Vero Beach real estate is hot at the moment. This community has made nationwide lists for largest increases in home values, and at the time of writing, that trend shows no signs of slowing down. If you’re thinking about buying or selling in this state, you should check out the following trends. Here’s an overview of what’s happening.
Increasing Home Values
Over the last year, Vero Beach real estate has jumped approximately 15 percent in value on average. At the beginning of 2017, the median home price in this area was approximately $183,000, but at the beginning of 2018, it’s increased to roughly $232,000. At the same time, the price per square foot has increased from $122 to $136.
Interest in Medium-Size Homes
Prices have risen across the board, but the largest increases tend to be in medium-size homes. A year ago, the median price of a one-bedroom home was $53,500, but that number has increased to $59,000, which equates to a 10.3 percent jump.
In contrast, two and three-bedroom homes have jumped up 14.5 and 14.8 percent in value respectively, and based on the number of bedrooms, these are the largest increases in Vero Beach real estate. Two-bedroom homes have increased in value from $115,000 to $132,000, and three-bedroom homes have jumped from $214,000 to $245,000.
Finally, the smallest increases have occurred in the largest homes. Four-bedroom homes in Vero Beach had a median price of $326,250 a year ago, and as of March 2018, they have only increased by 2.7 percent to $335,000. These real estate trends indicate that it might be a great time to upgrade to a four-bedroom home or downsize to a one bedroom.
Growing Interest in the Seaside
The neighborhoods that have experienced the largest price increases for Vero Beach real estate tend to be located along the beach. In particular, Riomar, Ocean Drive, and South Beach have all experienced the largest gains in home appreciation since 2000. Not far away, neighborhoods near Kings Highway, Florida Ridge, the Royal Palm Boulevard, and Royal Poinciana Park have also appreciated more quickly than other areas.
Renewing Interest in New Homes
Ten years ago, construction on new homes stalled in the Vero Beach area, just as it did throughout the rest of the country. However, thanks to a robust economic recovery, Vero Beach real estate has a growing number of new homes. That said, the overall market is still dominated by older homes.
According to an analysis of homes on the market in this area, 57.9 percent were built between 1970 and 1999, another 29 percent are even older with building dates between 1940 and 1969. Only 5.6 percent of homes are older than 1939, and 7.5 percent of homes were built after 2000. Buyers who want a brand new home should talk with a custom builder to ensure they get the exact property they want.
If you are interested in a custom home, contact us at Passage Island Homes today. We have multiple floor plans to suit almost every need, or we can introduce you to our architect and help you design a home from scratch.