Northeast Florida Market Stats | February 2025

“Spring is nature’s way of saying, ‘Let’s party!’” Robin Williams

I love this spring weather, March Madness, MLB spring training, and the improving real estate market.

The latest market data from the Northeast Florida Association of Realtors indicates promising opportunities for homebuyers in Northeast Florida. With slightly lower prices, increased inventory, and improving interest rates, conditions are becoming more favorable for those looking to purchase a home.

Market Highlights:

• Median Sales Price: After holding steady in the $350,000 range from August to December 2024, the median price dipped to $315,000 in January before rising 4.1% in February to $328,000.

• Closed Sales: February saw 1,842 closings—an 8.5% increase from January but a 14.4% decline from the previous year.

• Pending Sales: Buyer demand remains lower, with 1,768 pending sales—a 16.4% drop from January and 30% decrease from last year.

• Active Inventory: Available homes for sale increased to 11,061, up 8.4% from January and a significant 68.9% rise from last year. The months’ supply of inventory remains at 6.0, indicating a balanced market.

With more homes on the market, buyers now have greater choices, and sellers are showing more flexibility in pricing and terms. Interest rates have eased slightly from earlier in the year, further enhancing buyer opportunities.

According to the Insurance Information Institute (Triple-I), Florida’s home insurance market is seeing positive changes. Claim-related litigation has significantly decreased over the past two years, leading to more stable premiums. In 2024, 40% of insurers requested rate reductions, and 11 new property insurers entered the market, increasing competition and options for homeowners.

While sellers may not see the peak pricing of past years, they have still experienced significant appreciation. Market activity is picking up, with an increase in contracts being written in March, signaling a potentially strong spring buying season.

If you’re considering buying, selling, or renting your home, now is a great time to explore your options. Contact us to discuss market trends and how we can help you achieve your real estate goals.