T
he real estate market in North Florida is experiencing a slowdown due to several factors, including financial uncertainty ahead of the 2024 election. According to the Northeast Florida Association of Realtors (NEFAR), the median sales price for single-family homes dropped 3.7% to $383,990 in August, making homes more affordable. However, closed sales decreased by 8% and pending sales plummeted by 30.6%.

    A recent survey by Veterans United Home Loans found that 60% of prospective homebuyers are considering the election when making their purchasing decisions, with 43% planning to wait until after the election is over. Industry experts advise buyers to act now to avoid a potential rush after the election.

    Round Table Realty broker Howard Flaschen attributes the market's roller coaster-like cycle to factors such as interest rates and inventory levels. He believes that uncertainty around these issues, combined with concerns about affordability, are driving buyer anxiety. Flaschen predicts that 2025 will offer home hunters the best deals in years due to expected changes in the market.

    Both major presidential candidates have addressed housing affordability in their platforms, with Vice President Kamala Harris proposing building 3 million new homes and offering down payment assistance, while former President Donald Trump suggests reducing costs by deporting undocumented immigrants.