Melbourne, FL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Melbourne, FL Real Estate Data


Melbourne Housing Market Information

With 80,127 people, 33,083 houses or apartments, and a median cost of homes of $184,734, 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 57.04% of the city's housing units. Other types of housing that are prevalent in Melbourne include large apartment complexes or high rise apartments ( 25.41%), duplexes, homes converted to apartments or other small apartment buildings ( 7.75%), and a few mobile homes or trailers ( 5.37%).

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 58.31% owning and 41.69% 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 ( 26.37%). A lesser amount of the housing stock also hails from between 2000 and later ( 12.69%). There's also some housing in Melbourne built before 1939 ( 1.80%).

Vacant housing appears to be an issue in Melbourne. Fully 17.78% 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

Homes have actually lost value in Melbourne over the last then years, as home values have seen a decline of 24.44% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Melbourne home appreciation rates at 7.15%, which equates to an annual appreciation rate of 31.84%.

Appreciation rates are so strong in Melbourne that despite a nationwide downturn in the housing market, Melbourne real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Melbourne appreciation rates continue to be some of the highest in America, at 14.11%, which is higher than appreciation rates in 99.88% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Melbourne. Melbourne appreciation rates in the latest quarter were at 7.15%, which equates to an annual appreciation rate of 31.84%.

Importantly, NeighborhoodScout’s exclusive research found that Melbourne's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

Relative to Florida, our data show that Melbourne's latest annual appreciation rate is higher than 90% 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:
$184,734

Melbourne, FL HOME PRICES

Value Range
> $1,444,000 0.6
$1,083,001 - $1,444,000 0.3
$722,001 - $1,083,000 1.0
$577,001 - $722,000 1.7
$433,001 - $577,000 3.4
$289,001 - $433,000 10.4
$144,001 - $289,000 39.4
$72,001 - $144,000 31.3
$0 - $72,000 11.7

Average for FL
High for Nation

Value Relative to Nation Value Relative to State
37.5885694208585 54.0598290598291

Number Of Homes And Apartments:
33,083

Rent & Ownership

 

Average Market Rent:
$1,291 / per month

Homeownership Rate

Homeownership
Owners 58.31
Renters 41.69
Vacant 17.78

Housing Market Details

 

Age of Homes

AGE OF Melbourne HOMES
2000 or Newer 12.7
1970 - 1999 59.1
1940 - 1969 26.4
1939 or Older 1.8

Types of Homes

TYPE OF Melbourne HOMES
Single-Family 57.0
Townhomes 4.4
Small Apt. Buildings 7.7
Apt. Complexes 25.4
Mobile Homes 5.4
Other 0.0

Home Size

SIZE OF Melbourne HOMES
No Bedroom 1.90
1 Bedroom 12.62
2 Bedrooms 32.43
3 Bedrooms 41.75
4 Bedrooms 10.10
5 or more bedrooms 1.19

Melbourne Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
71.15% 3.21% 5 9
* 10 is highest