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Vero Beach Luxury Home Forecast 2021
The Vero Beach luxury home forecast looks bright, particularly when it comes to the early to mid portion of next year. A small town with Atlantic-facing beaches on a barrier island across the Indian River Lagoon, Vero Beach is one of the best
By: Coldwell Banker Paradise Real Estate
The Vero Beach luxury home forecast for 2021 is expected to enjoy increased values over the next twelve months. First settled in 1870 and incorporated as a city in 1925, Vero Beach spans just 13.35 square miles in size, with a population of a tad over 17,500 residents. Vero Beach is home to general aviation manufacturer Piper Aircraft and two of its biggest economic contributors are tourism, due to its beaches and Disney resort.
Over the course of the previous twelve months in 2020, Vero Beach experienced a 10.8% rise in house prices, rising up to $197,000. Economists and real estate industry experts estimate that that trend will continue, though at about half the rate, forecasting another 5.6% rise in residential home values in 2021. This after enjoying a steady rise in residential prices since 2013, when the average home value in Vero Beach stood at approximately $90,000 to $95,000.
Should the estimate materialize, the average home value in Vero Beach will rise to reach about $208,032 by the end of the year. This would contribute to the overall health of the residential real estate market on the Treasure Coast (so named due to the many shipwrecks located off the coast carrying valuable cargo).
However, there remains a key yet unknown factor that could potentially play a very large role in the residential real estate market in 2021 -- the reintroduction of distressed properties, which include foreclosures and short sales. If these return after lifting moratoriums on foreclosure proceedings, Vero Beach and many other communities in the Sunshine State could suffer from a flood of inexpensive properties.
Although, if distressed properties do not flood back at one time, the market may be able to absorb the disruption. This would be good news for homeowners, current investors, and sellers alike.
For help buying or selling in the Vero Beach Fl. area, please call Vance at 772-913-3426 or see https://grandharboragent.com/