Brevard County August 2024 Real Estate Market Report
BREVARD COUNTY – In August 2024, Brevard’s housing market experienced an increase in new listings, a moderation in median sales prices, and improved inventory levels compared to the same period last year.
“As home prices stabilize and inventory levels rise, we anticipate more new listings and greater options for potential homebuyers,” said Nikki McCoy Freeman of McCoy Freeman Compass, serving Florida’s Space Coast. “Additionally, lower mortgage interest rates will enhance buying power and help mitigate affordability concerns.”
Across the county, closed sales of existing single-family homes totaled 912, reflecting a 2.6% decrease from the previous year. Sales of existing condos and townhouses amounted to 187, marking a 24.3% decline from August 2023.
The countywide median sales price for single-family existing homes in August was $385,000, up 4.1% from a year ago. In contrast, the median price for condo-townhouse units was $280,000, down 16.9% compared to August 2023.
“New listings of single-family homes in August increased by 2.6% year-over-year, representing the smallest increase in this category for 2024,” Freeman noted. “New condo-townhouse listings rose by 3.9% compared to last year.”
“Throughout this year, new listings have more closely aligned with pre-pandemic levels from 2018 and 2019 rather than last year’s numbers. By the end of last year, new listings, which had underperformed for most of the year, improved to levels similar to late 2018 and 2019. Therefore, it wouldn’t be surprising to see this year’s new listings reach comparable levels by year-end,” added McCoy Freeman.
On the supply side, the market had a 4-month supply of single-family existing homes and a 6.4-month supply of condo-townhouse properties in August 2024.
