Northeast Florida Housing Market Update: Where Sales Stand and What Amendment 3 Could Mean

Northeast Florida’s housing market has spent 2026 settling into something we haven’t seen in a while: balance. Prices are holding steady, buyers have real choices, and well-priced homes are still selling in about a month. Then on November 3, Florida voters approved Amendment 3, which significantly raises the homestead exemption and tightens the cap on assessment increases for non-homestead property.

Here’s where the market stands, and what the amendment could mean for you whether you’re buying, selling, or investing on the First Coast.

The numbers: September 2026

According to the most recent report from the Northeast Florida Association of REALTORS® (NEFAR), covering Duval, St. Johns, Clay, Nassau, Putnam, and Baker counties:

• Median single-family sales price: $399,000, up 1.1% from August
• Median days on market: 36
• Closed sales: 1,581, down 9.5% from August
• Pending sales: 1,591
• New listings: 2,199
• Active inventory: 6,287 homes, roughly a four-month supply

For context, the regional median climbed through the spring to a 2026 high of $420,000 in June, then eased to about $397,000 in August before ticking back up in September. That’s a normal seasonal pattern, not a correction. Prices are up meaningfully from January, when the median was $369,900.

County by county

Northeast Florida isn’t one market. Here’s how the six counties compared in September:

Duval and St. Johns remain the tightest markets, each with under four months of inventory. Duval homes sold in a median of just 29 days. Baker and Putnam have the most inventory, which gives buyers there the most room to negotiate. Nassau saw a big jump in median price but a sharp drop in sales, a reminder that small-county numbers can swing month to month.

What it means: a balanced market

A four-month supply sits right around the line between a seller’s market and a buyer’s market. NEFAR President Kim Knapp summed it up well: buyers now have more choices and negotiating power, while prices remain relatively stable.

In practice, that means pricing matters more than ever. Homes priced right for their condition and neighborhood are still moving in about a month. Overpriced listings sit, and they usually end up selling for less than if they’d been priced correctly from day one. Buyers can ask for repairs, closing-cost help, or rate buydowns, but in the strongest neighborhoods well-presented homes still draw solid offers.

Amendment 3 passed. Here’s what it does.

Amendment 3 received roughly 62% of the vote, clearing the 60% supermajority needed to amend Florida’s Constitution. The changes take effect January 1, 2027, and should first show up on property tax bills mailed in November 2027. In plain terms:

• A much bigger homestead exemption on non-school taxes. It rises from roughly $50,000 today to $150,000 in 2027 and $250,000 in 2028, with inflation adjustments starting in 2029.
• School taxes aren’t affected. The existing $25,000 exemption on school taxes stays the same, so homeowners will still pay school taxes on most of their assessed value.
• A lower cap for non-homestead property. For rentals, second homes, commercial property, and vacant land, the annual cap on assessed-value increases drops from 10% to 5% for non-school taxes. That caps the assessment, not necessarily the total bill.
• Save Our Homes stays. The existing 3% (or inflation, if lower) cap on assessment increases for homesteaded homes is unchanged.
• A waiting period for newcomers. People who aren’t permanent Florida residents as of December 31, 2026 start with the existing exemption. They become eligible for the larger exemption in their fifth year of receiving a homestead exemption.
• New local spending rules. Counties and cities will be limited in how they can spend property tax revenue.

A quick example: an extra $100,000 of exemption saves $100 a year for every 1 mill of non-school tax rate. At a combined non-school rate of 10 mills, that’s about $1,000 a year in 2027, and roughly double that once the exemption reaches $250,000 in 2028. Your actual savings will depend on your assessed value and the millage rates where you live.

What Amendment 3 could mean for you

Homeowners

If you already have a homestead exemption, the extra savings are expected to be applied automatically, though it’s worth confirming with your county property appraiser. Lower carrying costs make owning more affordable, which helps offset higher insurance premiums for many households.

Sellers

Lower property taxes improve affordability on monthly payments, which could bring more buyers into the market. When you list, we’ll make sure buyers understand what taxes will look like under the new exemption, not just what the current owner pays.

Buyers moving to Florida

This is the most time-sensitive piece. Because the larger exemption depends on being a permanent Florida resident by December 31, 2026, anyone relocating here, including military families coming to Jacksonville, Mayport, or Kings Bay, should talk to the property appraiser’s office or a tax professional now about how the residency rules apply to them.

Investors and landlords

The 5% cap means more predictable year-to-year assessments on rental and commercial property, which makes long-term holds easier to underwrite. Rentals don’t get the bigger homestead exemption, though.

Our communities

There’s a real trade-off here. Before the vote, Jacksonville officials estimated the measure could cost the city more than $300 million a year, and public safety groups raised concerns about funding for services. How the Legislature, the city, and the counties respond will shape what happens next to millage rates, fees, and services across the region. We’ll keep you posted as that becomes clearer.

The bottom line

Northeast Florida heads into the winter months with stable prices, healthy inventory, and a property tax change that should lower costs for most homeowners starting next year. Whether you’re thinking about buying, selling, or adding to your portfolio, the details now matter more than they have in years, from pricing strategy to residency timing. We’re happy to walk you through how this applies to your situation.

Market data: Northeast Florida Association of REALTORS®, September 2026 report (single-family homes). Amendment 3 details are based on the ballot language and published news coverage. Results are unofficial until certified. This article is for general information only and is not tax or legal advice. Contact your county property appraiser or a tax professional about your specific situation.

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