Home prices in Brevard County rose in the first quarter of 2024, with increases reported in single-family homes, condominiums, and townhouses. The Brevard County Realtors Association noted a 5.2% year-over-year increase in median home prices, driven by strong demand and limited inventory. "We’re seeing consistent growth across all segments," said Sarah Thompson, a Realtor with Coastal Properties. "Buyers are competing for available listings, which is pushing prices higher." The increase is most pronounced in the Satellite Beach and Melbourne areas, where median prices climbed 6.8% and 5.9% respectively. In Titusville, prices rose 4.3%, while the Merritt Island market saw a 3.7% increase. "It’s a tight market," said Thompson. "Sellers are getting multiple offers, and some homes are selling within days of being listed." The rise in prices comes as new construction remains below the demand for housing. According to the Brevard County Planning and Development Department, only 1,200 new homes were completed in 2023, compared to 2,500 in 2022. "We’re not building fast enough to meet current needs," said department spokesperson Mark Reynolds. "That’s putting upward pressure on prices." Experts predict the trend will continue through the second quarter of 2024, though some areas may see slower growth as inventory increases. "It’s not a sudden spike," said Thompson. "This is a steady, ongoing increase that’s been building for months."