BOBBY FREEMAN: Median Sales Price For Single-Family Homes in Brevard Was $380,000 in July

Mortgage interest rates trending down off the near 7% highs

BREVARD COUNTY, FLORIDA – Brevard’s housing market reported easing median sales prices, more new listings, and improved inventory levels (active listings) in July 2024 compared to a year ago.

“For sale inventory continued to improve in July, which is helping to moderate prices – and hopefully will also ease housing affordability issues over time,” said Nikki McCoy Freeman of McCoy Freeman Compass.

“Mortgage interest rates also seem to be trending down off the near 7% highs, which boosts potential homebuyers’ purchase power and helps spark demand.”

Closed sales of existing single-family homes countywide totaled 994, up 19% year-over-year, while existing condo-townhouse sales totaled 237, up 15.6% over July 2023.

The countywide median sales price for single-family existing homes in July was $380,000, up 2.7% from a year ago, while the countywide median price for condo-townhouse units was $288,750, up 9% from July 2023.

Nikki McCoy Freeman pointed out, “Over on the supply side of things, new listings of single-family homes remained in line with what we would have expected in the pre-pandemic market, but there were 6.9% more new listings this July compared to last year’s unusually low count. Meanwhile, 11.3% more townhouses and condos came onto the market in July compared to a year ago.”

“The inventory of single-family homes continues to rise, but over the last three months, this growth has slowed as each month has passed. I’d caution, however, that this slowdown may be in part just a seasonal effect. Townhouse and condo inventory levels are now above where they were during the 2014 to 2019 pre-pandemic, post-Great Recession period. However, month-over-month inventory growth has flattened out over the past two to three months.”

On the supply side of the market, single-family existing homes were at a 4-months’ supply in July 2024, while condo-townhouse properties were at a 6.2-months’ supply.

ABOUT THE AUTHOR

Bobby Freeman, a lifetime resident of Brevard County, has been a top Realtor in the area for over two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then, he has achieved numerous sales awards from some of the largest real estate firms in the world.

Freeman, Jennifer McCoy and Nikki McCoy-Freeman are family owners of the McCoy-Freeman Real Estate Group on Florida’s Space Coast. Together they have more than 40 years of extensive experience in all aspects of the real estate industry, have sold over $420 million and are ranked in the top 1% of all Florida Realtors.

Among McCoy-Freeman Group’s achievements are Certified Luxury Home Marketing Specialist (CLHMS), Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County. The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 News, News 13, WKMG News 6, Coastal Condo Living Magazine, Hot Retirement Towns Magazine and SpaceCoastDaily.com.

For more information, log on to BrevardRealtyConnection.com

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