Q3 2024 Hurricane Season Market Update: Inventory Surges 78% in St. Johns County
By Inna Moskalyk
Oct 8, 2024
Tags:Market Reports
The third quarter of 2024 will be remembered for two defining developments: a dramatic surge in housing inventory and an active hurricane season that tested Northeast Florida. As buyers gained unprecedented leverage, the market officially transitioned from seller-favored to buyer-friendly. Here's your Q3 2024 market analysis.
Q3 2024 Market Statistics: The Inventory Surge
The numbers tell a dramatic story of market transformation:
- Inventory Explosion – Available homes increased 78% compared to the previous year
- Market Balance – Approaching 6-month supply-the benchmark for a balanced market
- Price Trend – Prices up 3% YoY in August but declining from the April peak
- Days on Market – Homes staying on market longer as buyers took their time
- Negotiation Power – List-to-sale ratio at 93%-buyers successfully negotiating
Hurricane Season Impact
The 2024 Atlantic hurricane season reminded Florida homeowners and buyers of the importance of storm preparedness and insurance planning.
- Hurricane Helene – September storm brought downed trees, power outages, and minor damage to the region
- Hurricane Milton – October's storm caused significant flooding in areas of St. Johns County
The Florida Department of Financial Services became an increasingly important resource as insurance considerations weighed heavily on buyer decisions.
For flood zone information, FEMA's Flood Map Service Center remained essential for evaluating properties in coastal areas.
Insurance: The New Deal-Maker (or Breaker)
Insurance costs emerged as a critical factor in 2024 home buying decisions:
- Rising Premiums – Florida insurance costs significantly impacting monthly affordability calculations
- Coverage Challenges – Some buyers struggling to secure affordable coverage in certain areas
- Flood Insurance – Discussions about flood coverage becoming mandatory for many transactions
Savvy buyers began factoring total housing costs-including insurance-into their budget planning from day one.
New Construction: The Hurricane-Resistant Advantage
Hurricane season highlighted a significant selling point for new construction homes:
- Building Codes – Newer homes built to Florida's stringent post-2002 hurricane codes
- Impact Windows – Standard feature in many new communities
- Insurance Savings – Modern construction often qualifying for insurance discounts
Explore the latest in new development at our guide to Nocatee's Top New Home Communities.
The Shift: What It Meant
For Buyers:
Q3 2024 marked the best buying conditions since before the pandemic. More inventory, less competition, seller concessions becoming common-patient buyers found opportunities that simply didn't exist in 2021-2023.
For Sellers:
The adjustment proved challenging for sellers still expecting 2022 conditions. Pricing correctly, offering concessions, and patience became essential. Overpriced homes saw significant days-on-market increases.
Looking Ahead to Q4 2024
With Fed rate cuts on the horizon and inventory at multi-year highs, Q4 2024 promised to further cement the buyer's market. The question became: would sellers adapt their expectations, or would properties continue to sit?
For investment strategies in a shifting market, read our guide on Maximizing Returns with Expert Tenant Placement.
Navigate the Shift Successfully
Market transitions create opportunities-but only for those who understand changing dynamics. Whether buying your first home or adjusting selling strategy, local expertise is invaluable. Contact me for a personalized analysis of your specific situation.