Florida Is The Place to Be: Brevard County Remains A Sellers’ Market
Kevin Hill REALTOR®, Luxury & Waterfront Specialist is here to guide you with the very important decision of purchasing property.
Florida’s hot real estate market continues attracting attention, ranking in the top three states to live in nationwide, especially for remote workers and young professional families.
In Central Florida, Brevard County ranked 15th in the nation as a great place to live due to its temperate annual climate, the abundance of outdoor activities, proximity to Orlando, and, very likely, lack of individual income tax.
Throughout the Sunshine State, the housing market has continued to see challenges caused by rising mortgage rates, resulting in a decline in both single-family and townhouse/condo sales.
Despite these challenges, Brevard’s market has seen a significant increase in end-of-month inventory levels in both categories, just shy of pre-Covid levels. The Space Coast’s “most loved” places including Merritt Island, Titusville, Rockledge and Melbourne, remain wonderful prize pockets offering affordable riverfront homes, young neighborhoods with great schools, scores of eateries, miles of white sand beaches and an expanding arts and culture scene, attracting growing families, tech, engineering and space industry professionals, and retirees alike.
Current trends show that the median sale price of a home in Brevard County was $344K in March 2023, up 7.6% over last year; and the median sale price per square foot in Brevard County was $203, also up about four percent since 2022. This is promising, as Brevard homes are considerably less expensive than homes in South Florida, attracting new arrivals by the masses.
Most Space Coast trends indicate a seller’s market, with high demand causing properties to sell quickly and for more money. As we know, a sellers’ market ensures prices will be higher, with homes typically selling in four months or less. And while buyers are more likely to get a great deal when purchasing a home in Brevard County, it’s important to note that 62.2% of homes here sold below the asking price last month, but are closing almost 14% higher than a year ago.
In Brevard, single-family home prices peaked in May 2022 and have since dropped with the median price at 8.5% lower than the median price in 2021. This was most likely due to the nationwide increase in demand for homes resulting in an extreme shortage of inventory for buyers.
Interestingly, the year-to-date volume of single-family home sales is 8.5% lower than the same period in 2022, with condo sales down 13.6% from last year. While the volume of available housing inventory is up from its lowest point in March 2022, a decline in these sales has been steady since early November 2022.
To help navigate this dynamic scenario, a licensed Real Estate agent with years of progressive experience and direct knowledge of the market is more important than ever.
With more than 39 years of real estate knowledge, an expansive list of referral business 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 10 years of service and $10 million in commissions.