Northeast Florida Home Prices Slip: Clay and Putnam Defy the Trend!

Nassau County, Florida, USA - The real estate market in Northeast Florida is witnessing an intriguing mix of trends as we move through June 2025. The latest reports reveal that median home prices in most counties have taken a dip, but there’s a silver lining for those looking to buy.

According to News4Jax, the median prices for single-family homes dropped across much of the region in May. For instance, Duval County saw a decrease from $338,920 in April to $329,990 in May. Similar declines were noted in St. Johns County, Nassau County, and Baker County. However, not all counties followed that trend; Clay County experienced a rise of 3.7%, bringing its median price to $367,990, while Putnam County’s prices crept up by 11.3% to $270,000.

This combination of decreasing prices and increasing inventory suggests a shifting landscape in the market. The Northeast Florida Association of Realtors (NEFAR) noted a 6.6% rise in the active inventory of single-family homes since April, totaling 9,147 properties. Since May 2024, this figure has ballooned by 20.1%, creating more options for prospective buyers.

The Changing Dynamics of Inventory

Expanding inventory is certainly good news for buyers. NEFAR has highlighted that the housing market conditions are shifting, giving homebuyers more opportunities to find their perfect match. The moderate price growth observed in the area—like the median sales price for single-family homes rising by 1.5% to $395,000—coincides with an increase in new listings. In fact, new listings rose by 9.7%, totaling 2,927 properties, inviting buyers to explore more options in today’s market.

Interestingly, even with more choices, the Home Affordability Index showed a 2.9% decrease, indicating a tough balancing act between rising prices and buyer incomes. The index dropped to 68, meaning that affordable options might still be elusive for some.

And while the larger picture shows promise, the day-to-day metrics tell a nuanced story. Take Duval County, for example: while the median price ticked up slightly to $337,995, the number of closed sales fell by 1.4%, and pending sales sank by 20.6%. Meanwhile, Clay County saw a 2.0% decrease in median price combined with a drop in pending sales by 15.5%, highlighting a rather tempered market sentiment.

Record Prices and Rising Interest Rates

Looking back on the trends over the past year, Nora Dare Real Estate noted that the median sales price of a single-family home hit a record high of $400,203 in May 2024. While that marked a slight increase—0.3% from April and 3.1% from May 2023—the overall market is starting to show signs of moderation as higher mortgage rates put pressure on affordability.

From first-time homebuyers facing challenges to seasoned investors navigating fluctuating prices, the landscape is complex. The average home stayed on the market for 34 days, reflecting a 13.3% increase since April and a sign of drumming up buyer momentum. Yet, with mortgage rates hovering, many are finding it difficult to see past higher prices.

As NEFAR President Mario Gonzalez pointed out, the dynamics are evolving. With fewer new listings but increasing total inventory, it may just be a matter of time before sellers begin listing their homes in greater numbers, reacting to these shifting market conditions.

In the end, whether you’re a buyer, a seller, or simply an interested local, it’s clear that the Northeast Florida real estate market is navigating a curious crossroads. The prevailing question becomes: Will the changing market dynamics encourage a more balanced approach to home buying and selling in the near future?