Northeast Florida Market Stats | September 2024

“Spread love everywhere you go. Let no one ever come to you without leaving happier.”
— Mother Teresa

We all need to spread a little extra love right now with the hurricane damage and the election craziness. It is wonderful to see all the people helping each other.

The Northeast Florida Association of Realtors (NEFAR) market review for September shows our home prices continue to be stable. The median sales price for all types of properties in all 6 counties is $349,000 which is down 0.3% from last year and last month. The median price in August was $350,000.

There were 2,027 closed sales in September which is down 9.8% from last year and down 15% from last month. Pending sales in September of 1,500 are down 24.8% from last year and 31.7% from last month.

The mortgage interest rate dropped some in mid-September but has increased slightly since. The market is still looking for some stability in rates.

A Florida Realtors article by Zillow said, “For a buyer who could have afforded the mortgage payment on a typical home in May, mortgage rates falling to a two-year low of 6.08% in late September meant a boost of more than $40,000 in buying power over the past four months.”

The mortgage interest rate is extremely important to buyers, but it is very difficult to predict because there are so many forces that determine the long-term interest rates.

The active inventory is 10,308 homes, which is up 79.8% from last year and 3.6% from last month. The increased inventory is a positive for homebuyers because many builders are offering incentives and sellers of resales are being more flexible with contingencies for selling their existing home. An experienced loan officer and a knowledgeable Realtor may help you negotiate incentives and achieve a home you didn’t think you could afford.

Many buyers are still on the sidelines, so sales are down, inventory is up, and pricing has remained stable. If you are considering buying, selling or renting, please let us know how we can help.

Thanks for all the support of Jim Davidson’s Annual Clay Day! Enjoy our wonderful fall weather.