Although home prices are leveling across much of the United States, real estate in Brevard County is still going strong—in fact, some homes are even seeing their value increase!

Why is Brevard County Real Estate Still Going Strong?

Brevard County's location is highly desirable and offers buyers all of the advantages of Florida living. However, like many Florida areas, Brevard County is still experiencing a low inventory of available housing—especially on the coast and in other high-demand areas.

But why does Brevard County have a low housing inventory? And what does this low inventory mean for sellers and buyers? Keep reading to find out what Brevard County housing inventory means for you. 

Why Is Brevard County's Housing Inventory Low?

There are many reasons why Brevard County and the Space Coast are experiencing a low availability of housing. Some of the issues are state and country-wide, such as increased prices for construction supplies like lumbar and shortages of equipment and available labor.

Another challenge facing buyers is the type of housing that is being built. For example, a lot of construction companies are focusing predominantly on building high-value homes, with few plans for affordable housing.

In addition, Brevard County has limited land for building available due to the area's unique geography. Put simply, if you want a beautiful beachfront property, you must be willing to pay a premium. 

Of course, rising interest rates are expected to temper the Brevard County housing market. Still, we predict that a combination of low inventory and high demand will keep house and condo prices steady. 

What Does Brevard County's Housing Inventory Mean For Sellers and Buyers?

Although low housing inventory can make it challenging for buyers, it can actually be a positive thing for home sellers: Here's why:

For Sellers

• Low inventory means home sellers are more likely to receive multiple offers and a higher sales price.
• Homes in good condition tend to sell faster in low-inventory markets. With fewer homes to choose from and more competition between buyers, most people are eager to make their best offer as soon as possible to secure a new home.
• With more competition, sellers are in a better position to negotiate the details of their sale, for example, selling as-is without repairs or concessions. 

For Buyers

• Although limited availability and high prices seem at first like a huge problem for home buyers, they can be beneficial for the buyer's long-term financial investment. In fact, low inventory can protect your investment if you purchase a home at a realistic price. This is because correcting low inventory often takes many years in desirable areas such as Brevard County.

How Will Low Inventory Numbers Affect Housing Prices In 2023?

As the market demonstrates, Brevard County is well-insulated from many factors affecting property prices across the US, such as rising interest rates. However, as most real estate professionals understand, eventually, markets tend to reach equilibrium. Fortunately, barring a significant market shock, Brevard County is unlikely to experience declining house prices. 

If you're thinking of selling your home in Brevard County, contact one of our local real estate experts today. We have helped thousands of sellers across the Space Coast get top dollar for their homes, and we can help you too!