The housing market in the Palm Bay-Melbourne-Titusville, FL area is set to experience significant growth, according to a recent report by Zillow.
The online real estate marketplace has made a bold prediction that U.S. home prices, which have already risen by 4.8% from February to June, will continue to climb.
Zillow’s latest forecast predicts a 6.3% rise in U.S. home prices between June 2022 and June 2023. This prediction is above the 5.5% annual increase that national home prices have averaged since 1975. However, the forecast for the Palm Bay-Melbourne-Titusville area, including our very own Titusville, is even more promising.
Zillow’s model predicts that 48 of the nation’s 200 largest housing markets, including the Palm Bay-Melbourne-Titusville area, will see increases of 7.0% or greater over the next 12 months. This optimistic outlook is based on Zillow’s forecast of home prices measured by the Zillow Home Value Index
| City | State | Percentage |
|---|---|---|
| Baton Rouge | LA | 9.8% |
| Tyler | TX | 9.3% |
| Macon-Bibb County | GA | 8.9% |
| Fayetteville | NC | 8.7% |
| Anchorage | AK | 8.6% |
| San Luis Obispo-Paso Robles | CA | 8.6% |
| Bremerton-Silverdale-Port Orchard | WA | 8.6% |
| Springfield | MO | 8.5% |
| Huntington-Ashland | WV-KY-OH | 8.5% |
| Bellingham | WA | 8.5% |
| Visalia | CA | 8.4% |
| Deltona-Daytona Beach-Ormond Beach | FL | 8.3% |
| Port St. Lucie | FL | 8.3% |
| Kennewick-Richland | WA | 8.3% |
| Atlanta-Sandy Springs-Alpharetta | GA | 8.2% |
| San Antonio-New Braunfels | TX | 8.2% |
| Modesto | CA | 8.1% |
| Denver-Aurora-Lakewood | CO | 8.0% |
| Merced | CA | 8.0% |
| Youngstown-Warren-Boardman | OH-PA | 7.8% |
| Santa Rosa-Petaluma | CA | 7.8% |
| Salinas | CA | 7.8% |
| Flint | MI | 7.7% |
| Ann Arbor | MI | 7.7% |
| Hickory-Lenoir-Morganton | NC | 7.7% |
| Greeley | CO | 7.7% |
| Urban Honolulu | HI | 7.6% |
| Roanoke | VA | 7.6% |
| Cleveland-Elyria | OH | 7.5% |
| Bakersfield | CA | 7.4% |
| Stockton | CA | 7.4% |
| Lafayette-West Lafayette | IN | 7.4% |
| Asheville | NC | 7.4% |
| Cedar Rapids | IA | 7.4% |
| Albuquerque | NM | 7.3% |
| New Haven-Milford | CT | 7.3% |
| Durham-Chapel Hill | NC | 7.3% |
| Madison | WI | 7.2% |
| Augusta-Richmond County | GA-SC | 7.2% |
| North Port-Sarasota-Bradenton | FL | 7.1% |
| Lansing-East Lansing | MI | 7.1% |
| Lexington-Fayette | KY | 7.1% |
| York-Hanover | PA | 7.1% |
| Virginia Beach-Norfolk | VA-NC | 7.0% |
| Fresno | CA | 7.0% |
| Palm Bay-Melbourne-Titusville | FL | 7.0% |
| Scranton–Wilkes-Barre | PA | 7.0% |
| Gulfport-Biloxi | MS | 7.0% |
While buyer demand typically begins to wane in the summer, Zillow economist Jeff Tucker suggests that this year may be different due to the lack of homes for sale. This scarcity has supported home price growth, even as spiked mortgage rates have led to a decrease in buyer demand.
However, not all firms share Zillow’s optimism. Some, including Moody’s Analytics and Morgan Stanley, believe U.S. home prices may still have a little more to give up as the market enters into the seasonally slower second half of the year.
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