Brevard County Real Estate Forecast 2023

The Brevard County residential real estate forecast could bring some significant changes, although it's unlikely that the market will experience a complete turnaround. Going into this year, it's likely the first few months will start slow.
By: AAmerican Property Management
MELBOURNE, Fla. - Jan. 11, 2023 - PRLog -- Per Steve Neville, Broker owner of Best Brevard Rentals

The Brevard County Florida residential real estate market Outlook for next year is currently on track to continue most, if not all of its present trends. However, there is definitely some good news and it could lift the market as the spring approaches.

Brevard County consists of more than two dozen cities and at this time, there are nearly 6,900 homes for sale ranging from the low hundreds-thousands up to $18.5 million in price. The median listing price currently stands at 360,000, with a medium listing price of $214 per square foot and a median selling price of $345,000. These figures equal an 11% leap in a year-over-year comparison, meaning that homes are gaining substantial value in the area.

According to the latest statistics, the sale-to-list price ratio is extremely high, coming in at just a tad over 98%, so homes are selling for just shy of 2% under their asking price. What's more, listings aren't staying on the market too long, with the median days on the market coming in at 70 days, or just a little bit less than two and a half months' time. This is most definitely good news for sellers, but there are some obstacles to be aware of too.

Presently, the Brevard County real estate market is experiencing near parity between buyers and sellers, though it has been trending towards a buyer's market. So, are more active listings than there are active buyers. This trend will likely widen, with rising interest rates and inflation both giving buyers good reason to sit back and wait or to stay out of the market altogether. However, with so many people relocating to the state, this will increase demand for housing and that may be enough of a factor to facilitate more transactions in the new year.

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Steve Neville
Source:AAmerican Property Management
Tags:Brevard County Property Mgmt
Industry:Real Estate
Location:Melbourne - Florida - United States
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