Welcome to our monthly market update! In this post, we’ll dive into the real estate market statistics for June 2024 in Northeast Florida, comparing the data to June 2023 to give you a clear picture of the market trends. Whether you’re buying, selling, or just keeping an eye on the market, these insights will help you make informed decisions.
Key Market Statistics
Median Sales Price
The median sales price in Northeast Florida has seen a modest increase of 3.0% from June 2023 to June 2024, indicating steady growth in property values.
Closed Sales
Closed sales have decreased by 12.7% compared to last year, reflecting a slower market pace.
Days on Market
Homes are spending more time on the market, with a 14.7% increase in days on market year-over-year.
List Price Received
Sellers are still receiving close to their asking prices, with a slight decrease of 0.3% from last year.
Closed Over List Price
The percentage of homes closing over the list price has dropped significantly by 19.7%, suggesting a more balanced market.
Home Affordability
Home affordability has decreased by 4.5%, which may impact buyers’ purchasing power.
Sold Price per Square Foot
The sold price per square foot has increased by 4.9%, indicating a rise in property value per square foot.
New Pendings
New pending sales have dropped by 26.0%, reflecting a decrease in buyer activity.
New Listings
There has been a significant increase of 24.5% in new listings, providing more options for buyers.
Active Inventory
Active inventory has surged by 86.8%, contributing to a more competitive market for sellers.
Months Supply of Inventory
The months supply of inventory has more than doubled, up by 113.9%, suggesting a shift towards a buyer’s market.
Market Insights
The Northeast Florida real estate market has experienced several notable changes between June 2023 and June 2024. While the median sales price has risen, indicating continued value appreciation, the decrease in closed sales and increase in days on market suggest a cooling trend. The significant rise in new listings and active inventory points to increased seller activity and more options for buyers, though affordability challenges persist.
Conclusion
Understanding these trends is crucial for anyone involved in the Northeast Florida real estate market. If you have any questions or need personalized advice, contact us at O.N.E. Florida Group. We’re here to help you navigate these changes and achieve your real estate goals.
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