If you’re looking for an exceptional place to invest in Florida, look no further than Lake Washington, a thriving community in Brevard County. From the real estate market’s strong demand and steady appreciation to the area’s renowned schools, shopping centers, and recreational spots, Lake Washington provides an enticing proposition for those looking to buy or sell. So whether you're a seasoned veteran or new to the real estate market, stay up to date on all the latest market trends to know what to expect as you enter the scene in 2023.
Lake Washington real estate forecast 2023
While this region has been known for its steady growth and strong market conditions in recent years, certain trends are expected to impact the market dynamics through the remainder of 2023. One notable trend is the anticipated slower price increases. After experiencing steady appreciation in previous years, experts predict a moderation in the rate of price growth, though home values are still expected to rise. Another factor to consider is the impact of high-interest rates on the Lake Washington real estate market. Higher borrowing costs are expected to continue affecting affordability for homebuyers, influencing their purchasing power and decision-making. Lake Washington is also experiencing modest though consistent population growth, which may contribute to heightened competition for housing, potentially influencing prices and inventory levels. Understanding these trends and their potential effects will be crucial for buyers, sellers, and investors looking to navigate the market effectively in 2023.
Home appreciation slows
The Lake Washington real estate market has exhibited consistent home appreciation from 2021 through the first quarter of 2023, but while prices are still on the rise, the pace of appreciation has slowed, offering a more favorable environment for both home buyers and sellers. Buyers may find a more balanced market and potentially better value, while sellers can still earn high returns on their properties but should be mindful of setting appropriate listing prices.
Interest rates leveling out
Interest rates are also expected to play a significant role in the Lake Washington real estate market this year. After a period of historically low rates, interest has been on the rise across the Sunshine State and now sits at around 7.4%
for a 30-year, fixed-rate mortgage. Higher rates do affect the costs of borrowing, which can then lower demand for homes and increase time spent on the market. Buyers and sellers need to stay informed about interest rate trends and work closely with financial advisors to understand how rising rates may impact their specific real estate goals.
More demand for rental properties
The changing dynamics will inevitably have implications for landlords in the area. With the slower rate of home appreciation, there may be less urgency for renters to transition into homeownership, leading to a more sustained demand for rental properties. Higher interest rates driving up the cost of borrowing can affect buyers’ willingness to invest as well. As a result, landlords may continue to benefit from a larger pool of potential tenants in 2023 who prefer the flexibility and affordability of renting.
Positive population growth
Brevard County has seen steady population growth in recent years, increasing 13.4%
from 2010 to 2021, a rate that’s nearly double the national average. As the population in Lake Washington continues to grow, the real estate market could see greater housing demand, but it all depends on whether newcomers are interested in buying or renting. Higher demand could signal increased competition for available homes, but with relatively steady year-to-year growth, it’s not expected to have a significant impact on the market in 2023.
Brevard County trends for 2023
In 2023, Brevard County's real estate market is expected to display similar trends to those of Lake Washington, with sustained price appreciation, higher interest rates, and continued population growth. Fueled by the area’s attractive coastal location, expanding job market, and desirable amenities, the market is expected to stay strong in 2023.
The impact of COVID-19
The COVID-19 pandemic had a significant impact on Brevard County real estate, seeing an incredible surge in demand for housing that was sparked by low mortgage rates and a desire for more space and flexible work-from-home options. Inventory levels became tighter, which led to increased competition among buyers and rising home prices. Though markets across the county are stabilizing now, the pandemic has had a lasting impact on buyer preferences and expectations.
Median home prices
Across the Melbourne area, median home values have experienced an increase of nearly 5%
in the past year. There’s no doubt that the area’s proximity to the coast, beautiful year-round weather, and diverse property styles make it an appealing destination for homebuyers, and as the year goes on, property owners can expect to see modest but consistent increases in their home values.
Should you invest this year?
Lake Washington's desirability as a location and its favorable population growth trends provide great conditions for potential investors. If you’re hoping to invest, work closely with a top real estate team
and get to know some of the communities available to you.
Preserve at Lake Washington
This exclusive gated community boasts elegant estates and upscale homes with enhanced privacy, tranquility, and stunning waterfront views. The Preserve at Lake Washington also features meticulously landscaped grounds, expansive lots, and a sense of seclusion that make it a highly sought-after address for discerning buyers.
The Sanctuary is another prestigious neighborhood known for its grand homes and unbeatable access to the water. This community offers residents a serene and private place to call home with custom-designed residences and spacious lots.
Windover Farms is an upscale equestrian community in Melbourne that combines the best of country living with modern amenities. With its picturesque landscapes and horse-friendly infrastructure, Windover Farms offers a sophisticated rural lifestyle without compromising on convenience.
Unlock Lake Washington’s investment potential in 2023
To navigate the dynamic Lake Washington market in 2023, partner with a trusted local real estate team. The MVP Sales Group is a reputable agency with years of experience serving clients across Melbourne. So when you’re ready to learn more about your options in the area, contact the MVP Sales Group
for your initial consultation.