with single-family homes spending a median of 33 days on the market. Approximately 96% of all sellers received their asking price with 14.6% of all homes closing over list price.
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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 support of community affairs programs and seeks to protect private property rights. The Northeast Florida 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, Palatka, and World Golf Village.
