St. Johns County’s housing market continued to cool in June, with for-sale inventory and price cut rates reaching new highs, according to recent data from Realtor.com.
These metrics not only surpass pre-pandemic levels but also highlight ongoing market adjustments amid rising interest rates and a rapidly expanding supply of homes.
In June, there were 3,237 homes available on the market in St. Johns County. This figure represents a 20 percent increase compared to the same month last year, when inventory stood at 2,698 homes.
The number also edged up from May’s total of 3,212 homes, indicating a steady climb in available properties across the county.
Alongside rising inventory, the rate of price cuts has also accelerated. In June, 38 percent of listings had a price reduction, up from 32.9 percent in June 2022 and a 35 percent rate in May.
This upward trend suggests that sellers are having to moderate their expectations to attract buyers amid the market slowdown.
Homes also spent longer on the market before selling or being delisted. It took an average of 71 days for homes in St. Johns County to sell or be removed from the market in June, up from 60 days during the same month last year.
This pace aligns roughly with pre-pandemic levels, reflecting a more sober market after the frenzied activity seen in recent years.
Experts attribute these developments largely to elevated mortgage interest rates and a building boom, which have tempered buyer demand after years of rapid home price appreciation.
