As of October 2024, Brevard County’s housing market shows a blend of stable pricing and improving inventory. The median sales price for single-family homes is around $385,000, reflecting a 4.1% increase compared to last year. Meanwhile, the median price for condos and townhouses dropped significantly by 16.9%, down to $280,000. This price stabilization is accompanied by a rise in new listings, giving buyers more options than in the past few years.
The market inventory has improved, with a 4-month supply of single-family homes and a 6.4-month supply of condos, signaling a balanced market. Although closed sales of single-family homes dropped by 2.6% year-over-year, the increase in inventory may bring some relief to buyers facing high mortgage rates.
On the affordability side, lower mortgage rates are helping to maintain buying power, which could lead to more activity as we head into the final months of the year.
Some content is AI generated.