How COVID Impacted Real Estate in Brevard County, FL
- July 28, 2022 @ 4:23 pm
- Written by adminrrf
- Categories: Brevard County FL | Florida | Housing Market | Real Estate Tips
How COVID Impacted Real Estate in Brevard County, FL
COVID undoubtedly had a significant impact on virtually all areas of business and commerce. But many Brevard County residents are curious as to how that impacted the local real estate market.
Initial uncertainty as the pandemic evolved caused an over-reaction of panic, leading to a short-term decrease in home showings and sales. The biggest impact of this can be seen when Florida Gov. Ron DeSantis ordered a statewide lockdown. For example, in May 2020 (3 months into the pandemic), we saw a 48% decrease in single-family home sales.
As restrictions eased, and vaccinations became widespread, near record-low interest rates and a high demand for housing continued to drive the local real estate market throughout Brevard County.
However, one interesting transition in buyer and seller behavior evolved: a growing interest in virtual showings, no-contact showings, and online real estate marketplaces, the likes of which sometimes experienced increases of as much as 400%.
Today, the market is again thriving, although recent increases in interest rates and a looming (potential) recession have yet to play out in the real estate market. Buyers and sellers would be wise to plan ahead, working with a real estate agent to help forecast demand and act appropriately based on their timeline and goals.