Northeast Florida Market Stats | October 2024

“We often take for granted the very things that most deserve our gratitude.” – Cynthia Ozick

I do not take for granted all of you that have supported and encouraged me for years. Thank you!

The October 2024 market review from the Northeast Florida Association of Realtors (NEFAR) shows continued price stability, closings and pending sales are down and inventory of available homes is up.

The median sales price for all types of homes in all 6 counties is $345,125. The median price has hovered slightly above or below $350,000 for many months. It is down 1.4% from last year and up 0.9% from last month.

There were 2,026 closed sales, which is down 5% from last year and down 5.7% from last month. Some homebuyers began looking at homes when rates dipped in September, but did not lock in an interest rate and the rates increased and now, they are looking at rates closer to 7% than 6%.

Some homebuyers got cold feet due to mortgage interest rates, economic uncertainty, and election jitters gripped the country; nationally roughly 53,000 home purchases were canceled in October, equal to 15.5% of homes that went under contract last month. That’s the highest percentage in nearly a year.

There were 1,530 pending sales, which is down 22.8% from last year and 21% from last month.

The profile of home buyers is changing. Here are a few of the changes observed from NAR’s newly released 2024 Profile of Home Buyers and Sellers:

First-time buyers are retreating from the market. The share of first-time buyers has fallen to a historic low of 24%, according to NAR. Prior to 2008, first-time buyers comprised 40% of the market.

More buyers are skipping the mortgage. All-cash buyers have surged to record highs, accounting for 26% of home sales over the past year.

First-time buyers are getting older. The median age of a first-time home buyer was 38, an all-time high.

More buyers are pooling their money. The number of multigenerational households surged to an all-time high of 17% over the past year.

Single women buyers continue to outpace single men buyers. A drop in marriage rates has triggered more consumers to enter the housing market on their own. Single women held a 24% share of the home-purchase market over the past year. For single men, it was 11%.

Active inventory is at 10,670, which is up 81.5% over last year and 9.2% over last month. We are now at 5.3 months supply of inventory which is still a balanced market.

I wish you and your family a wonderful Thanksgiving holiday. Please let me know if I can help you with any real estate needs.