Q2 2024 Market Report: St. Johns County Hits Price Peak at $584,900
By Inna Moskalyk
Jul 10, 2024
Tags:Market Reports
Spring 2024 delivered a market milestone: St. Johns County home prices reached their all-time peak. In April, the median home price hit $584,900-a number that would mark the high-water point of the cycle. Here's your complete analysis of Q2 2024's pivotal market moment.
Q2 2024 Market Statistics: The Price Peak
The second quarter of 2024 represented a turning point for the St. Johns County real estate market.
- April Peak – Median home price reached $584,900-the highest in St. Johns County history
- Monthly Performance – St. Johns median at $450,000 in April, up 5% month-over-month
- Single-Family Surge – Single-family median hit $545,133 in March, a 10% year-over-year increase
- Days on Market – Homes averaging 40 days to sell
- Year-End Outlook – Despite the peak, prices showed slight -2% YoY decline by quarter's end
Rate Environment
Mortgage rates held relatively steady during Q2 2024, though hoped-for Fed cuts were pushed later into the year.
According to Bankrate's mortgage rate analysis, 30-year fixed rates ranged from 5.68% to 6.5% for various terms during the quarter.
The Florida Realtors statewide data showed buyers remaining active across the state despite rate uncertainty.
Tourism Fuels Economic Confidence
Jacksonville's tourism sector continued to bolster the local economy and real estate market:
- Visitor Volume – Over 8 million visitors to Jacksonville in 2024
- Economic Impact – $7.4 billion total economic contribution
- Job Support – 56,900 jobs supported by tourism industry
- Spending – $4.1 billion in direct visitor spending
Major events like THE PLAYERS Championship and the Jacksonville Jazz Festival continued to showcase the region's appeal to potential residents.
What Drove the Price Peak?
Several factors converged to create April 2024's historic high:
- Low Inventory – Limited supply continued supporting prices
- Remote Work – Demand for dedicated home office space remained strong
- Outdoor Premium – Large outdoor living areas commanded significant value
- Competition – Multiple offer situations still occurring on well-priced homes
For sellers considering listing, check out our advice on Navigating the Market: Essential Advice for Selling Your Home.
Q2 2024 Buyer & Seller Takeaways
For Buyers:
Those who purchased before or during Q2 2024 locked in near-peak prices but also benefited from builder incentives and the ability to negotiate on existing homes. The "marry the house, date the rate" strategy proved wise as rate cuts loomed on the horizon.
For Sellers:
Q2 2024 represented the optimal selling window for those who caught the market peak. However, homes still needed to be priced correctly-overpriced properties began sitting longer as buyers grew more selective.
Looking Ahead: Signs of Shift
By the end of Q2, early indicators suggested the market was beginning to shift. Inventory was building, and the pace of appreciation was slowing. The question wasn't if balance would arrive, but when.
Explore investment opportunities in our guide to Top 5 Neighborhoods to Invest in Right Now.
Get Expert Market Guidance
Navigating a market peak requires expertise and timing. Whether buying or selling, having a local agent who understands St. Johns County trends is essential. Reach out today for a comprehensive market analysis.