The six Northeast Florida counties tracked by NEFAR became 4.1% more affordable in January based on the group’s affordability index.
St. Johns County remains the least affordable county in the area, with a median home price of $526,500 as of January while the most affordable area is across the St. Johns River in Putnam County, which has a median home price of $234,000.
“There is a lot of emphasis on Putnam County right now. So we’re watching and seeing what the trends are,” Galavis said. In Duval County, the January median price of single-family housing was $308,000, a slight decrease from December 2022 when it registered $319,945, according to NEFAR. The median days on the market in January was 50, a 28.2% increase over December. Month-to-month, closed sales dropped 36.2% to 547, pending sales rose 24% to 857, and new listings rose 34.8% to 1,357. Active inventory for the county was 2,381 homes, an increase of 2% from December and a 4.4-month supply.
“The January market reflects a significant increase in months of supply, moving Northeast Florida closer to a stable market,” Galavis said. “Closed sales were down for January, but this is a typical slow up for the time of year. Factors such as interest rates, loan processing times, and inventory play a role in the lower closed sales in January.”
NEFAR said active inventory gradually rose in January 2.6% to 5,011 units in the six-county region, and the month’s supply of homes has risen 57.5% since December 2022. NEFAR said that demonstrates a further stabilization of the housing market, which is something both buyers and sellers can benefit from.
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