Nestled along Florida's picturesque Atlantic coastline, Vero Beach lies just an hour north of West Palm Beach. This serene yet vibrant community offers a unique blend of tranquil oceanfront living and dynamic community-driven lifestyles. Part of Florida's Treasure Coast, Vero Beach boasts well-maintained parks, upscale dining options, and cultural attractions, making it a coveted destination for discerning homebuyers. The area's scenic beauty and tranquil neighborhoods complement the thriving real estate market catering to a range of luxury lifestyles.
Vero Beach Real Estate Market
The Vero Beach real estate market covers two main areas: the mainland market west of the Indian River Lagoon and the barrier island communities of Orchid Island, Sandpointe, Moorings, and Central Beach. Collectively, the barrier island communities are referenced by the island's zip code, 32963.
In both markets, there's an abundance of single-family homes and numerous upscale condos, and buyers have many lifestyle and investment options from which to choose, especially those seeking waterfront properties. High-end, luxury homes in Vero Beach's mainland market typically start at $500K. Buyers can find a number of lifestyle homes, including communities such as Vero Beach Country Club and Vero Isles.
The former features a range of architectural styles, from mid-century homes to luxury cottages to larger, more traditional Florida-style homes overlooking the private golf course. Prices range from $750,000 to more than $1 million. The latter is ideal for those with an affinity for boating, with canal homes offering personal docks and access to the Indian River Lagoon. Homes here list for between $1.5 million and $4 million.
The most notable waterfront property is the region's barrier island communities. Never more than half a mile from Atlantic Ocean beaches or Indian River boat docks and coves, there's an impressive variety of homes available — oceanfront compounds, estates with river and lagoon access, private golf course homes, traditional suburbanesque neighborhoods, and an array of luxe condos ideal as vacation homes or investments. Buyers are never left wanting, with price points ranging from $500,000 to $5 million for the majority of listings, including ocean- and riverfront condos, and from $7 million to more than $15 million for the oceanfront properties.
In both markets, there's an abundance of single-family homes and numerous upscale condos, and buyers have many lifestyle and investment options from which to choose, especially those seeking waterfront properties. High-end, luxury homes in Vero Beach's mainland market typically start at $500K. Buyers can find a number of lifestyle homes, including communities such as Vero Beach Country Club and Vero Isles.
The former features a range of architectural styles, from mid-century homes to luxury cottages to larger, more traditional Florida-style homes overlooking the private golf course. Prices range from $750,000 to more than $1 million. The latter is ideal for those with an affinity for boating, with canal homes offering personal docks and access to the Indian River Lagoon. Homes here list for between $1.5 million and $4 million.
The most notable waterfront property is the region's barrier island communities. Never more than half a mile from Atlantic Ocean beaches or Indian River boat docks and coves, there's an impressive variety of homes available — oceanfront compounds, estates with river and lagoon access, private golf course homes, traditional suburbanesque neighborhoods, and an array of luxe condos ideal as vacation homes or investments. Buyers are never left wanting, with price points ranging from $500,000 to $5 million for the majority of listings, including ocean- and riverfront condos, and from $7 million to more than $15 million for the oceanfront properties.
Market Prices and Trends
As of April 2024, the Vero Beach Mainland real estate market favored sellers, with overall activity and pricing improving year over year. The median sales price was $385,000 for April 2024, up 15% from $335,000 in April 2023. Sales were also up from 181 in April 2023 to 203 in April of this year.
The reward for buyers is a much more comprehensive selection of homes compared to last year. Inventory was up 51%, from 552 properties in April 2023 to 832 homes in April 2024.
Barrier Island communities experience similar market shifts heading into the early portion of the prime sales season. Island-based single-family homes had a median sales price of $1.325 million in April 2024, an increase of 26% from April 2023's $1.055 million. Sales also ticked up slightly, from 32 homes sold in April 2023 to 40 in April 2024. A considerable amount of single-family inventory also entered the market, 41% year over year.
The median sales price for the Barrier Island condo market increased 13% from $639,000 in April 2023 to $722,500 in April 2024. Overall sales remained fairly level, rising from 23 to 26 year over year. Condo inventory registered the second-highest total over the past 12 months, increasing 144% between April 2023 and April 2024.
The reward for buyers is a much more comprehensive selection of homes compared to last year. Inventory was up 51%, from 552 properties in April 2023 to 832 homes in April 2024.
Barrier Island communities experience similar market shifts heading into the early portion of the prime sales season. Island-based single-family homes had a median sales price of $1.325 million in April 2024, an increase of 26% from April 2023's $1.055 million. Sales also ticked up slightly, from 32 homes sold in April 2023 to 40 in April 2024. A considerable amount of single-family inventory also entered the market, 41% year over year.
The median sales price for the Barrier Island condo market increased 13% from $639,000 in April 2023 to $722,500 in April 2024. Overall sales remained fairly level, rising from 23 to 26 year over year. Condo inventory registered the second-highest total over the past 12 months, increasing 144% between April 2023 and April 2024.
Vero Beach Forecast for 2024
With the prime sales months approaching, the Vero Beach real estate market is poised for increased activity. The leveling off of interest rates—and the potential for further decreases as the year progresses—is helping bring buyers and investors back to the marketplace. Additional inventory is another bright spot for those seeking Treasure Coast homes, with a broader selection of homes across a greater number of price points.
Buyers planning to enter the Treasure Coast market will want to consider doing so now versus later in the year. With inventory up and sales yet to truly take off for the late spring and early summer season, there's potential for more choice against less competition. In addition, you can start building equity now and refinance later should rates continue to decrease.
While sellers still maintain a slight advantage within the marketplace—home prices are expected to remain elevated thanks to the increased competition weakening interest rates bring—well-maintained, move-in-ready properties will prove far more attractive to buyers and investors, ensuring favorable sales outcomes.
Buyers planning to enter the Treasure Coast market will want to consider doing so now versus later in the year. With inventory up and sales yet to truly take off for the late spring and early summer season, there's potential for more choice against less competition. In addition, you can start building equity now and refinance later should rates continue to decrease.
While sellers still maintain a slight advantage within the marketplace—home prices are expected to remain elevated thanks to the increased competition weakening interest rates bring—well-maintained, move-in-ready properties will prove far more attractive to buyers and investors, ensuring favorable sales outcomes.
Explore Vero Beach Waterfront Properties with a Trusted Partner
Whether you're a buyer or investor interested in discovering all that Florida's Treasure Coast has to offer or a seller seeking insight on positioning and maximizing a sale within a dynamic marketplace, we can help. Contact the O'Dare Boga Dobson Group today and let our team's experience and expertise help you navigate Vero Beach's luxury oceanfront real estate market.
*Header image Courtesy of the O’Dare Boga Dobson Group
*Header image Courtesy of the O’Dare Boga Dobson Group