June 2024 Market Statistics for Northeast Florida

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

June 2024: $400,000
Change from June 2023: +3.0%

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

June 2024: 2,035
Change from June 2023: -12.7%

Closed sales have decreased by 12.7% compared to last year, reflecting a slower market pace.

Days on Market

June 2024: 39 days
Change from June 2023: +14.7%

Homes are spending more time on the market, with a 14.7% increase in days on market year-over-year.

List Price Received

June 2024: 97.8%</
Change from June 2023: -0.3%

Sellers are still receiving close to their asking prices, with a slight decrease of 0.3% from last year.

Closed Over List Price

June 2024: 13.3%
Change from June 2023: -19.7%

The percentage of homes closing over the list price has dropped significantly by 19.7%, suggesting a more balanced market.

Home Affordability

June 2024: 64
Change from June 2023: -4.5%

Home affordability has decreased by 4.5%, which may impact buyers’ purchasing power.

Sold Price per Square Foot

June 2024: $216
Change from June 2023: +4.9%

The sold price per square foot has increased by 4.9%, indicating a rise in property value per square foot.

New Pendings

June 2024: 1,441
Change from June 2023: -26.0%

New pending sales have dropped by 26.0%, reflecting a decrease in buyer activity.

New Listings

June 2024: 3,493
Change from June 2023: +24.5%</

There has been a significant increase of 24.5% in new listings, providing more options for buyers.

Active Inventory

June 2024: 8,134
Change from June 2023: +86.8%

Active inventory has surged by 86.8%, contributing to a more competitive market for sellers.

Months Supply of Inventory

June 2024: 4.0 months
Change from June 2023: +113.9%

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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