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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.



Melville, NY 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 Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (latest available). Updated annually.

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

Melville, NY Housing Market Trends

With 19,284 people, 7,159 houses or apartments, and a median cost of homes of $908,171, Melville house prices are not only among the most expensive in New York, Melville real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Melville, accounting for 56.29% of the town's housing units. Other types of housing that are prevalent in Melville include row houses and other attached homes ( 24.18%), large apartment complexes or high rise apartments ( 14.09%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.44%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Melville. Owner-occupied housing accounts for 83.20% of Melville's homes, and 49.02% have either three or four bedrooms, which is average sized relative to America.

Melville homes and real estate are some of the newest in America. 37.13% of Melville's housing was built since 2000, making the town have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Melville real estate market has to offer. Quite a bit of the housing here was also built between 1940-1969 ( 34.41%), and between 1970-1999 ( 25.29%). There's also some housing in Melville built before 1939 ( 3.18%).

Melville Home Appreciation Rates

Melville's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Melville during the period has been just 4.99%, which is lower than 70% of US communities.

Appreciation rates are so strong in Melville that despite a nationwide downturn in the housing market, Melville real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Melville appreciation rates continue to be some of the highest in America, at 5.81%, which is higher than appreciation rates in 70.06% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Melville. Melville appreciation rates in the latest quarter were at 3.21%, which equates to an annual appreciation rate of 13.46%.

Relative to New York, our data show that Melville's latest annual appreciation rate is higher than 70% of the other cities and towns in New York.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Melville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Melville - 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 Melville real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$908,171

Melville, NY Home Prices
> $1,364,000
$1,023,001 - $1,364,000
$682,001 - $1,023,000
$546,001 - $682,000
$409,001 - $546,000
$273,001 - $409,000
$136,001 - $273,000
$68,001 - $136,000
$0 - $68,000
16.6%
16.6%
24.2%
24.2%
28.9%
28.9%
13.5%
13.5%
4.2%
4.2%
4.2%
4.2%
4.8%
4.8%
3.0%
3.0%
0.6%
0.6%
0% 100.0%
% of Homes
Very High

for New york

Very High

for nation

Number of Homes And Apartments:

7,159

Melville Appreciation Rates

Rent & Ownership

Average Market Rent:

$5,264 / per month

Homeownership Rate

Owners
Renters
Vacant
83.2%
83.2%
16.8%
16.8%
4.8%
4.8%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
37.1%
37.1%
25.3%
25.3%
34.4%
34.4%
3.2%
3.2%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
56.3%
56.3%
24.2%
24.2%
5.4%
5.4%
14.1%
14.1%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.9%
0.9%
7.7%
7.7%
27.7%
27.7%
27.3%
27.3%
21.7%
21.7%
14.6%
14.6%
0% 100.0%
% of Homes