JACKSONVILLE, Fla. – Home prices continued to climb last month to record highs in Northeast Florida.
According to data from the Northeast Florida Association of Realtors (NEFAR), the median price of single-family homes in May came in at a historic high of $392,000. In the condominium and townhouse market, the median sales price rose 2% to $267,500.
Florida Realtors said this week the statewide median sales price for single-family existing homes in May was $420,000.
This comes as mortgage rates continue to rise and make it more difficult to borrow money.
But there are signals that the market is leveling off, according to NEFAR President Mark Rosener.
“I was talking to an agent not too long ago. And they said, you know, Mark, I just put a listing on, instead of getting 21 offers in six hours, I got three in four days. So you know, it still is a competitive market, it still absolutely is a seller’s market, but we’re starting to see some of that craziness in the marketplace kind of level out a little bit,” Rosener said.
Here’s a breakdown of median prices in area counties and the percent change compared to April:
- Duval County: $350,000, up 2.9%
- Clay County: $367,250, up 2%
- St. Johns County: $583,950, up 3.4%
- Putnam County: $237,945, up 18.4%
- Nassau County: $411,990, up 5.6%
As prices rise, homes in Northeast Florida are becoming increasingly less affordable.
“The trend for median price increases month over month has maintained a moderate and steady 3-4% increase in each month since January 2022 as expected,” Rosener said. “With the pressure on home affordability created by rising mortgage rates over the past five months, I would anticipate that these increases will become more moderate 1-2% increases month over month in the near future.”
Although it’s still a seller’s market, the inventory of homes increased by 10% last month, NEFAR said, a good sign for buyers.
“The demand was kind of plateauing for us, which was a great opportunity for us to start to see inventory, build up a little bit, so that our buyers had a little bit more to choose from,” Rosener said.
You can go to NEFAR’s website to get a breakdown of all the housing data for six area counties.
