Brevard County Housing Market Update: December 2024

by Joanie Iaco

As we step into a new year, it's essential to reflect on the Brevard County housing market's performance in December 2024. This recap provides valuable insights into the trends affecting single-family homes and townhouses/condos, equipping buyers and sellers with the information they need to make informed decisions.

Single-Family Homes: December 2024 Highlights

Closed Sales: An impressive increase of 22.1%, with 817 units sold compared to 669 in December 2023. Cash sales saw a modest rise of 3.1%.
New Pending Sales: Up by 6.8%, indicating steady buyer interest.
New Listings: Slightly down by -2.1%, reflecting a tighter inventory entering the market.
Median Sales Price: Remaining stable at $369,995, virtually unchanged from December 2023’s $370,000.
Months' Supply of Inventory: Up by 25.0%, now at 4.0 months compared to 3.2 months last year. This increase signals a gradual shift toward a more balanced market.
Traditional Sales: Rose by 21.7%, with a median sales price of $369,990.
Foreclosure/REO Sales: A dramatic 100% increase, albeit with only 4 closed sales, achieving a median sales price of $412,500.
Short Sale Closings: Limited activity with just 1 sale and a median price of $236,000.

Townhouses/Condos: December 2024 Highlights

Closed Sales: Increased by 8.8%, with 173 units sold compared to 159 in December 2023. However, cash sales declined by -8.0%.
New Pending Sales: Rose by 5.8%, showing continued demand in the segment.
New Listings: Notably up by 16.9%, suggesting sellers are more confident in the townhouse/condo market.
Median Sales Price: Decreased slightly by -1.2% to $287,500 from $291,000 in December 2023.
Months' Supply of Inventory: A substantial increase of 44.9%, now at 7.1 months compared to 4.9 months a year ago. This extended supply may present opportunities for buyers.
Traditional Sales: Up by 8.2%, with a median sales price of $288,750.
Foreclosure/REO Sales: Minimal activity with only 1 closed sale at a median price of $105,500.
Short Sale Closings: None reported for December 2024.

What These Trends Mean for Buyers and Sellers

The December 2024 Brevard County market shows a mix of stability and growth. Single-family homes remain a solid investment with stable prices and increased sales activity. Meanwhile, the townhouse/condo market presents opportunities for buyers due to rising inventory and slight price reductions. Sellers in both markets should strategize with these trends in mind, particularly as inventory levels shift.

Ready for Personalized Insights?

Every neighborhood and property type tells a unique story. Whether you're buying, selling, or just curious about what these trends mean for your specific situation, I’m here to help. Contact me today for a personalized market analysis tailored to your needs. Let’s make 2025 your best year yet in Brevard real estate!