Northeast Florida Market Stats | December 2024

“You are never too old to set another goal or to dream a new dream.” – C.S. Lewis

I hope your 2025 goals and dreams all come true.

As we look back on December 2024, the real estate market in Northeast Florida continues to demonstrate its resilience and evolving dynamics. According to the latest data from the Northeast Florida Association of Realtors (NEFAR), here are the key highlights from last month’s performance:

• Median Sales Price: The median sales price across all property types in the six counties remained steady at $350,000, marking no change from November but reflecting a slight 2.8% decrease from December 2023.

• Closed Sales: There were 2,349 closed sales which is up 22.2% from 1,922 in November and 17.0% from December 2023.

• Pending Sales: Pending sales dropped to 1,435, down 26.0% from last month and 20.2% from last December. This dip aligns with typical holiday trends, compounded by rising mortgage interest rates during the same period.

Logan Mohtashami, lead analyst at HousingWire, emphasized the strength of the housing market, stating, “Home sales won’t crash because we’ve got millennials, Gen Z, Gen X, and baby boomers ready to go and move as soon as affordability gets a little better. Whenever rates get close to 6%, we see a surge in mortgage purchase applications.”

• Active Listings: The market saw 9,654 homes in active inventory, representing a 4.6% decrease from November but an impressive 71.3% increase compared to last year. Inventory levels are approaching pre-pandemic norms, signaling a stabilizing market.

• Months’ Supply: The months’ supply of inventory decreased to 4.1 months, down from 5.3 months in November. The decrease is mostly due to the increase in closed sales.

Baby boomers, who make up 20% of the U.S. population and 36% of homeowner households, remain a critical demographic in the housing market. Freddie Mac has surveyed and tracked the attitudes of baby boomers in 2016, 2021 and again in 2024.

The surveys show that 68% of boomer homeowners plan to age in place, consistent with past trends. However, 75% of these homeowners intend to leave their home or its proceeds to their family, underscoring the lasting impact of this generation on real estate wealth.

As of Q2 2024, baby boomers hold 50% of the nation’s home equity, valued at an astonishing $17.3 trillion, ensuring their continued influence on the market.

The real estate market in Northeast Florida reflects price stability and steady activity, even amid fluctuating mortgage rates. The outlook remains positive for both buyers and sellers in 2025.

If you’d like to discuss how these trends might impact your real estate goals or explore opportunities in our local market, please don’t hesitate to reach out. I wish you a Happy New Year!