The Top 5 Things to Know About the Fernandina Beach, FL Real Estate Market This Month

This month there’s good news for both home buyers and sellers in the Fernandina Beach and Amelia Island, Florida area! Mortgage rates are starting to ease and the average sales price of a home is up compared this time last year! Here are the top 5 things you need to know about the real estate market in our area this month:

1. The average sales price of a home is 11% more than it was this time last year. The current average sales price of a single family home is $667,405. This is up 11% from the average sale price of $601,824 we saw this time last year. It’s also up from the average sale price of $626,211 we saw just one month ago.
2. Average interest rates of home mortgages have decreased to some of the lowest rates we’ve seen this year. According to Freddie Mac, the average rate on a 30-year mortgage dropped to 6.67% from 6.95% last week. A year ago, the rate averaged 6.27%. The current average rate is now back to where it was in late June. If you have more questions about mortgage rates, feel free to reach out and I’m happy to connect you with a lender who can tell you more.
3. Homes are averaging 53 days on the market before they go Under Contract. This is almost double compared to what it was just one month ago and is also almost double from the 34 days we were seeing time last year.
4. The average time it takes to sell a home is 121 days. This is up from 101 days last month, and 104 days this time last year.
5. Current inventory of homes is remaining steady at 2.7-months of inventory. This is exactly the same amount of inventory we saw this time last year and is consistent with what we’ve been seeing throughout 2023.

How much is your Fernandina Beach, Amelia Island or Yulee home worth in today's real estate market?

Get a FREE instant home valuation here. Even if you're not looking to sell your home right know, knowing you're home's value can help you with financial planning, updating insurance coverage, as well as contenplating potential housing moves.

I’d be more than happy to answer any questions you have about these real estate market stats for the Amelia Island, Fernandina Beach, Yulee and surrounding Nassau County, Florida or any real estate related questions you may have! Feel free to contact me at (904) 866-1211 or colleen@closewithcolleen.com.

ABOUT TOP FERNANDINA BEACH REALTOR COLLEEN GERKE
Colleen Gerke is a Top Producer Realtor in Fernandina Beach, Amelia Island, Yulee and the surrounding Northeast Florida area. Colleen has a top 5-Star rating on Zillow, Yelp, Realtor.com and Facebook. She strives to be the best real estate agent you’ve ever worked with! Whether you’re looking to sell your house in Fernandina Beach, move to Amelia Island, or add a Florida property to your rental portfolio, you’ll have a stress-free real estate experience when you Close with Colleen.