BREVARD REAL ESTATE REPORT: Single-Family Home Listings Increase, Median Sales Price Up to $383,900

Closed Sales are down -1.0% for October 2024

BREVARD COUNTY, FLORIDA – In October, Brevard’s housing market experienced a rise in inventory levels (active listings) and a moderation in statewide median prices compared to the previous year.

“With more homes available and slower price increases, it’s a positive trend for homebuyers who now have more opportunities to enter the market,” said Nikki McCoy Freeman of McCoy Freeman Compass, serving Florida’s Space Coast.

“Additionally, mortgage interest rates are lower than they were last year, which helps make homeownership more affordable.”

In October, closed sales of existing single-family homes in the county totaled 18,671, reflecting a 5.6% decrease year-over-year. Sales of existing condo-townhouse units reached 6,499, a 19.9% decline compared to October 2023.

The median sales price for single-family existing homes was $383 900, a 6.6% increase from $360,000 a year ago . For condo-townhouse units, the median price was $277,500 down 7.5% from $300,000 in October 2023

The median represents the midpoint—half of homes sold for more, and half for less.

“New listings of single-family homes decreased by 10.3% year-over-year, but were up 9.5% year-to-date,” McCoy Freeman noted. “New listings for condos and townhouses fell by 9.5% compared to last year, though they’ve increased by 12% so far this year.”

On the supply side, Brevard saw a 4.1-month supply of single-family homes in October, marking a 36.7% year-over-year increase. For condo-townhouse units, there was a 6.6-month supply, up 53.5% compared to the previous year.

Recap of the Brevard County Residential Report for October 2024:

■  Closed Sales are down -1.0% for October 2024 in which the number of units closed was 762 compared to 770 in October 2023, with a decrease in cash sales of -17.8%.
■  New Pending Sales are down -12.0% and New Listings are down -10.2%.
■  The Median Sales Price for Brevard Single Family homes is up 6.6% to $383,900 compared to a year ago, which was $360,000.
■  Months’ Supply of Inventory is up 36.7% to 4.1 months, an increase from 3.0 months in October 2023.
■  Traditional Sales are down -0.7% with a median sales price of $384,950.
■  Foreclosure/REO Sales are down -80.0% with 1 closed sale and a median sales price of $237,500.
■  Short Sale Closings N/A with 1 closed sale and a median sales price of $295,000.

Recap of the Brevard County Townhouses/Condos for October 2024:

■  Closed Sales are down -21.8% for October 2024 in which the number of units closed was 151 compared to 193 in October 2023, with a decrease in cash sales of -45.1%
■ New Pending Sales are down -15.2% and New Listings are down -18.5%.
■  Median Sales Price for Brevard Townhouses/Condos is down -7.5% to $277,500 compared to a year ago, which was $300,000.
■  Months’ Supply of Inventory is up 53.5% to 6.6 months, an increase from 4.3 months in October 2023.
■  Traditional Sales are down -21.8% with a median sales price of $277,500.
■  Foreclosure/REO Sales are N/A with 0 closed sales and a median sales price of (No Sales).
■  Short Sale Closings are N/A with 0 closed sales reported.

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