Vero Beach Mainland Market Report October 2023

The October 2023 Real Estate Market Report for Vero Beach Mainland shows that we continue to be in a Sellers Market with buyers still looking for homes on the mainland while we have started seeing an increase in the inventory. Sales were again slightly decreased as the increase in sale prices took a break.

Sale prices are stabilizing amid slowing activity with some more price adjustments indicating that the elevated prices continue to affect sales. We still need to see whether the upcoming winter season will play a role in demand and sale prices. Following are some statistics for this month.

Vero Beach Mainland Real Estate Market Insights

• In October 2023, the Vero Beach Mainland remained a Sellers Market with a 23% Sales Ratio.
• There were 585 homes for sale on the mainland but only 134 were sold in October 2023.
• The inventory (homes available for sale) in October 2023 increased slightly from September but sellers are still hesitating to list their homes amid ongoing increases in interest rates. The steady flow of new inventory may keep listing and sale prices steady for a while.
• In October 2023, homes sold for a median of 96.43% of list price, at slightly lower level than last month as prices are stabilizing.
• The most active price band for Vero Beach Mainland homes was again homes priced from $500,000 to $1,000,000, with 22 sales but with sales ratio of only 13%, and buyers are still targeting higher priced homes in Vero Beach mainland.
• In October 2023 the median sales price slightly decreased by 5% compared to September with median price at $347,500.
• The most active market in October 2023 was again the Southeast County area with 236 homes for sale, 73 Pending Sales, 53 sales, 4.5 months of remaining inventory (absorption rate) and a Sellers Market.

For a more comprehensive market analysis for a specific Vero Beach area or neighborhood on the Mainland or any other zip code use the request form below.