Indian River County Florida House Rental Market 2021
This housing rental market is one that's somewhat contradictory to many counties in the Sunshine State. Because it heavily favoring buyers over sellers but remains relatively hot.
By: Coldwell Banker Paradise
The Indian River County Florida housing rental market for 2021 is not totally unlike those in the rest of the state. However, there are most definitely distinctions between Indian River County and the remaining sixty-six markets across the peninsula and down through the island archipelago.
Right now, the median listing price of a home in Indian River County stands at $327,000, with a median listing price per square foot of $185, and a median selling price of $310,000. However, the sale to list price ratio for the residential real estate market in Indian River County is a remarkable 100%, meaning there's total parity between the asking price and selling price.
With over two thousand homes for sale currently, ranging from just a couple to a few thousands of dollars, way up to an astounding $24.9 million. What's most different about Indian River County, is that the residential real estate market is experiencing a complete buyers' market. This means that the supply is substantially greater than the demand. So, buyers are able to find deals. Plus, the median days on the market in Indian River County are now at 58 days.
What this means for the rental market is that, while still active, is not nearly as hot as other parts of the state, which are in a sellers' market, and therefore, the demand for rentals is very high. Instead, with such supply available, the demand for rental properties is relatively low. This isn't likely to change over the next few to several months. But, it could very well shift, depending on how circumstances unfold.
For instance, with an expiring moratorium of foreclosure and short sales starting to occur, the rental market might further be depressed from a new slew of residential properties coming onto the market, which would further increase the already big supply against small demand.
For more information about renting a home or selling your home, please contact Brendan Maughan and his team at http://teamparadisepropertymanagement.com/