CLAY COUNTY – There’s never been a better selection of available homes in Clay County. According to Realtor.com, there are 2,160 homes for sale and another 574 for rent.

And yet, the real estate market is moving as quickly as roadwork around the county.

Four years ago, buyers had money, but the inventory was depleted. Making matters worse were out-of-state investors who overpaid for houses, sight unseen, as rental investments. Now there are plenty of houses, but the financial climate has changed. The average 15-year fixed rate is about 5.7%, and a 30-year rate is 6.73% – nearly double the cost to borrow money in 2020.

Other factors, such as hurricane damage, increasing insurance costs, property expenses, the cost of living, capital gains taxes and homeowners' association rates, are also excluding a significant portion of the buying public.

“You also get some people who often can’t meet their expectations of a home,” said Helena Cormier of Florida Homes Realty and Mortgage. “They're qualified, but their price point doesn't meet their needs. A four-bedroom, two-bath house is typically larger and more expensive than a two-bedroom house. It’s too bad, but they really need that four-bedroom home, but they can’t hardly find the four-bedroom home that fits in their budget.”

River Birch Realty’s Katrina Leek Robinson said even if a buyer has a smaller budget, it’s best to go ahead and get what they can afford.

“At least you’re in the game,” she said. “Most people don’t have anything to put down. If you can only afford a $200,000 house, it’s going to be a townhouse or a condo. It’s going to be small, but go ahead and get it. At least you’re in it. You’ve got something.”

According to the Northeast Florida Association of Realtors, the housing market continued its slower buyer activity in July. There was a steady increase in available homes – 360 hit the market in Clay last week – as sellers now have balanced expectations.

While the average time homes are on the market in Clay County was 43 days in July, the average in Florida is 76 days this year, compared to 56 in 2024. And the average age for a first-time homebuyer is 38, compared to 31 years old in 2014.

Florida Realtors President Tim Weisheyer said, “Back in 2021, homes were flying off the market in under 10 days, often closing before the end of the month and never even showing up in monthly inventory reports.” He said most now take more than 40 days to get under contract, which means they’re being counted in one or two months on inventory data.

The median sales price for single-family homes in Northeast Florida’s six-county region rose to $394,000 in July, according to NEFAR. There were 1,849 closed sales for single-family homes in Clay, Duval, Nassau, St. Johns, Putnam and Baker counties, a decrease of 9.4% compared to June. There are currently 8,882 active listings in the six counties.

“These conditions are much more representative of a balanced market, and experienced realtors can help buyers and sellers navigate much more successfully than trying to go it alone in these waters,” said NEFAR President Mario Gonzalez.

Clay County bucked the six-county trend. The median price increased by 1.2% to $369,485. Closed sales dropped by 12.4% to 261, and there were 166 pending sales. New listings rose by 8.8% to 369, while the active inventory rose to 1,181 homes, representing a 4.5-month supply.

“Things are starting to balance out,” Robinson said. “Politically, they’re trying to lower the prime rate. If they do, it will become a more buyer-friendly market again. Prices will start to come down. People are paying the closing costs and doing more things to sell.”

Cormier said builders are more creative in moving new houses by offering lower interest rates to offset the high costs of HOA and Community Development District fees.

“One important thing to remember is, a buyer should never go to a builder without being represented by a realtor,” Cormier said. “Prayerfully, these rates will come down and it will become a buyer’s market again.”