With the Space Coast and surrounding areas currently experiencing an unprecedented real estate market, many homeowners are asking themselves: Should I sell my Space Coast home? As the National
Homeowner Question: Should I Sell My Space Coast Home?
Dated: August 30 2021
With the Space Coast and surrounding areas currently experiencing an unprecedented real estate market, many homeowners are asking themselves: Should I sell my Space Coast home? As the National Association of Realtors (NAR) continues to track the behavior changes of homebuyers and sellers, one thing is for certain — the Brevard County real estate market is hot. In fact, Brevard County home values have increased by 20.9% over the past year alone!
Heading into August, Space Coast home sales continued in a similar trend to previous months, including more closed sales and higher median sales prices. But what does this mean for homeowners who are considering selling their Space Coast home? In this article, we're going to take a look at some of the reasons why there's never been a better time to sell your home in Brevard County.
Buyer Demand Remains High For Space Coast Property
Florida's Space Coast remains one of the top destinations for homeowners seeking a relaxed lifestyle, affordable real estate, and ample employment opportunities. With easy access to the east coast's beautiful coastline and beaches, central Florida attractions, and plenty of local entertainment, it's easy to see why buyers are in stiff competition to find their dream home on the Space Coast.
Demand has only increased further, as Brevard County's monthly property inventory is down to 0.9 months, a further decrease from 2.1 months in June 2020. But, what does this mean for sellers? Faster home sales and higher sales prices! For instance, in Cocoa Beach, the average time a home spends on the market from listing to closing is just 48 days — down from 74 days in February 2021.
Space Coast Home Values Continue To Rise
As we've just discussed, the demand for homes across Florida's Space Coast is at an all-time high, but so are the home values. In Brevard County, the median sold price is currently at $310,000, up from $274,925 in August 2021. If you own a home in any of the following areas, you might want to consider selling and cashing in on some equity!
Cocoa Beach Home Values: Median sales price July 2021 was $449,900, up from $340,000 in March 2021.
Satellite Beach Home Values: Median sales price in July 2021 was $481,000, up from $356,500 in July 2021.
Viera Home Values: Median sales price in July 2021 was $405,000, up from $329,679 in July 2021.
Melbourne Home Values: Median sales price in July 2021 was $335,500, up from $282,661 in July 2021.
Palm Bay Home Values: Median sales price July 2021 was $259,950, up from $199,900 in July 2021.
More Qualified Buyers Due To Low Mortgage Rates
With historically low mortgage rates, more and more buyers are entering the real estate market. According to Freddie Mac, the average interest rate for a 30-year fixed-rate mortgage was 2.98% in June 2021, down from an average of 3.16% a year ago. Of course, eventually, mortgage rates will begin to rise again, making homeownership less affordable for some buyers. However, as it currently stands, there has never been a better time to take advantage of the booming Space Coast real estate market.
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