West Melbourne, FL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating West Melbourne Neighborhoods Since 2000




West Melbourne, 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

West Melbourne Housing Market Information

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 Home Appreciation Rates

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.

Average Home Values

 

Median Home Value:
$212,402

West Melbourne, FL HOME PRICES

Value Range
> $1,436,000 1.3
$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

Average for FL
High for Nation

Value Relative to Nation Value Relative to State
29.3273174733388 41.4529914529915

Number Of Homes And Apartments:
7,158

West Melbourne 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
84.72% 3.62% 7 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,468 / per month

Homeownership Rate

Homeownership
Owners 68.14
Renters 31.86
Vacant 13.70

Housing Market Details

 

Age of Homes

AGE OF West Melbourne HOMES
2000 or Newer 43.8
1970 - 1999 46.8
1940 - 1969 9.3
1939 or Older 0.1

Types of Homes

TYPE OF West Melbourne HOMES
Single-Family 68.8
Townhomes 1.1
Small Apt. Buildings 3.7
Apt. Complexes 19.8
Mobile Homes 6.6
Other 0.0

Home Size

SIZE OF West Melbourne HOMES
No Bedroom 0.88
1 Bedroom 5.99
2 Bedrooms 21.70
3 Bedrooms 44.59
4 Bedrooms 24.40
5 or more bedrooms 2.44