Brevard County Market Report – November 2024

The Brevard County real estate market showed continued shifts in November 2024, with declining sales but notable inventory growth and price increases in key segments. Let’s dive into the details for both Single Family Homes and Townhouses/Condos.

Single Family Homes: Prices Hold Strong Despite Slower Sales

In November, the single-family home market experienced a significant slowdown in sales activity but maintained price growth.

• Closed Sales: Down 20.8%, with 630 homes sold compared to 795 in November 2023.
• Cash Sales: Declined 32.8%, reflecting fewer investor-driven purchases.
• New Pending Sales: Rose by 6.6%, signaling renewed buyer interest.
• New Listings: Increased 10.9%, providing more options for buyers.
• Median Sales Price: Up 3.5% to $380,000, compared to $367,000 last year.
• Months’ Supply of Inventory: Increased 40.0% to 4.2 months, up from 3.0 months in November 2023.

Distressed Properties

• Foreclosures/REO Sales: Down 33.3%, with just 2 closed sales at a median price of $202,360.
• Short Sales: No activity recorded.

Despite slower sales, the rise in new listings and pending sales suggests the market is balancing, while steady price growth indicates sustained demand.

Townhouses and Condos: Inventory Rises, Prices Surge

The townhouse and condo market saw a sharper decline in sales but a substantial increase in median prices, pointing to continued interest in this segment.

• Closed Sales: Fell 20.3%, with 137 units sold compared to 172 in November 2023.
• Cash Sales: Dropped 39.1%, showing reduced investor activity.
• New Pending Sales: Declined 23.4%, highlighting a slower market pace.
• New Listings: Rose slightly by 2.7%, offering more inventory for buyers.
• Median Sales Price: Increased 9.8% to $315,000, up from $287,000 last year.
• Months’ Supply of Inventory: Jumped 57.8% to 7.1 months, compared to 4.5 months in November 2023.

Distressed Properties

• Foreclosures/REO Sales: No closed sales.
• Short Sales: No closed sales.

The townhouse and condo market's significant price growth signals that well-priced properties are still attracting buyers, even as sales activity slows.

Key Takeaways for Buyers and Sellers

• For Buyers: The increase in inventory, particularly for townhouses and condos, could provide more negotiating power. However, prices are still climbing, so timing is key to securing the right deal.
• For Sellers: Despite fewer overall sales, rising prices demonstrate that buyers remain active, especially for well-maintained homes. Pricing your property strategically will attract interest.
• Market Trends to Watch:
  • Inventory growth across both markets may offer relief for buyers.
  • Rising median prices suggest continued demand, despite declining sales numbers.

The Brevard real estate market remains dynamic, with opportunities for both buyers and sellers. Whether you’re looking to purchase your dream home, sell, or simply stay informed, understanding the latest trends is crucial.

Need personalized insights on what these numbers mean for you? Let’s connect today!