Clay County home prices fall 4.1% as affordability leads Northeast Florida

Clay County's median single-family home price fell 4.1% to $355,000 in September, the largest percentage decline in Northeast Florida, even as regional prices rose.

The Northeast Florida Association of Realtors (NEFAR) released the figures Thursday, Oct. 8. Across the six-county region, the median price increased 1.1% to $399,000.

Clay County's September median was its lowest in at least four months. Prices stood at $368,140 in June, $360,000 in July and $369,000 in August before dropping to $355,000.

Sales slow as inventory gives buyers more options

Clay County recorded 219 closed home sales in September, down 11.7% from August. Pending sales totaled 248, while new listings declined 4.3% to 311.

Active inventory stood at 954 homes, representing a 4.4-month supply compared with the regional average of four months. Homes spent a median of 48 days on the market.

The slowdown extended across Northeast Florida, where closed sales declined 9.5% to 1,581 and active inventory reached 6,287 homes.

NEFAR President Kim Knapp said changing market conditions were giving buyers greater negotiating power.

"Buyers have more choices and negotiating power, while sellers are learning that yesterday's pricing strategies may not work in today's market," Knapp said in the association's report.

Clay County leads region in housing affordability

Clay County posted the region's highest Home Affordability Index score at 89, compared with the regional average of 81. Nassau County had the lowest score at 68.5.

The index measures whether a household earning the area's median income can qualify for a mortgage on a median-priced home with a 20% down payment. A score of 100 indicates sufficient income to qualify, while a score below 100 reflects an affordability gap.

Although Clay County remained below that threshold, its higher score indicated that homeownership was relatively more attainable there than elsewhere in Northeast Florida.