Is Melbourne, FL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Melbourne is a buyer's market

Buyer's
Market

Difference Since January 2023

At the same time last year, Melbourne was a Neutral Market.

Key Takeaway

Melbourne is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Melbourne, FL

How much do homes in Melbourne, FL cost?

Median Sold Price

$395,083

$229/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2023

+$59,877(+17.9%)

Key Takeaway

Homes in Melbourne have sold for 17.9% more than they did a year ago.

Summary: The median home sold price in Melbourne was $395,083 in January 2024, up 17.9% from last year, and the median price per square foot was $229.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 $155K$165K
+6.5%
2 $224.5K$260K
+15.8%
3 $336.7K$377.2K
+12.0%
4 $413.7K$545.8K
+31.9%
5+ $626.2K$760K
+21.4%

Summary: Melbourne housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.5%, 2 bedroom homes increased by 15.8%, 3 bedroom homes increased by 12%, 4 bedroom homes increased by 31.9%, and 5+ bedroom homes increased by 21.4%.

Median Sold Price Compared To Nearby Cities

Melbourne
+17.9%
Indian Harbour Beach
+4.7%
Indialantic-Melbourne Beach
+2.7%

Housing Supply in Melbourne, FL

How many homes are available in Melbourne, FL?

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
843749-11.2%

Summary: The Melbourne real estate market had 749 homes for sale in January 2024, a 11.2% decrease compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 1918
-5.3%
2 130113
-13.1%
3 422383
-9.2%
4 220191
-13.2%
5+ 5244
-15.4%

Summary: The Melbourne housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 5.3%, 2 bedroom homes decreased by 13.1%, 3 bedroom homes decreased by 9.2%, 4 bedroom homes decreased by 13.2%, and 5+ bedroom homes decreased by 15.4%.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
9410-89.4%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Melbourne, you may be able to get a good deal. 80% of homes here sold below asking price last month.

Summary: A total of 10 homes were sold or pending in Melbourne in January 2024, down by 89.4% month-over-month. Of the 10 sold homes, 80% were sold under asking, 20% were sold at asking, and 0% 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

Jan 2023Jan 2024CHANGE
80 Days59 Days-25.8%

Summary: Homes in Melbourne had an average of 59 days on market in Jan 2024, down by 25.8% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Melbourne are selling fast, if you're buying plan to act quickly.

Summary: During January 2024, 10 homes were sold in Melbourne; 50% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 30% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 29 Days Ago

Newest Listings in Melbourne, FL

Nearby Markets to Melbourne, FL

What housing markets are near Melbourne, FL?