2023 Slow and Steady: 2024 Projections for Work and Home Look Promising

With 2023 in the books, let’s take a moment to review this past year and what we may expect in the real estate market and employment sectors in Brevard County in 2024.

The Space Coast is home to over 600,000 residents and several aerospace and technology companies that keep Brevard moving forward. Various factors have influenced the county’s real estate market in 2023: the COVID-19 pandemic, the space industry, the tourism sector, and growing demographic trends.

According to the latest data from industry insiders – the median listing price of homes in Brevard County was $349,900 in November 2023, up 5.4% year-over-year. The median sale price was $355,000, up 2.1% year-over-year. The inventory of homes for sale was 2,300, down 9.8% year-over-year. The median days on the market was 66, up 1.5% year-over-year.

The Brevard County real estate market is considered moderately hot, with a market temperature of 67 out of 100. There is a balance between supply and demand, and buyers and sellers have some negotiating power. The market is slightly more favorable for sellers than buyers, as the sale-to-list price ratio was 100.1% in November 2023, indicating that most homes sold for about the asking price or slightly higher.

The market trends vary by property type and location within the county. The single-family homes market saw a slight decrease in closed sales (-1.7%) and a modest increase in the median sales price (+0.7%) in September 2023 compared to the previous year, according to the Brevard County Residential Report. The inventory of single-family homes increased by 35%, offering more options for buyers. The townhouses/condos market showed more promise, with an increase in closed sales (+4.6%) and median sales price (+5.5%) in September 2023 compared to the previous year. The inventory of townhouses/condos increased by 94.7%, providing more choices for buyers and potentially more competition for sellers.

As you know, employment projections for the county directly influence the local real estate market. According to the Florida Department of Economic Opportunity, the county’s unemployment rate was 4.1% in October 2023, lower than the state average of 4.5% and the national average of 4.6%. The county’s labor force was 298,900, up 1.9% year-over-year. The county’s employment was 286,600, up 3.1% year-over-year.

The county’s employment projections for 2021-2023 remained firm and continue in 2024 to indicate that total employment will grow by 5.2%, adding 14,500 jobs. The fastest-growing industries are construction (+11.9%), professional and business services (+9.9%), and education and health services (+8.9%). The highest-paying industries are information ($91,900), financial activities ($70,700), and professional and business services ($64,800). The county’s major employers include NASA, SpaceX, Blue Origin, Lockheed Martin, Harris Corporation, Health First, and Brevard Public Schools.

As we can tell, Florida continues to break records in labor force growth, and if the trends continue, this is good news for the real estate industry. The real estate market and employment projections for Brevard County reflect a stable and growing economy with opportunities and challenges for buyers and sellers. The county’s proximity to the space industry, the tourism sector, and the countless natural attractions make it an attractive destination for residents and visitors alike.

With more than 39 years of real estate knowledge, an expansive list of referral businesses, and happy clientele, Kevin R. Hill of RE/MAX is committed to assisting clients in every facet of the home selling or buying experience, from first-time home buyers to seasoned long-term investors. Ms. Hill has sold millions of dollars in real estate during her three decades of real estate service and, in 2019, was honored with the prestigious “RE/MAX Circle of Legends award,” granted to professionals with more than ten years of service and $10 million in commissions.

Call her today at 321.543.3649 or visit her portfolio of single-family homes here.