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revard County's Real Estate Market Report for February 2025 reveals a slowdown in both single-family home and townhouse/condo segments. Home prices remain stable, but sales activity has decreased, and inventory levels are increasing, potentially signaling a shift towards a more balanced or buyer-friendly market.
"We're seeing the early signs of a market transition," said Nikki McCoy Freeman of McCoy Freeman Compass. "With more inventory coming online and fewer buyers competing, this could be an excellent opportunity for those waiting on the sidelines."
Single-family home sales in Brevard County decreased by 3.2% year-over-year, with 745 units sold compared to 770 in February 2024. Cash sales fell 18.1%, while new pending sales and listings declined by 9.4% and 5.6%, respectively. The median sales price rose slightly to $378,854.
The months' supply of inventory increased to 4.3 months, up 22.9% from February 2024, indicating more homes are staying on the market longer. Traditional sales dipped 3.4% with a median price of $379,995, while foreclosure activity remains low at 8 closed REO sales and 1 short sale.
The townhouse and condo segment saw more pronounced shifts in February, with sales dropping 8.6% and cash sales falling sharply by 19.1%. New pending sales plummeted 24.2%, but new listings rose 11.2%, showing more sellers entering the market even as buyer demand fades. The median sales price inched up 1.1% to $302,500.
The months' supply of inventory jumped 48.2% to 8.3 months, significantly more than last year's 5.6 months, pushing the segment closer to a buyer's market. Distressed sales remain low, with only 2 foreclosure sales recorded and no short sales closed during the month.
Overall, Brevard County's housing market in February 2025 reflects a gradual shift towards a more balanced or buyer-friendly market. Sales activity is down, inventory is building, and while prices are still stable, longer selling times may become the norm in the months ahead. For buyers, this could mean more negotiating power and greater choices. For sellers, pricing competitively and being patient may be key as the market adjusts.
