February 2024 Market Stats

Here is your monthly market update for Duval County (see below)! The market naturally changes with the seasons, as you can see when comparing this month to last month. 

But what’s more interesting is to see how much our market has changed in the last year! 

Some of the biggest changes we’ve seen compared to last February are:

• The median days on market has decreased by 36.5% since last year! This means that houses are moving a lot quicker, and you may have to make decisions a lot faster.

• Active inventory is the amount of houses for sale. For the last few years, we have been in an extreme shortage of inventory, which is why prices got so high (supply and demand). However, just in the last year, we have seen an increase of 46.9%! That means buyers have more options to choose from, and you will probably see less bidding wars. This is great news for buyers.

• The month's supply of inventory is now at 3.8 months, which is a 58.4% increase from last February! As stated above, we have been in an extreme shortage of inventory. To have a balanced market, we need 5-7 months worth of inventory. Anything below that puts us in a sellers’ market. So yes, we are still in a sellers market, but we are much closer to a balanced market now compared to last February.  

MEDIAN SALES PRICE: $345,990

+9.8% from this time last year

+8.1% from one month ago

Median Days on Market: 33 days

-36.5% from this time last year

-26.7% from one month ago

Closed Over List Price: 13.7%

+13.4% from this time last year

+0.1% from one month ago

Home Afforability Index: 76

-11.6% from this time last year

-7.3% from one month ago

Active Inventory : 2,842 Active Listings

+46.9% from this time last year

+24.2% from one month ago

Months Supply of Inventory: 3.8 Months

+58.4% from this time last year

+1.1% from one month ago

Please contact me with any questions about the market, or about the home buying or selling process!

Liv Cook

904-874-0009

Liv@livinthe904.com