Brevard County Real Estate Forecast 2021

The Brevard County residential real estate forecast is looking very good. Considered one of the best places to live in the Sunshine State. Currently, it's home to nearly 602,000 residents and includes several communities.
By: AAmerican Property Management
MELBOURNE, Fla. - Jan. 12, 2021 - PRLog -- Per Steve Neville, Broker owner of Best Brevard Rentals. The Brevard County residential real estate forecast is expected to post steep gains in values. Right now, the average home value in Titusville stands at $187,627. Meanwhile, over in Melbourne, the average home value comes in at $248,064. Both cities -- as well most of the other communities in the county -- have experienced large increases in home values.

Titusville, the county seat of Brevard County, has gained 8.2% in housing values over the course of the past year. Over in Melbourne, a similar but more pronounced phenomenon occurred, with a 10.3% increase in property values over the same period. Industry experts and economists alike believe both cities will experience continued growth, 10.7% in Titusville, and 10.2% in Melbourne.

Both locations shared similar trajectories over the course of the last 9 nine years. Since 2011, home values in both communities have increased substantially. In Titusville, home prices have gone from an approximate average of $95,000 to $100,000, up to nearly $187,700. During the same near-decade period, home prices have gone from $140,000 in 2011 to just over $248,000 this year.

This marks the end of the Great Recession and housing crash and it's clear recovery. Presently, there are also very few distressed properties available, which include foreclosed homes and short sales. This is significant because both types of properties drive down the values of non-distressed houses.

If the predictions come true over the next twelve months, this will be a big benefit for homeowners and will also be advantageous for home sellers. However, it could pose a problem for home buyers entering the market during 2021. So, buyers should move quickly to take advantage of lower prices and historically low-interest rates that are available right now.

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Steve Neville
Tags:Melbourne Fl Home Rentals
Industry:Real Estate
Location:Melbourne - Florida - United States
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