JACKSONVILLE, Fla. — After low inventory and prices left many first-time home buyers struggling to keep up, the housing market in Northeast Florida is starting to stabilize, according to real estate experts.
Opportunities are growing in Northeast Florida for both sellers and future homeowners.
"We are starting to see an increase of listings on the market, and with that creation, we are seeing more buyers," said Diana Galavis, a local realtor.
In June, active inventory for Duval County was 1,996 homes, an increase of 18% over the month of May.
Regionally, the combined condo and townhouse market showed a 46% gain in homes for sale in June compared to May.
Leaders with the Northeast Florida Associations of Realtors (NEFAR) say more inventory has led to fewer bidding wars.
"I think for sellers, it means that you have to be more realistic about what is the market price in your neighborhood, right... For buyers, I think it gives the opportunity to not have to compete against multiple offers quick," said Mark Rosener, the 2022 NEFAR President.
Affordability is still an issue.
In Duval County, the June median price of single-family housing was $350,000 an all-time high. However, prices may slowly begin to “normalize” in the coming months.
“After a really fast-paced post pandemic type activity, we seem to be settling into a more normalized market, which is good news for both buyers and sellers," Rosener said.
Other statics for the month of June include:
- Median days on the market was 19 (a 35.7% increase over May)
- Just over 6% fewer sellers (42.6%) closing above the asking price
- Active inventory for the county was 1,996 homes (an increase of 18.1% from May)
- The home affordability index registered at 89, the same as in May