JACKSONVILLE, Florida. – All metrics in the Northeast Florida Association of Realtors (NEFAR) July market statistics report show that the real estate market is moving toward a balanced market.

According to the report released Friday, the median sales price for single-family homes in the six-county region of northeast Florida fell less than half a percentage point to $398,970.

“July statistics showed a continued stabilization of the Northeast Florida real estate market toward a traditionally balanced market,” said NEFAR President Rory Dubin. “Average prices declined slightly and the Home Affordability Index increased. Days on the market are longer and the supply of homes for sale is greater.”

The home affordability index rose 1.6% to 65.

The Home Affordability Index measures housing affordability in the area. In other words, it measures whether a typical family earns enough to afford a mortgage on a typical home based on current interest rates, median income, and median home prices. A higher number means greater affordability. This index measures affordability factors for all homebuyers who make a 20% down payment. An index score of 100 is defined as the point at which a median-income family has exactly the income needed to purchase an existing median-priced home. An index score above 100 means the family has more than enough income, while a score below 100 means a family does not have enough income to qualify for a mortgage.

The median number of days a home was on the market rose 20% to 42 days in July, and the active home inventory also shot up 11.6% to 7,897 homes, suggesting the market is more buyer-friendly.

Other key metrics according to NEFAR: Month-on-month, completed sales in the six-county region fell 4.8% to 1,868. Pending sales fell 20.3% to 1,387, while new orders rose 3.9% to 3,318.

Northeast Florida by County:

• In Duval County, the median price for single-family homes in July 2024 was $345,500, up 1.6% from the previous month. The median number of days on the market in June was 36, up 20% from June. Closed sales fell 1.9% month-over-month to 928, pending sales fell 21.2% to 692, and new listings rose 1.1% to 1,682 homes. Active inventory in the county increased 12.5% ​​to 3,566 homes, a 3.8-month supply. In July, the Home Affordability Index remained stable at 75.

• In Clay County, the median single-family home price in July 2024 increased 2.5% to $369,000. The median number of days on the market decreased 3.8% to 38. On a monthly basis, closed sales decreased 17.6% to 259, pending sales decreased 23.9% to 191, and new listings increased 13.6% to 501. Active inventory in the county increased to 1,156 homes, an 18.4% increase from June 2024, and showed 4.5 months of supply. The Home Affordability Index slipped slightly, 1.4% to 70.

• In St. Johns County, median single-family home prices increased 1.9% to $591,000 in July 2024. The median number of days on the market increased 31.9% to 62. Month-over-month, closed sales decreased 13.5% to 505, pending sales decreased 19.7% to 354, and new listings increased 1.2% to 817. Active inventory increased 9.7% to 2,334 homes, representing 4.6 months of supply. The Home Affordability Index remained unchanged at 44, indicating that life in St. Johns County is very expensive.

• In Putnam County, the median single-family home price fell to $214,000 in July 2024, a 16.4% decrease from June 2024. A median of 34 days on the market reflects a 54.6% increase in the time it took a home to sell from the previous month. On a monthly basis, closed sales increased 20% to 48, pending sales decreased 13% to 40, and new listings increased 13.6% to 92. Active inventory also increased to 252 homes, a 5.4% increase. Putnam County’s Home Affordability Index was 120.5, a 20.5% increase from the previous month, suggesting prices in the county are becoming much more affordable. With a Home Affordability Index well over 100, Putnam County remains by far the most affordable place to live in the region.

• In Nassau County, the median single-family home price in July 2024 was $436,700, down 6.5% from June 2024. In July, the median number of days on the market decreased 23.3% to 33. On a monthly basis, closed sales increased 3.4% to 122, pending sales decreased 15.3% to 100, and new listings increased 5.9% to 197. Active inventory increased 4% to 519 homes, representing 4.3 months of supply. The Home Affordability Index recorded 59, up 7.3% from the previous month.

• In Baker County, the median single-family home price in July 2024 dropped $225,000, a 47.1% drop from the previous month. The median number of days on the market increased to 83 in July, a 47.3% increase from June. Month-over-month, closed sales dropped 57.1% to 6, pending sales catapulted 42.9% to 10, and new listings skyrocketed 93.3% to 29. Active inventory increased 16.7% to 70 homes, an 11.6-month supply. The Home Affordability Index was 115, an 84% increase from the previous month, showing Baker County as an affordable place to live, along with Putnam County.