CLAY COUNTY – As fall approaches, it’s becoming more apparent that it’s becoming more of a buyer’s market. The Northeast Florida Association of REALTORS (NEFAR) Market Statistics report for August shows the housing market is becoming more affordable and stable.  

“During the culmination of the summer months, we continue to see an equilibrium forming in our Northeast Florida marketplace, typically considered to be about four to six months’ supply of inventory,” said 2024 NEFAR President Rory Dubin.

More than Northeast Florida’s six-county region, the median sales price for single-family homes dropped 3.7% to $383,990 while the Home Affordability Index rose 6.2% to register at 69. 

Month to month, closed sales in the six-county region dropped 8.0% to 1,777. Pending sales plummeted 30.6% to 1,295, while new listings decreased 6.5% to 3,097.

In Clay County, the August 2024 median price of single-family homes fell 3.3% to $355,000. The median number of days on the market climbed 50% to 54. Month-to-month, closed sales decreased 14.9% to 228, pending sales plummeted 31.9% to 169, and new listings declined 10.5% to 450.

Active inventory for the county rose to 1,179 homes, a 7.0% increase from June 2024 and showed a 5.2-month supply. The Home Affordability Index rose 7.1% to 75.

“Although closed and pending sales have decreased and inventory has increased, with the Fed predicted to enact several smaller rate cuts in their next several meetings, the trickle effect on mortgage rates should encourage buyers (and sellers) to be more active in the market,” he said. 

Buyers should be happy to see an active inventory of single-family homes in the region rose 4.0% to 7,713, an increase compared to last month and an 84.3% increase over September 2023. August’s median for days on the market shot up 30.8% to 51 days.