Is Melbourne, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Melbourne has remained a Seller's Market.
Key Takeaway
Melbourne is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Melbourne, FL
How much do homes in Melbourne, FL cost?
Median Sold Price
$403,349
$232/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Melbourne have sold for 5.8% more than they did a year ago.
Summary: The median home sold price in Melbourne was $403,349 in March 2024, up 5.8% from last year, and the median price per square foot was $232.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $167.2K | $165K | -1.3% |
| 2 Bedrooms | $250K | $261.3K | +4.5% |
| 3 Bedrooms | $374.9K | $384K | +2.4% |
| 4 Bedrooms | $501.2K | $557.3K | +11.2% |
| 5+ Bedrooms | $700K | $760K | +8.6% |
Summary: Melbourne housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.3%, 2 bedroom homes increased by 4.5%, 3 bedroom homes increased by 2.4%, 4 bedroom homes increased by 11.2%, and 5+ bedroom homes increased by 8.6%.
Median Sold Price Compared To Nearby Cities
| West Melbourne | $400K | $429.2K | +7.3% |
| Melbourne | $381.1K | $403.3K | +5.8% |
| Indialantic-Melbourne Beach | $539.8K | $547.8K | +1.5% |
| Indian Harbour Beach | $445K | $449.5K | +1.0% |
Housing Supply in Melbourne, FL
How many homes are available in Melbourne, FL?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1,191 | 1,331 | +11.8% |
Summary: The Melbourne real estate market had 1,331 homes for sale in March 2024, a 11.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 25 | 33 | +32.0% |
| 2 Bedrooms | 182 | 218 | +19.8% |
| 3 Bedrooms | 582 | 641 | +10.1% |
| 4 Bedrooms | 343 | 375 | +9.3% |
| 5+ Bedrooms | 59 | 64 | +8.5% |
Summary: The Melbourne housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 32%, 2 bedroom homes increased by 19.8%, 3 bedroom homes increased by 10.1%, 4 bedroom homes increased by 9.3%, and 5+ bedroom homes increased by 8.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 231 | 268 | +16.0% |
Asking Price vs. Sold Price
173 Homes Were Sold
Under Asking
76 Homes Were Sold
At Asking
19 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Melbourne, you may be able to get a good deal. 64.6% of homes here sold below asking price last month.
Summary: A total of 268 homes were sold or pending in Melbourne in March 2024, up by 16.0% month-over-month. Of the 268 sold homes, 65% were sold under asking, 28% were sold at asking, and 7% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 45 Days | 42 Days | -7.3% |
Summary: Homes in Melbourne had an average of 42 days on market in Mar 2024, down by 7.3% compared to last year.
Breakdown of Home Sale Times
147 Homes Were Sold
Under 30 Days
75 Homes Were Sold
In 30 - 90 Days
46 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 March 2024, 268 homes were sold in Melbourne; 55% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
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