Northeast Florida housing inventory again plummets

Average home prices finally flattened along the First Coast in September after a robust and record-breaking summer, according Northeast Florida Association of Realtors data released this week.

Home inventor in Northeast Florida continues to be sparse. There were 5,869 homes for sale on the First Coast in September. That’s down 534 properties from August and represents a 40% plunge from September 2019 when 9,665 homes were on the market.

The lack of inventory has persisted through 2020 in Northeast Florida driving up home prices through the summer. The area reached its record-high average price per home in July when the average asking price was $325,665.

That average price cooled slightly in August to about $318,398. That figure ticked up slightly in September to $319,618 on the First Coast. That average price is still 17.6% higher than a year ago.

“With five- to six-months of inventory being considered, a market that is balanced between buyers and sellers, and September closing with only two months of inventory, it is readily apparent that this is still very much a seller’s market in Northeast Florida,” said NEFAR President Ron Harris.

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