Why the Brevard County Housing Market is One to Watch in 2022
Posted: February 22nd, 2022
Growth in Unprecedented Times
The real estate market in Melbourne, FL, has been exciting to track over the last couple of years. At the beginning of 2020, hesitation in the face of a global pandemic caused home sales to initially drop as homeowners withdrew their homes from the market and chose to stay in place for their health and safety. According to Redfin, the number of new listings dropped more than 40% in April 2020 compared to the same period in the previous year.
However, spurred on by historically low interest rates, buyer demand rebounded quickly. In fact, according to Space Coast Daily, “by June of 2020…properties were in such high demand that would-be buyers were camping out night after night to secure their desired lots” for new construction area homes. With inventory remaining low, the Space Coast housing market definitively favored sellers, with eager buyers one-upping their competition to secure the sale.
Now at the beginning of 2022, the sellers’ market has shown no signs of slowing down. Many of our clients in the process of selling their homes have received multiple offers including cash offers, with potential buyers offering well over asking price. In analyzing the current market, we’ve determined a number of reasons why homes for sale in Brevard County are in such high demand:
- A strong job market
- Affordable cost of living
- Beautiful setting and great spaces for remote work and self-employment
Let’s break them down.
Brevard’s Strong Job Market
According to Florida Today, Brevard County’s diversified economy helped the region stay afloat throughout the pandemic. Brevard’s unemployment rate reached 4.5% in January 2021, which is “below the statewide rate of 5.3% and national rate of 6.8%.” This economic strength can be largely attributed to the booming tech and aerospace industries in our region. The L3Harris merger was completed in mid-2019, making them the sixth-largest defense contractor in the United States, according to Reuters. Since the merger’s completion, L3Harris alone has created hundreds of new jobs on the Space Coast.
L3Harris isn’t the only big name in our region, either. SpaceX, Lockheed Martin, Blue Origin, and Terran Orbital have established roots and grown significantly here on the Space Coast. Thanks to all of these high-paying tech-based positions, Brevard County has posted consistent reduction in unemployment rates since 2020. What’s more, these positions have attracted a number of high-level business people to the area, who in turn increase the demand for homes.
This economic strength has enabled other connected industries to grow in tandem, as well. For example, the aerospace research and technology sector at Florida Institute of Technology in Melbourne has increased the demand for educators. Healthcare, leisure, and hospitality industries are all big influences on Brevard’s economy at large.
Reasonable cost of living
Compared to major metropolitan areas, Brevard County’s cost of living remains low. What’s more, despite record-setting median sales prices, purchase costs still rest below the national average. Buyers who come to the table with a good offer have the opportunity to purchase a substantial amount of home for their money. Additionally, mortgage rates remain low, giving buyers extra confidence and buying power.
BestPlaces places the overall cost of living in Brevard at 94.1 as compared to the national average of 100. Considering its proximity to big cities like Orlando, its local attractions, and its thriving economy, it’s no wonder buyers from around the world have their eyes on Brevard County real estate.
Beautiful settings and great spaces
Although many companies are beginning the transition back into physical workplaces, others have decided to continue a remote work setup after transitioning during the pandemic. Working from home poses an attractive option for workers in many different industries, offering more flexibility and more time for children and family. And when you work from home, you want to make sure your home office setup is equipped with everything you need for success.
Many of the luxury homes available in Brevard County come with their own dedicated offices featuring built-in shelving and even desks to make your WFH setup feel professional. Others still offer flexible space that can easily be converted into a fully functional office. In either situation, Brevard’s natural beauty gives you a gorgeous backdrop for your daily grind. Just picture looking out of your office window to see the sun sparkling on the water!
Finding Your Home in Brevard County
With Brevard County homes in such high demand, you need to be ready to take action when you find the right property for your needs. In the current market, it’s imperative that you work with a real estate professional that knows effective strategies to bring you to the closing table. In-depth knowledge of the Space Coast as well as experience in unprecedented times make the professionals at Ellingson Properties your strongest allies in your home purchasing journey. To learn more about luxury homes for sale in Brevard County, call Ellingson Properties at 321-750-7050.