Is It a Buyer’s Market Yet? 73% of Homes Sold Below Asking in May

Is It a Buyer’s Market Yet? 73% of Homes Sold Below Asking in May

The real estate market in St. Johns County is shifting—and if you’ve been wondering whether now is the time to make your move as a buyer, the numbers might just be in your favor.

📉 What the Data Shows

In May 2025, nearly 73% of homes in St. Johns County sold for below asking price. This is a significant indicator that sellers are becoming more flexible and buyers have more room to negotiate. It’s a marked contrast from the ultra-competitive, over-asking environment we saw during the pandemic boom just a few years ago.

Couple that with a 10.2% increase in active inventory month-over-month, and a days on market (DOM) increase to 53 days (up 22.1% from April), and it’s clear: buyers are taking their time, and sellers are having to adjust.

🏠 What’s Driving the Shift?

• Higher Inventory: With over 2,600 homes currently on the market, buyers have more options and less pressure.

• Affordability Challenges: While prices remain relatively high, the median sales price dipped to $550,000, down 3% from last month and 2.7% from May 2024. This softening suggests buyers are pushing back on price.

• Longer Time to Sell: Homes are sitting longer, meaning sellers may be more open to price reductions or concessions.

🤔 What Does This Mean for Buyers?

• Negotiation Power: This is a great time to negotiate—not just on price, but also on closing costs, repairs, and contingencies.

• More Choices: With inventory rising, you’re less likely to be caught in a bidding war and more likely to find a home that fits your needs.

• Still Be Strategic: The best homes (updated, priced right, move-in ready) still move quickly—so be prepared, but don’t feel pressured.

💡 Advice for Sellers

If you’re thinking about selling, preparation and pricing are key. Homes that are well-presented and accurately priced are still selling, even in this cooling market. Overpricing can lead to longer DOM and steeper reductions down the road.

✅ Final Thoughts

We may not be in a full-blown buyer’s market yet, but the balance has certainly shifted. Whether you're buying your first home or considering a move-up opportunity, the current market offers real advantages—especially if you're prepared and working with the right guidance.

📲 Have questions or want to explore your options in today’s market? Let’s chat. We’re always here to help.