Real Estate Market Update: Northeast Florida

The real estate market has been a total rollercoaster since 2020. Here is a look at the current market in Northeast Florida, as of February 2023.

*market stats from NEFAR and MLS

Below are the real estate market stats from one year ago today.

*market stats from NEFAR and MLS

As you can see, since last March, the average list price increased by 3.76% compared to last March, while the average sales price only went up by 2.73%. Also, there was a drastic change in DOM, or days on market. Today, the average length of time that a house will sit on the market before accepting an offer is 76 days. One year ago, it was only 33 days. This means houses were getting snatched up a lot faster last year.

Something else to note is the "months supply of inventory". This is a huge factor in determining what kind of a market we are in. Last March, there was less than one months supply of houses for sale. Today, there is 3.4 months of supply. While this is a pretty big increase, we are still low on inventory! A balanced real estate market has 5 to 7 months worth of houses for sale, thus we are still in a seller's market.

Summer time is always a busy time for real estate, so we can expect to see things pick up in the coming months. If you are considering buying a house some time this year, I would suggest doing it now rather than later, while there are less buyers to compete with!

If you are ready to get started on the home buying process, or have any questions, contact me at 904-874-0009.