Brevard County Real Estate Market: Opportunities for Home Buyers and Sellers in 2024

Priced out of the market, would-be buyers were forced to delay their plans of homeownership. At the same time, current homeowners reluctant to give up their pandemic-era mortgage rates waited on the sidelines which resulted in a sharp drop in listings.

But the end of 2023 saw some signs of relief, as we began to see mortgage rates come down as well as inflated home prices. In fact, many sellers began offering closing costs and other incentives to help relieve the financial stresses homebuyers were faced with.

Lower mortgage rates should bring some much-needed movement back into the real estate market, however with a market this fluid, the home buyers and sellers with an edge will be those who proactively leverage a real estate agent’s on-the-ground expertise and stay flexible so that they can quickly adapt to changes.

What does that mean for you?

Read on to learn more about the Brevard County housing market and the potential opportunities for buyers and sellers.

The truth about the rapidly changing real estate market.  

Gone are the days of ridiculously inflated prices where bidding wars drove up prices even higher just for buyers to secure their home purchase. Also gone are the days of putting your home on the market and getting 10 offers to choose from within days. Unfortunately, it took some sellers a little longer to come around to this reality, but that does not mean we will see home prices slashing anytime soon either as many buyers were expecting.

So, what is keeping home values steady? Declining home prices usually occur when there is an imbalance in supply and demand, meaning more homes on the market versus buyers looking to purchase. However right now what we have seen is a more balanced market of low demand and low supply which is keeping home values relatively stable.

The reality is buyers and sellers are having to continue to adjust to the ever-changing real estate market.

We came out of a market of low interest rates, higher priced homes, bidding wars, and homes being on the market for a noticeably short period of time. Sellers and buyers alike adjusted to the new normal, but this kept many buyers out of the market who could not compete with the inflated offers.

This was followed by sudden higher interest rates, less bidding wars, sellers not readily accepting the changing fluid market, keeping home prices high, but staying on the market longer waiting for that perfect buyer.

Eventually most sellers came to terms with the market change, relied on their agents to do a comparative market analysis to price their home correctly and understood their home may not sell immediately, and they needed to be open to a real estate market that continues to change.

We have seen buyers struggle with this continuous change as well, assuming home values would rapidly decline, making lowball offers, and thinking something is “wrong” with a home just because it had been on the market for an extended period.

But the truth is, we are getting back to a more normalized market.  

However, experts widely agree: Mortgage rates will be the largest driver of property values. If rates fall faster than expected, more buyers will enter the market—which could send home prices soaring higher… but don’t hold your breath for those 3% mortgage rates of the past.

Home prices should remain relatively stable.

What does it mean for you?  

There is no evidence that home prices are headed for a major decline. So, if you are ready to purchase a home, this is a great time to test the waters. The best deals are often found in a slower market, like the one we are experiencing right now.

And if you have been waiting to sell your home, this could be your year. Price growth has slowed, so now is the time to maximize your equity gains while minimizing your competition.

Mortgage rates should finally trend down.

What does it mean for you? 

If you are a prospective home buyer, declining mortgage rates could give you the opportunity to lock in a more affordable monthly payment. And if you purchase before the market reheats, you could secure an especially good deal. To find the lowest rate, it pays to compare lenders.

Sellers also have reason to celebrate buyers' lower interest rates: As the barriers to entry to the housing market decline, they could enjoy more or better offers.

Lower rates will bring some buyers and sellers back to the market.

What does it mean for you? 

If you have been waiting to buy a home, you might want to consider purchasing before the competition picks up. Pent-up demand could bring a flood of buyers back into the market as mortgage rates decline.

If you are hoping to sell this year, you may also want to act fast. An increase in listings will make it harder for your home to stand out. We can help you chart the best course to maximize your profits, starting with a professional assessment of your home’s current market value.

The housing supply shortage may persist.

​​What does it mean for you?  

Inventory remains tight, but buyers can benefit from the search expertise of a real estate professional.

While sellers will continue to benefit from the low-inventory environment, they should be prepared to compete against brand-new homes.

We are here to guide you.

While national real estate forecasts can give you a “big picture” outlook, real estate is local. And as local market experts, we know what is most likely to impact sales and drive home values in your neighborhood. As a trusted partner in your real estate journey, we will keep our ears to the ground so that we can guide you through the market's twists and turns.

If you are considering buying or selling a home in 2024, contact us now to schedule a free consultation. Let us work together and craft an action plan to meet your real estate goals.

Check out our buyer and seller guides. 

 7 Common Homebuyer Mistakes and How to Avoid Them

7 Strategies to Attract the Best Offers for Your Home

6 Steps to Buying and Selling Your Home at the Same Time

GET IN TOUCH: