Brevard County Space Coast Real Estate Market Sees Decline in Sales but Increased Inventory
WATCH: Bobby Freeman discusses the 2024 Brevard County real estate trends, highlighting the decline in sales, rising inventory levels, and the impact of interest rates as we move into 2025
Brevard County 2024 Housing Market Overview
Bobby Freeman from McCoy Freeman Compass shares insights on Brevard County’s 2024 housing market trends for buyers and sellers.
Market Highlights:
Single-Family Homes: Closed sales fell by 2.3% to 10,152 units. Cash sales dropped 9.8%, while new pending sales and listings rose slightly. The median price increased by 5% to $379,125. Inventory grew, with a 25% rise in supply to 4 months.
Townhouses and Condos: Sales decreased by 9.3% to 2,346 units. Cash sales declined 13.8%, and new pending sales fell. The median price dipped 1.3% to $295,000. Inventory surged by 44.9% to 7.1 months.
Implications:
Buyers: More inventory means increased options and negotiating power, especially in the condo and townhouse markets. Foreclosure and short sales offer affordable opportunities.
Sellers: Strategic pricing and marketing are crucial amid rising inventory. Single-family home sellers might benefit from price increases, while condo and townhouse sellers may need to adjust strategies to stay competitive.
As we enter 2025, interest rates will significantly impact market dynamics. Working with real estate professionals is key to navigating these changes.
