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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Melbourne, FL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Melbourne, FL Housing Market Trends

With 86,441 people, 35,438 houses or apartments, and a median cost of homes of $342,952, Melbourne real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Melbourne, accounting for 55.74% of the city's housing units. Other types of housing that are prevalent in Melbourne include large apartment complexes or high rise apartments ( 26.69%), duplexes, homes converted to apartments or other small apartment buildings ( 7.60%), and a few row houses and other attached homes ( 5.47%).

The most prevalent building size and type in Melbourne are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.43% owning and 43.57% renting.

There is a lot of housing in Melbourne built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Melbourne built between 1940-1969 ( 24.76%). A lesser amount of the housing stock also hails from between 2000 and later ( 20.56%). There's also some housing in Melbourne built before 1939 ( 1.19%).

Vacant housing appears to be an issue in Melbourne. Fully 12.09% of the housing stock is classified as vacant. Left unchecked, vacant Melbourne homes and apartments can be a drag on the real estate market, holding Melbourne real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Melbourne Home Appreciation Rates

In the last 10 years, Melbourne has experienced some of the highest home appreciation rates of any community in the nation. Melbourne real estate appreciated 179.66% over the last ten years, which is an average annual home appreciation rate of 10.83%, putting Melbourne in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Melbourne definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Melbourne appreciation rates have trailed the rest of the nation. In the last twelve months, Melbourne's appreciation rate has been 3.06%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Melbourne were at 0.00%, which equates to an annual appreciation rate of 0.00%.

Relative to Florida, our data show that Melbourne's latest annual appreciation rate is lower than 70% of the other cities and towns in Florida.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Melbourne differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Melbourne - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Melbourne real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$342,952

Melbourne, FL Home Prices
> $1,409,000
$1,057,001 - $1,409,000
$705,001 - $1,057,000
$564,001 - $705,000
$423,001 - $564,000
$282,001 - $423,000
$141,001 - $282,000
$70,001 - $141,000
$0 - $70,000
1.4%
1.4%
2.7%
2.7%
5.6%
5.6%
6.7%
6.7%
16.5%
16.5%
30.6%
30.6%
23.5%
23.5%
5.7%
5.7%
7.3%
7.3%
0% 100.0%
% of Homes
Average

for Florida

High

for nation

Number of Homes And Apartments:

35,438

Melbourne Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,063 / per month

Homeownership Rate

Owners
Renters
56.4%
56.4%
43.6%
43.6%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
12.1%
12.1%
87.9%
87.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
20.6%
20.6%
53.5%
53.5%
24.8%
24.8%
1.2%
1.2%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
55.7%
55.7%
5.5%
5.5%
7.6%
7.6%
26.7%
26.7%
4.3%
4.3%
0.2%
0.2%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.2%
2.2%
13.7%
13.7%
29.0%
29.0%
40.6%
40.6%
13.0%
13.0%
1.4%
1.4%
0% 100.0%
% of Homes