WATCH: Bobby Freeman Analyzes Brevard County’s Housing Market Trends, Single-Family Home Listings Up

NEW SINGLE-FAMILY HOME LISTINGS WERE UP 10.9% COMPARED TO LAST YEAR

 

WATCH: Join Bobby Freeman from McCoy Freeman Compass as he explores Brevard County’s housing market trends. Learn what the changes mean for buyers and sellers, and get expert guidance to navigate your real estate journey.

BREVARD COUNTY, FLORIDA – In November, Brevard County’s housing market experienced an increase in new listings and higher inventory levels than the previous year. Meanwhile, according to the latest housing data, median sales prices continued to ease.

“Homebuyers who have been waiting on the sidelines are seeing more opportunities now and more for-sale options available,” said Nikki McCoy Freeman of McCoy Freeman Compass.

“New listings were up 10.9% for existing single-family homes year-over-year, while new listings for condo-townhouse units were up 2.7% – this is encouraging news for buyers. Home prices are easing, and it appears mortgage interest rates continue to hover at levels lower than they were a year ago, which increases affordability,” says McCoy Freeman.

Last month, closed sales of existing single-family homes in Brevard County totaled 630, down 20.8% year-over-year; existing condo-townhouse sales totaled 137, down 20.3% over November 2023.

The median sales price for single-family existing homes in November was $380,000, up 3.5% from $367,000 one year earlier. For condo-townhouse units, the median price was $315,000, up 9.8% from $287,000 in November 2023.

On the market’s supply side, Brevard County had a 4.2-month supply of single-family existing homes last month, up 40% year-over-year. For condo-townhouse units, the area had a 7.1-month supply in November, up 57.8% year-over-year.

The market shift offers buyers more options and opportunities with increased listings and easing prices, making it a great time to buy. Lower mortgage rates enhance affordability. For sellers, increased inventory means more competition, so pricing competitively is key.

Despite this, there’s potential to capitalize on price growth, especially in condos. Understanding these dynamics helps make informed decisions in Brevard County’s real estate market.

Recap of the Brevard County Residential Report for November 2024:

■ Closed Sales are down -20.8% for November 2024, in which the number of units closed was 630 compared to 795 in November 2023, with a decrease in cash sales of -32.8%.

■ New Pending Sales are up 6.6%, and New Listings are up 10.9%.

■ The Median Sales Price for Brevard single-family homes is up 3.5% to $380,000 compared to a year ago, which was $367,000.

■ Months’ Supply of Inventory is up 40.0% to 4.2 months, an increase from 3.0 months in November 2023.

■ Traditional Sales are down -20.6%, with a median sales price of $380,000.

■ Foreclosure/REO Sales are down -33.3%, with two closed sales and a median sales price of $202,360.

■ Short Sale Closings are down -100.0%, with zero closed sales and a median sales price of (no sales).

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

■ Closed Sales are down -20.3% for November 2024, in which the number of units closed was 137 compared to 172 in November 2023, with a decrease in cash sales of -39.1%

■ New Pending Sales are down -23.4%, and New Listings are up 2.7%.

■ The Median Sales Price for Brevard Townhouses/Condos is up 9.8% to $315,000 compared to a year ago, which was $287,000.

■ Months’ Supply of Inventory is up 57.8% to 7.1 months, an increase from 4.5 months in November 2023.

■ Traditional Sales are down -20.3%, with a median sales price of $315,000.

■ Foreclosure/REO Sales are N/A with zero closed sales reported.

■ Short Sale Closings are N/A, with zero closed sales reported.

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 being Certified Luxury Home Marketing Specialist (CLHMS), Certified Distressed Property Expert (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

TO SEE CONDO LISTINGS, LOG ON TO CocoaBeachCondoGallery.com

CLICK HERE FOR BREVARD COUNTY NEWS

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