Northeast Florida 2023 Recap
As we head into 2024, this is what happened in Northeast Florida. As we dive into the numbers and statistics, we can gain a deeper understanding of the trends and shifts that have shaped the property landscape in the past year. Make sure to drop us a note at Hello@Everystate.com if you have any questions.
Active Listings:
In January 2023, there were 37,268 active listings, which increased to 42,877 by December 2023. This represents a 12.2% increase in active listings throughout the year. This rise suggests growing interest in the Northeast Florida housing market, potentially driven by factors such as economic stability and job opportunities in the region.
New Listings:
New listings also saw a notable increase. In December 2022, there were 9,335 new listings, and this number rose to 10,571 in December 2023, reflecting a 13.2% rise. The surge in new listings indicates a robust supply of available properties, which could be enticing for both buyers and investors.
Pended Listings:
Pended listings, representing properties under contract, saw consistent activity. With 6,003 pended listings in December 2023, there was only a marginal 1.3% increase from the previous year. This stability indicates that properties are moving quickly once they hit the market.
Sold Listings:
Sold listings in December 2023 amounted to 6,434, marking an 8.3% decrease compared to December 2022. While the year-end numbers show a decline, it's essential to note that the overall health of the market remains strong, as evidenced by the steady flow of active, new, and pended listings.
Pricing Trends:
Average List Price: The average list price increased from $1,262,435.39 in December 2022 to $1,321,227.97 in December 2023, indicating a 4.66% rise. This suggests that property values in Northeast Florida are on an upward trajectory.
Median List Price: The median list price remained stable at $535,000 throughout 2023. This consistency is a positive sign, indicating that buyers have a range of options at various price points.
Average Sale Price: The average sale price experienced a significant increase, rising by 9.47% from $590,982.94 in December 2022 to $646,948.13 in December 2023. This rise could be attributed to heightened demand and limited supply.
Median Sale Price: The median sale price also increased by 10.31%, going from $403,420 in December 2022 to $445,000 in December 2023. This signifies that both mid-range and higher-end properties are in demand.
Days on Market:
The average days on market (ADOM) increased slightly from 50 days in December 2022 to 54 days in December 2023. However, the median days on market (MDOM) remained constant at 30 days. These figures suggest that properties are generally selling within a reasonable timeframe.
Final Thoughts:
The Northeast Florida real estate market in 2023 has demonstrated resilience and growth, with increased inventory, rising prices, and a healthy pace of transactions. While there may have been a slight dip in the number of sold listings towards the end of the year, this could be attributed to seasonal factors.
As we look forward to 2024, the Northeast Florida real estate market appears to be poised for continued growth and investment opportunities. Buyers and sellers alike should keep a close eye on the evolving trends in this exciting and dynamic market.
