Merritt Island, FL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Merritt Island, FL Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Merritt Island Housing Market Information

With 35,256 people, 14,577 houses or apartments, and a median cost of homes of $239,093, Merritt Island real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Merritt Island, accounting for 74.00% of the town's housing units. Other types of housing that are prevalent in Merritt Island include large apartment complexes or high rise apartments ( 18.15%), mobile homes or trailers ( 3.50%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.86%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Merritt Island. Owner-occupied housing accounts for 73.42% of Merritt Island's homes, and 71.91% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Merritt Island's housing was primarily built during this period, from the '40s through the '60s. A full 44.76% of the town's housing hails from this era. Other housing ages represented in Merritt Island include homes built between 1970-1999 ( 44.01%) and housing constructed between 2000 and later ( 10.22%). There's also some housing in Merritt Island built before 1939 ( 1.02%).

Vacant housing appears to be an issue in Merritt Island. Fully 13.46% of the housing stock is classified as vacant. Left unchecked, vacant Merritt Island homes and apartments can be a drag on the real estate market, holding Merritt Island 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.

Merritt Island Home Appreciation Rates

Merritt Island's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Merritt Island during the period has been just -2.02%, which is lower than 80% of US communities.

Appreciation rates are so strong in Merritt Island that despite a nationwide downturn in the housing market, Merritt Island real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Merritt Island appreciation rates continue to be some of the highest in America, at 6.76%, which is higher than appreciation rates in 79.73% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Merritt Island. Merritt Island appreciation rates in the latest quarter were at 2.32%, which equates to an annual appreciation rate of 9.60%.

Importantly, this makes Merritt Island one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

Relative to Florida, our data show that Merritt Island's latest annual appreciation rate is lower than 60% 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 town. Individual neighborhoods within Merritt Island differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Merritt Island - 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 Merritt Island real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$239,093

Merritt Island, FL HOME PRICES

Value Range
> $1,356,000 2.2
$1,017,001 - $1,356,000 1.9
$678,001 - $1,017,000 4.5
$542,001 - $678,000 4.0
$407,001 - $542,000 7.9
$271,001 - $407,000 22.0
$136,001 - $271,000 30.8
$68,001 - $136,000 21.1
$0 - $68,000 5.8

High for FL
High for Nation

Value Relative to Nation Value Relative to State
24.2411812961444 34.8290598290598

Number Of Homes And Apartments:
14,577

Merritt Island Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
72.91% 3.23% 5 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,312 / per month

Homeownership Rate

Homeownership
Owners 73.42
Renters 26.58
Vacant 13.46

Housing Market Details

 

Age of Homes

AGE OF Merritt Island HOMES
2000 or Newer 10.2
1970 - 1999 44.0
1940 - 1969 44.8
1939 or Older 1.0

Types of Homes

TYPE OF Merritt Island HOMES
Single-Family 74.0
Townhomes 1.2
Small Apt. Buildings 2.9
Apt. Complexes 18.2
Mobile Homes 3.5
Other 0.3

Home Size

SIZE OF Merritt Island HOMES
No Bedroom 0.90
1 Bedroom 6.16
2 Bedrooms 17.99
3 Bedrooms 47.53
4 Bedrooms 24.38
5 or more bedrooms 3.05