Executive Summary
- The Northeast Florida region saw a 2.3% year-over-year increase in home sales in October, but sales fell 3.1% compared to September.
- The median sales price for the region dropped to $385,000, a 1.7% decrease from the previous year.
- Housing inventory continued to rise, with 7,903 homes on the market, marking a 1.2% increase from a year ago.
Home sales in Northeast Florida’s six-county First Coast region saw a slight year-over-year increase in October, while the median sales price moderated and inventory continued to climb, according to the latest report from the Northeast Florida Association of Realtors (NEFAR).
The report shows 1,662 single-family homes were sold in October, a 2.3% increase compared to the same month last year. However, this figure represents a 3.1% decline from September, marking the fourth consecutive month of falling sales. The median home price for the region was $385,000, a 1.7% decrease from the prior year and a 0.7% drop from September. Housing inventory expanded, with 7,903 homes on the market, up 1.2% year-over-year.
County-Level Market Analysis
Duval County, the region’s most populous, recorded 882 closings, a 4.9% increase from a year ago. The median sales price fell 1.8% year-over-year to $325,000.
In contrast, St. Johns County experienced a 4.1% year-over-year sales decline with 393 homes sold. The median price was $559,000, a slight 0.5% increase from the previous year but down 0.2% from September.
Clay County saw sales decrease by 1.7% from a year ago, with 231 closings. However, its median price rose 2.4% year-over-year to $362,500.
Nassau County reported mixed results with 99 sales, up 5.3% from a year ago but down 9.2% from September. The median price dropped significantly, falling 5.8% year-over-year to $450,000.
The region’s more rural counties showed strong price growth. Putnam County saw its median price climb 13.2% to $270,000, while Baker County saw a 27.6% jump to $425,000, though both counties operate with much lower sales volumes.
Market Outlook
Overall, the October data suggests a market in transition. While sales activity saw a minor annual uptick, the combination of declining month-over-month sales, moderating prices, and rising inventory indicates a shift towards more balanced conditions for buyers and sellers across Northeast Florida.
