Real estate can be a bit tricky to predict, and the past few years have especially emphasized the ever-changing landscape of the housing market.  

But when you’re thinking of buying or selling, you’ll want to have as much information as possible before deciding if the timing is right for you.

While we can't have ALL the answers, we've got a pretty good handle on things. Using our decades of real estate experience and keen understanding of Vero Beach’s unique market's ebb and flow, we’ve compiled some strong predictions for what's ahead. 

So what’s a seller or buyer to make of the Vero Beach, Florida real estate market in 2024? 

1. Optimism About Inventory Options
   Inventory options for home buyers will improve…but remain far below pre-2019 levels. Meanwhile, we anticipate seeing sales volume increase by 10-15% YOY, also still well below pre-2019 levels but much better than our record-low number of sales from last year!

2. A Reassuring Pricing Constant
   Prices will remain stable, flat to 4% up YOY depending on the house, locale, condition and if they possess “something extra” to boost perception of value – like waterfront, view, or locale.

3. Persistent Supply Constraints
   Supply constraints will continue to dominate our market for the next several years. As each year passes with buyers taking mortgages over 6%, the percentage of sellers with mortgages under 5% will DECREASE. And owners considering selling will INCREASE as the percentage of sellers deterred by low mortgages will slowly decline.

4. New Imperatives
   Condition and insurability will remain key criteria for selling. In fact, new roof and ability to insure now nearly supersede move-in ready condition! (But move in-ready condition is still a very close second.)

5. Demographic Shifts
   Migration from high tax states and higher-priced areas in Florida will continue, as will the work-from-home phenomenon that’s driving younger buyers to relocate to Vero.

6. Market Dynamics
   Our bifurcated market will remain in place – with new, like new, or move-in ready homes with insurable roofs well-received with often multiple offers – and everything else taking 6-12 months to sell. And even when a home is move-in ready or new, the price matters – and must be contextual (meaning appropriate for the neighborhood in which it exists). We’ve seen beautiful spec homes languish as they are worth far more than their neighbors – and that’s a scary proposition for most buyers!

As we navigate the 2024 real estate landscape in Vero Beach, The Daley Group remains committed to providing expert guidance and unparalleled service. Whether you're buying or selling, you can count on us to keep you informed and empowered. 

Contact us today to explore the best opportunities the Vero Beach real estate market has to offer!