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Melbourne Florida Real Estate Forecast 2021
The Melbourne residential real estate market forecast is estimated to bring a substantial increase to home values. This, after already experiencing an impressive rise in home prices through the 2020 calendar year.
By: AAmerican Property Management
The Melbourne residential real estate market forecast is expected to continue its upward trend that's been occurring in earnest since February of 2013. (In fact, the only real measurable dip or decline that's happened in the Melbourne residential real estate market occurred back sometime between the summer and winter of 2011.) From the beginning of 2012 all the way through 2020, home values have steadily increased.
In fact, residential real property prices have gone from $131k in October of 2012 to $160K in December of 2014, to $198k in December of 2016, and finally hitting $235k by December of 2019, which represents an overall rise of $104k in seven years. Then during the previous twelve months of 2020, the typical home value of homes in Melbourne rose by 8.3% to hit nearly $254,900 and is expected to increase by 3.7% over the course of 2021 to reach about $264,330+ by the end of the year.
All of this constitutes really good news for homeowners, sellers, and current property investors with real property assets in Melbourne. It's also good news for buyers who can benefit from affordable prices with near historic low-interest rates. If buyers jump into the market early on, they'll get in at a more affordable price and enjoy strong appreciation.
However, almost all of this is predicated on current circumstances, which does not include the presence of distressed properties, which consist of foreclosures and short sales. Due to the onset of the global pandemic and subsequent shutdowns, many jurisdictions suspended or placed a moratorium on legal proceedings, which include foreclosures. Therefore, there is not enough to reach a statistical measurement. This means the reintroduction of distressed properties could have a negative impact on the overall residential real estate market here in Melbourne and communities throughout the state of Florida.
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