The First Coast housing market is stuck in a slump that has now seen falling monthly home sales across the region for four straight months.
The Northeast Florida Association of Realtors (NEFAR[1]) published the August home sales figures for the six-county area, showing there were 1,730 closed home sales last month.
That’s an 8.8% drop in sales from August 2024, when there were 1,896 sales. It’s also a 9.9% decline from July’s figure[2] of 1,920 closings in the thick of what is normally a robust season of sales during the Summer.
Despite the sales struggles — or perhaps driving them — the median sales price for homes in the region jumped. That figure came in at $398,995. It’s a 3.9% hike from August 2024, when the median figure was $383,990, and a 1.1% increase from July’s sales price of $394,500.
The odd combination of falling sales and increasing prices has led to more houses staying on the market along the First Coast. The inventory of homes for sale jumped to 8,619 last month. That’s a 7.5% rise from August 2024, which saw an inventory of 8,014 homes, and a 1.1% increase over July’s figure of 8,526.
The results were equally mixed in Duval County, which is home to Jacksonville. There were 889 homes sold last month, a 4.9% drop from a year ago and a 9.8% decline from July. The median sales price went up, though, climbing to $340,000. That’s a 1.8% increase from last year and a 4.5% spike from July. The inventory in Duval also increased to 4,197, a 12.1% uptick from a year ago and a 3.8% increase from July.
St. Johns County, one of the fastest-growing counties in the state, bucked some regional trends. While closed sales did drop to 479 in August, a 10.5% decline from a year ago and a 2% slide from July, the median sales price declined too, falling to $550,000. That’s a 2.7% drop from August 2024 and a 7.4% reduction from July. Inventory trends were mixed, with 2,353 homes on the market. That’s a 6.1% increase from last year but a 3% drop from July.
Nassau County witnessed a substantial decrease in home sales last month with only 99 closings in August. That accounts for a notable 17.5% drop from last year and a 13.9% slip from July. The median sales price was $490,000, up 5% from August 2024 and up 5.4% from July. Inventory dropped, though, with 508 homes on the market last month. That’s a 5.4% fall from a year ago and a 5.8% decrease from July.
Clay County just west of Jacksonville also reported a significant drop in home sales, with 206 in August. That’s a 15.2% downturn from a year ago and a whopping 22.8% fall from July. The median home sale price was $359,000, which is a 1.7% increase from August 2024 and a 2.8% decrease from July. The inventory of 1,188 homes on the market in Clay was unchanged from a year ago and saw a 3.2% uptick from July.
Putnam County had only 39 home sales in August, a 17% drop from a year ago and a 9.3% fall from July. Median home sale prices came in at $252,000, a modest 2.9% uptick from August 2024 and a 0.8% increase from July. There were only 290 homes for sale last month in Putnam, a 10.7% increase from August 2024 and a 1% increase over July.
Baker County, the First Coast’s least populated county, had 18 closed sales of homes last month, up 12.5% from a year ago and a 10% increase over July. The median home sales price was $281,990, a 1.3% uptick over a year ago, but a 10.3% fall from July. Housing inventory spiked in Baker, climbing to 83 homes on the market. That’s a 27.7% hike from a year ago and a 16.9% increase over July.
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References
- ^ NEFAR (nefar.realtor)
- ^ July’s figure (floridapolitics.com)