Is Melbourne, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
At the same time last year, Melbourne was a Seller's Market.
Key Takeaway
Melbourne is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Melbourne, FL
How much do homes in Melbourne, FL cost?
Median Sold Price
$411,253
$235/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in Melbourne have sold for 7% more than they did a year ago.
Summary: The median home sold price in Melbourne was $411,253 in June 2024, up 7% from last year, and the median price per square foot was $235.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $165K | $165K | 0.0% |
| 2 Bedrooms | $254.1K | $254.9K | 0.3% |
| 3 Bedrooms | $370.1K | $390K | +5.4% |
| 4 Bedrooms | $524.9K | $559.7K | +6.6% |
| 5+ Bedrooms | $705K | $743.5K | +5.5% |
Summary: Melbourne housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 0.3%, 3 bedroom homes increased by 5.4%, 4 bedroom homes increased by 6.6%, and 5+ bedroom homes increased by 5.5%.
Median Sold Price Compared To Nearby Cities
| Melbourne Village | $455K | $525K | +15.4% |
| West Melbourne | $399.9K | $429.2K | +7.3% |
| Melbourne | $384.4K | $411.2K | +7.0% |
| Indialantic-Melbourne Beach | $526K | $550.2K | +4.6% |
| Indian Harbour Beach | $456.2K | $450K | -1.4% |
Housing Supply in Melbourne, FL
How many homes are available in Melbourne, FL?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 1,453 | 1,484 | +2.1% |
Summary: The Melbourne real estate market had 1,484 homes for sale in June 2024, a 2.1% increase compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 28 | 30 | +7.1% |
| 2 Bedrooms | 230 | 244 | +6.1% |
| 3 Bedrooms | 718 | 708 | -1.4% |
| 4 Bedrooms | 401 | 408 | +1.7% |
| 5+ Bedrooms | 76 | 94 | +23.7% |
Summary: The Melbourne housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 7.1%, 2 bedroom homes increased by 6.1%, 3 bedroom homes decreased by 1.4%, 4 bedroom homes increased by 1.7%, and 5+ bedroom homes increased by 23.7%.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 315 | 242 | -23.2% |
Asking Price vs. Sold Price
162 Homes Were Sold
Under Asking
65 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Melbourne, you may be able to get a good deal. 66.9% of homes here sold below asking price last month.
Summary: A total of 242 homes were sold or pending in Melbourne in June 2024, down by 23.2% month-over-month. Of the 242 sold homes, 67% were sold under asking, 27% were sold at asking, and 6% were sold over asking.
Days on Market for Melbourne, FL
How long does it take to sell a home in Melbourne, FL?
Average Sale Time
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 34 Days | 41 Days | +19.5% |
Summary: Homes in Melbourne had an average of 41 days on market in Jun 2024, up by 19.5% compared to last year.
Breakdown of Home Sale Times
132 Homes Were Sold
Under 30 Days
82 Homes Were Sold
In 30 - 90 Days
28 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Melbourne are selling fast, if you're buying plan to act quickly.
Summary: During June 2024, 242 homes were sold in Melbourne; 55% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
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