Duval County: Real Estate Market Shows Moderate Price Increases

The real estate market in Duval County saw a slight recovery in sales prices in July. Data from Realtor.com reveals that average home sales prices increased from $288,750 in June to $300,000 in July, representing a 3.9% increase. Compared to the same period last year, prices rose by 0.7%, indicating a moderate but steady increase. Focusing solely on single-family homes, the median price was $305,000, an increase of 1.7% compared to the previous month. Notably, however, the number of single-family home sales in the million-dollar range declined: 63 sale transactions were recorded in July, compared to 86 in July 2023. In contrast, condominiums and townhouses experienced a substantial price increase. Their median price rose by 40.9% to $275,000 in July, compared to $195,150 in June. Year-over-year, 62 sales above the million-dollar mark were recorded, significantly more than the 16 transactions in July 2023. Overall transaction numbers in Duval County, however, experienced a decline of 31.7% to 1,549 sales. Despite price increases in certain segments, the total value of all residential property sales fell to $983.7 million. In Florida, by contrast, median prices slightly decreased in July. Homes were sold for a median value of $385,000, a decline of 3.4% from June. Sales figures in Florida overall dropped by 11.7% to 31,849 transactions in July. Particularly noteworthy is the decline in the luxury segment: only 9.37% of real estate sales in Florida exceeded the million-dollar mark, compared to 11.71% in the previous year. While single-family homes across the state showed a slight price decrease, prices for condominiums and townhouses fell similarly to those in Duval County. Despite regional differences and challenges, the median price remains a reliable indicator for assessing market activity.