Thinking about buying a new home? Wondering what your current home might sell for? Just curious about real estate values? If so, we have put together the information you need. Here’s a look at house prices in the Vero Beach, Florida area.
Median House Prices in Vero Beach
The median house price in Vero Beach is $191,500 according to Zillow. The site was launched in 2006, and it collects information on property listings and sales throughout the country. Its database currently has listings related to more than 110 million properties. Although the site does not have every real estate detail, it has a lot of information, and by sheer volume of information, it tends to be relatively accurate.
The median house price is related to sales that have already occurred, but when you look at houses that are currently listed for sale, the median house price in this area jumps up to $282,950. That is equivalent to $144 per square foot. In the Vero Beach Metro area, the average price per square foot is $150. In a lot of cases, knowing the average price per square foot can be valuable because it allows you to compare houses of different size and break down their value accordingly.
It’s also important to note that median house prices are different than averages. Median values throw out extremes at the top or the bottom of the calculation. This helps to create a more accurate assessment of the true home values in an area.
Increasing Home Values in Vero Beach
According to the National Association of Realtors quarterly report from the beginning of 2017, the house prices in Vero Beach are increasing more quickly than the house prices in any other areas of the country. The report takes into account house prices in 178 towns around the country.
On average, house prices increased by 6.9 percent, but in Vero Beach, prices increased by 18.2 percent. That put the area in second place after Cumberland, West Virginia and just behind Ocala, Florida. To put the numbers into perspective, this means that a home worth $300,000 at the end of 2016 was likely to be worth $354,600 by the first quarter of 2017.
Luxury House Prices in Vero Beach
Luxury house prices are increasing at a faster rate than the value of average homes. According to the Robb Report, the average price of luxury homes throughout the United States increased by 7.4 percent in 2017, and they sold more quickly than in 2016.
In Vero Beach, the increase was even more precipitous, and luxury homes rose 27.3 percent over 2017. That means that a house that was priced at $1 million, rose in value to $1.27 million.
At Passage Island Construction, we can build a custom home that’s perfectly suited to you. With a custom home, you pick all the details, so the price you pay is final. In contrast, when you buy a home, you usually have to pay for changes to customize the home for you. Give us a call today to see how we can make your dream home a reality.