December showed an increase in the median price of single-family homes in the market because of a boost from buyers and sellers seeking for end-of-the-year closings, according to data provided by the Northeast Florida Association of Realtors.
“While we are in the ‘slow time’ that we see annually through the holidays, we are already seeing increased activity,” said 2025 NEFAR President, Mario Gonzalez in a Jan. 10 news release.
Gonzalez takes over for 2024 NEFAR President Rory Dubin on Jan. 24.
NEFAR measures home sales in Duval, Baker, Clay, Nassau, Putnam and St. Johns counties.
The median price of a single-family home in the region was $400,000, a 2.3% increase from $391,000 in November.
December 2024 closings were 23.4% higher than those in the previous month – 1,773 compared with 1,437.
The median number of days a home sat on the market was up 23.4% over November – 55 compared with 48 days.
New listings and active inventory both dropped in December.
There were 2,179 new listings compared with 2,499 in November, a drop of 12.8%. The active inventory of homes dropped 4.5%, 7,206 in November to 6,883 in December.
Month’s supply had reached a 2024 peak in November with five months inventory. In December it fell to 3.9 months, a drop of 22.6%.
The Home Affordability Index continued its steady decline, from 71 points in September to 65 points at the end of the year.
An index of 100 is defined as the point where a median-income family has the exact amount of income needed to purchase a median-priced existing home. A number closer the to 100 or better shows a strong homebuying economy.
“Increasing the inventory of homes on the market allows buyers a wider selection to choose from, as compared to the craziness during COVID when competition was incredibly difficult for buyers, so much so that many buyers abandoned their home search journey altogether,” Gonzalez said.
“There is a rekindled excitement from many buyers and sellers as we head into 2025 as we are coming out of the uncertainty of an election year.”