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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 20,679, 7,158 total housing units (homes and apartments), and a median house value of $212,402, West 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 West Melbourne, accounting for 68.78% of the city's housing units. Other types of housing that are prevalent in West Melbourne include large apartment complexes or high rise apartments ( 19.80%), mobile homes or trailers ( 6.61%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.70%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in West Melbourne. Owner-occupied housing accounts for 68.14% of West Melbourne's homes, and 68.99% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in West 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 West Melbourne built between 2000 and later ( 43.83%). A lesser amount of the housing stock also hails from between 1940-1969 ( 9.26%).
Vacant housing appears to be an issue in West Melbourne. Fully 13.70% of the housing stock is classified as vacant. Left unchecked, vacant West Melbourne homes and apartments can be a drag on the real estate market, holding West 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.
West Melbourne's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in West Melbourne during the period has been just -1.38%, which is lower than 80% of US communities.
Appreciation rates are so strong in West Melbourne that despite a nationwide downturn in the housing market, West Melbourne real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, West Melbourne appreciation rates continue to be some of the highest in America, at 14.08%, which is higher than appreciation rates in 99.07% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in West Melbourne. West Melbourne appreciation rates in the latest quarter were at 2.32%, which equates to an annual appreciation rate of 9.60%.
Importantly, this makes West Melbourne one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Florida, our data show that West Melbourne's latest annual appreciation rate is higher than 90% of the other cities and towns in Florida.
|$1,077,001 - $1,436,000||0.0|
|$718,001 - $1,077,000||0.4|
|$574,001 - $718,000||0.5|
|$431,001 - $574,000||4.0|
|$287,001 - $431,000||20.7|
|$143,001 - $287,000||43.8|
|$72,001 - $143,000||16.1|
|$0 - $72,000||13.3|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF West Melbourne HOMES|
|2000 or Newer||43.8|
|1970 - 1999||46.8|
|1940 - 1969||9.3|
|1939 or Older||0.1|
|TYPE OF West Melbourne HOMES|
|Small Apt. Buildings||3.7|
|SIZE OF West Melbourne HOMES|
|5 or more bedrooms||2.44|