2021 Indian River County Market Report

Indian River County:

The Indian River Country residential real estate markets showed historic growth in 2021.  Property owners benefited from rising values, and buyers often faced bidding wars to win their next homes. This report compares 2021 to 2020 every conceivable data point showed year over year growth. Total volume, which is the sum of all sales, encapsulated the year with a 41% increase.

Sales dropped spring 2020 at the Covid-19 pandemic’s onset, then boomed back to life fall 2020 and continued high level growth through fall 2021. During that initial boom there was still adequate inventory on the market from the pre-pandemic prices to meet the strong demand causing a surge of prices and closings. The plateau of closings started fall 2021 because fewer listings were coming available to satisfy demand.

While the figures listed in this report are high flying, much of that growth has plateaued the final four months of the year.

Vero Beach’s Island: Beach City, which includes the “Central Beach” neighborhood showed tremendous growth with a premium on single family homes east of A1A.

The Beach South area was highlighted by an oceanfront compound closing at a record breaking $27 million, as well a riverfront record breaker at $12.5 million.

Vero Beach’s mainland/Sebastian

The City of Vero Beach area which includes Royal Park, Country Club point showed average sale price up 25%. As the original and oldest area of Vero Beach, this area is ripe for professionals flipping properties because age gives opportunity for more significant profit margins.

Predictions for 2022:

Buyer demand remains strong. For every bidding war, there are multiple buyers who feel they missed out on their next home and become emboldened on their home search.  These buyers will continue to make offers until they win. The inventory shortage will continue. Year 2022 opens with only a one month inventory, this will cause prices to continue to rise.  

The ultra-luxury sales of $27 million for oceanfront and $12.5 million for riverfront initiated a ripple effect of higher end riverfront properties coming on the market at the end of 2021 at previously unheard-of prices. If these properties sell, it could initiate a separation of the waterfront properties to now be considered comparable to properties in Stuart, Jupiter and South Florida.