Median Sales Price for Single-Family Homes in Brevard County Increased by 5 Percent in 2024

increase in inventory gives more options and negotiating power for buyers

As we move into 2025, interest rates will play a crucial role in shaping market dynamics.

BREVARD COUNTY, FLORIDA – In Brevard, closed sales for single-family homes decreased by 2.3% in 2024, with 10,152 units sold compared to 10,396 in 2023.

Cash sales saw a decline of 9.8%. However, new pending sales slightly increased by 0.3%, and new listings rose by 10.9%.

“In 2024, Brevard County’s real estate market saw a decline in closed sales but an increase in inventory, indicating a shift towards balance – the rise in single-family home prices shows ongoing demand,” said Nikki McCoy Freeman with McCoy Freeman Compass.

“As we move into 2025, interest rates will play a crucial role in shaping market dynamics. Staying informed and working with real estate professionals will be essential for navigating these changes.”

The median sales price for single-family homes in Brevard County increased by 5.0%, reaching $379,125, up from $361,000 the previous year. Inventory levels rose, with months’ supply increasing by 25.0% to 4.0 months, compared to 3.2 months in 2023.

Traditional sales decreased by 2.6%, with a median sales price of $379,900. Foreclosure/REO sales surged by 45.1%, with 74 closed sales at a median price of $246,000. Short sale closings increased by 33.3%, with 8 closed sales at a median price of $295,000.

For townhouses and condos in Brevard County, closed sales dropped by 9.3% in 2024, with 2,346 units sold compared to 2,587 in 2023. Cash sales decreased by 13.8%. New pending sales fell by 6.7%, while new listings increased by 12.6%.

The median sales price for townhouses and condos decreased by 1.3% to $295,000, down from $299,000 the previous year. Inventory levels rose significantly, with months’ supply increasing by 44.9% to 7.1 months, compared to 4.9 months in 2023.

Traditional sales decreased by 9.3%, with a median sales price of $295,000. Foreclosure/REO sales remained stable, with nine closed sales at a median price of $167,000. Short sale closings saw a complete decline, with no sales recorded.

Overall, Brevard County’s 2024 market experienced declines in sales but saw an increase in inventory levels and some price stability. As we move into 2025, interest rates will continue to influence market dynamics.

Implications for Buyers and Sellers:

For buyers, the increase in inventory levels presents more options and potentially more negotiating power, especially in the condo and townhouse market, which is leaning towards a buyer’s market. The rise in foreclosure and short sales could also offer opportunities for those looking for more affordable options.

For sellers, the market conditions suggest a need for strategic pricing and marketing, particularly in the face of increased competition from rising inventory. Sellers of single-family homes might benefit from the price increases, but those in the condo and townhouse market may need to adjust expectations and strategies to attract buyers in a more competitive environment.

Recap of the Brevard County Residential Report for December 2024:

■ Closed Sales are up 22.1% for December 2024, in which the number of units closed was 817 compared to 669 in December 2023, with an increase in cash sales of 3.1%.

■ New Pending Sales are up 6.8%, and New Listings are down -2.1%.

■ The Median Sales Price for Brevard Single Family homes is 0.0% to $369,995 compared to a year ago, which was $370,000.

■ Months’ Supply of Inventory is up 25.0% to 4.0 months, an increase from 3.2 months in December 2023.

■ Traditional Sales are up 21.7% with a median sales price of $369,990.

■ Foreclosure/REO Sales are up 100% with 4 closed sales and a median sales price of $412,500.

■ Short Sale Closings N/A with 1 closed sale and a median sales price of $236,000

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

■ Closed Sales are up 8.8% for December 2024 in which the number of units closed was 173 compared to 159 in December 2023, with an decrease in cash sales of -8.0%.

■ New Pending Sales are up 5.8% and New Listings are up 16.9%.

■ The Median Sales Price for Brevard Townhouses/Condos is down -1.2% to $287,500 compared to a year ago, which was $291,000.

■ Months’ Supply of Inventory is up 44.9% to 7.1 months, an increase from 4.9 months in December 2023.

■ Traditional Sales are up 8.2% with a median sales price of $288,750.

■ Foreclosure/REO Sales are N/A with 1 closed sale and a median sales price of $105,500.

■ Short Sale Closings are N/A with 0 closed sales and a median sales price of (no sales.)

ABOUT THE AUTHOR

Bobby Freeman, a lifetime resident of Brevard County, has been a top Realtor in the area for over two decades. Freeman received a Rising Star award from his Brokers in his first year as an agent. 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 over 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

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