Brevard County Market Report - December 2024

As 2024 came to a close, Brevard County’s real estate market saw notable changes across both the single-family home and townhouse/condo sectors. Here’s a breakdown of the December 2024 market report, offering insights into the latest trends and statistics.

Single-Family Homes: December 2024 Highlights

1. Closed Sales Surge: The number of closed sales increased by 22.1%, with 817 homes sold compared to 669 in December 2023. This uptick reflects strong buyer demand, bolstered by a modest 3.1% rise in cash sales.

2. Pending Sales and Listings:

   • New pending sales rose 6.8%, signaling consistent market activity.

   • New listings dropped slightly by 2.1%, indicating tightening inventory.

3. Median Sales Price Steady: The median sales price for single-family homes remained virtually unchanged at $369,995, compared to $370,000 in December 2023.

4. Inventory Growth: Months’ supply of inventory increased by 25.0% to 4.0 months, up from 3.2 months a year ago, providing buyers with more options compared to 2023.

5. Market Segments:

   • Traditional sales saw a 21.7% increase, with a median price of $369,990.

   • Foreclosure/REO sales doubled, reaching 4 closed sales with a median price of $412,500.

   • Short sales recorded just 1 transaction, with a median price of $236,000.

Townhouses and Condos: December 2024 Highlights

1. Moderate Growth in Sales: Closed sales rose by 8.8%, with 173 units sold compared to 159 in December 2023. However, cash sales declined by 8.0%.

2. Pending Sales and Listings:

   • New pending sales increased by 5.8%, showing a steady interest in attached homes.

   • New listings surged by 16.9%, providing more inventory to meet demand.

3. Price Adjustments: The median sales price decreased slightly by 1.2% to $287,500, down from $291,000 in December 2023.

4. Inventory Expansion: Months’ supply of inventory rose significantly by 44.9%, reaching 7.1 months, compared to 4.9 months in December 2023, signaling a shift toward a more balanced market.

5. Market Segments:

   • Traditional sales grew by 8.2%, with a median price of $288,750.

   • Foreclosure/REO sales were minimal, with just 1 closed sale at a median price of $105,500.

   • Short sales saw no activity in December 2024.

Quarterly Overview: Q4 2024

Single-Family Homes:

• Sales and Prices:

  • Closed sales dipped by 1.1%, with 2,209 homes sold compared to 2,234 in Q4 2023.

  • The median sales price rose by 2.7% to $375,000, up from $365,000 in the previous year.

• Inventory: Months’ supply of inventory grew by 25.0% to 4.0 months.

• Distressed Sales:

  • Foreclosure/REO sales fell by 30.0%, with 7 closed sales at a median price of $290,000.

  • Short sales doubled, with 2 transactions at a median price of $265,500.

Townhouses and Condos:

• Sales and Prices:

  • Closed sales declined by 12.0%, with 461 units sold compared to 524 in Q4 2023.

  • The median sales price held steady at $294,900.

• Inventory: Months’ supply of inventory jumped 44.9% to 7.1 months.

• Distressed Sales:

  • Foreclosure/REO sales were minimal, with 1 closed sale at $105,500.

  • Short sales reported no activity.

What Does This Mean for Buyers and Sellers?

• For Buyers: The growing inventory, especially in the townhouse/condo market, provides more options and potentially better negotiating power. However, cash buyers may face increased competition in the single-family home market.

• For Sellers: While prices have remained steady or increased slightly in most sectors, the uptick in inventory means pricing competitively and presenting your property effectively are more crucial than ever.

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