Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Sebastian | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $241,858 | $293,727 | $242,182 |
| Price Trend (Annual %) | 5.5% | 12.0% | 8.2% |
| Median Gross Rent | $1,466 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.7% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Sebastian is about 18% lower than in Florida. Rent is about 6% lower than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Sebastian, up about 5.5% and 5.7% a year respectively. Rent is changing faster.
Median rent in Sebastian rose about 47.6% between 2015 and 2023, from $993 to $1,466. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Sebastian.
Buying the median-priced home in Sebastian costs roughly 13.8 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Sebastian. The price-to-rent ratio in Florida is about 15.7.
| Metric | Sebastian | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $241,858 | $293,727 | $242,182 |
| Median Household Income | $66,396 | $71,865 | $78,145 |
| Price-to-Income Ratio | 3.6 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Sebastian rose about 97.1%, while median household income rose about 45.7% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Sebastian | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 74.0% | 57.1% | 58.2% |
| Rental Rate | 12.9% | 27.7% | 31.3% |
| Vacancy Rate | 13.1% | 15.2% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
Sebastian has a homeownership rate of 74.0%, higher than the Florida average of 57.1%. Its housing vacancy rate is 13.1%, compared with 15.2% in Florida.
Housing Stock
| Metric | Sebastian | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.23 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1993 | 1987 | 1978 |
| Median Number of Rooms | 5.5 | 5.2 | 5.5 |
The typical housing unit in Sebastian was built around 1993. On average, 2.2 people live in a home with about 5.5 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Sebastian, Florida.
What is the median home price in Sebastian, Florida?
The median home price in Sebastian, Florida is $241,858, lower than the Florida average of $293,727.
What is the average home price in Sebastian, Florida?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Sebastian, Florida?
The median gross rent in Sebastian, Florida is $1,466 per month, lower than the Florida average of $1,564.
What was the median gross rent in Sebastian in 2020?
In 2020, the median gross rent in Sebastian, Florida was $1,188 per month.
What is the price-to-rent ratio in Sebastian, Florida?
The price-to-rent ratio in Sebastian, Florida is about 13.8, meaning it would take roughly 13.8 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Sebastian.
Are home prices or rent rising faster in Sebastian, Florida?
Both home prices and rent are rising in Sebastian, up about 5.5% and 5.7% a year respectively. Rent is changing faster.
What is the homeownership rate in Sebastian, Florida?
74.0% of households in Sebastian, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Sebastian, Florida?
The housing vacancy rate in Sebastian, Florida is 13.1%, lower than the Florida average of 15.2%.