Northeast Florida Market Stats | January 2025

“I have learned that success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome while trying to succeed.” – Booker T. Washington

The real estate market has experienced significant obstacles over the past few years, from the post-COVID buying frenzy to the recent slowdown in buyer activity. However, every market presents opportunities for both buyers and sellers.

The January 2025 Northeast Florida Association of Realtors Market Review suggests we may be transitioning into a buyer’s market. Here are some key insights:

• Median Sales Price: The median sales price across all property types in the six-county area declined to $315,000 from $350,000 in December 2024, a 10% drop.

• Closed Sales: There were 1,628 closed sales, up 0.4% from last January but down 33.0% from December.

• Pending Sales: A total of 1,636 pending sales were recorded, down 30.3% from last January and 8.9% from December.

• Months’ Supply of Inventory: Inventory levels rose to 6.5 months, an increase of 73.6% from last January and 70.5% from December. A balanced market typically falls within a five- to six-month supply.

• Active Inventory: There were 10,644 homes available for sale, up 74.3% from last January and 14.2% from December.

Over the past few years, home prices have risen significantly, but we are now seeing signs of decline as sellers adjust to higher interest rates and reduced buyer demand. While monthly price fluctuations are common, the current trend suggests increased price reductions.

In a 2023 Cash for Home study, three Florida cities ranked among the top 10 markets for all-cash house purchase. West Palm Beach accounted for 49% of all-cash home sales, followed by Jacksonville at 46.2% and Miami at 40.7%.

Jennifer Warner, an economist at Florida Realtors said “We’re expecting a lot more repeat buyers -people who already own selling and buying – because they’re able to use equity to offset those higher lending cost. And we expect to see a lot of older and wealthier people transacting.”

As we approach the spring selling season, we anticipate increased activity. With inventory levels returning to pre-pandemic norms and prices softening, buyers now have more negotiating power. Whether buying or selling, opportunities exist for both sides of the market.

If you have any questions about the current market or need assistance with your real estate goals, please don’t hesitate to reach out.