Indian River County Real Estate Forecast 2023

VERO BEACH, Fla. - Jan. 10, 2023 - PRLog -- Per Jillian Arce member of Team Paradise Property Management "Best Vero Beach Property Management Co."

The residential real estate market in Indian River County is currently a buyer's market, with over 2,100 active listings ranging in price from the lower hundred of thousands to as much as $27 million. The median asking price for homes in the area is $380,000, with a median list price per square foot of $231 and a median selling price of $305,000, representing a year-over-year increase of 15.5%.

However, several factors are negatively impacting the market and causing some potential buyers to delay their purchases or continue to rent. Rising interest rates and persistent inflation are making it more difficult for some buyers to afford homes, while the lack of new construction in the area is limiting the supply of available homes. (If the number of new housing starts increases, that will benefit buyers in offering more options and lowering prices, as well as benefiting sellers who will have a bigger pool of active buyers looking to purchase primary and investment properties.)

The sale-to-list price ratio in Indian River County is 97.12%, meaning that homes are selling for 2.88% under their asking prices, with the median days on the market being 72 days or just over two months. These factors, combined with a relatively high median asking price, are making it a challenging market for buyers.

Overall, the outlook for the residential real estate market in Indian River County is somewhat uncertain. While the year-over-year increase in selling prices suggests a healthy market, the combination of rising interest rates, persistent inflation, and a lack of new construction homes may continue to put pressure on the market, making it a less favorable environment for buyers. It remains to be seen whether these trends will continue or if the market will eventually shift in favor of sellers.

For more information about renting a home or selling your home, please contact Jillian Arce and her team at       http://teamparadisepropertymanagement.com/