Is Merritt Island, FL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Merritt Island is a seller's market

Buyer's
Market

Difference Since June 2021

Since last year, Merritt Island has remained a Seller's Market.

Key Takeaway

Merritt Island is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

How much do homes in Merritt Island, FL cost?

Median Sold Price

$421,022

$222/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2021

+$61,226(+17.0%)

Key Takeaway

Homes in Merritt Island have sold for 17% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSJun 2021Jun 2022%
1 $105.5K$135K
+28.0%
2 $139.5K$181K
+29.7%
3 $319.6K$397K
+24.2%
4 $433.2K$509K
+17.5%
5+ $612.5K$710K
+15.9%

Median Sold Price Compared To Nearby Cities

Rockledge
+28.5%
Cocoa Beach
+19.7%
Merritt Island
+17.0%
Cocoa Beach-Cape Canaveral
+10.9%
Cocoa
+7.4%

How many homes are available in Merritt Island, FL?

Number of Homes For Sale

May 2022Jun 2022%
299328+9.7%

Homes For Sale By Bedroom Count

# BEDSMay 2022Jun 2022%
1 67
+16.7%
2 4038
-5.0%
3 127141
+11.0%
4 98110
+12.2%
5+ 2832
+14.3%

Number of Homes Sold

May 2022Jun 2022%
8384+1.2%

Asking Price vs. Sold Price

37 Homes Were Sold
Under Asking

18 Homes Were Sold
At Asking

29 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Merritt Island, you may be able to get a good deal. 44% of homes here sold below asking price last month.

Average Sale Time

Jun 2021Jun 2022%
11 Days10 Days-10.5%

Breakdown of Home Sale Times

9 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

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

About Merritt Island, FL

Merritt Island, FL has 328 homes on the market. The number of homes for sale in Merritt Island, FL increased by 9.7% between May 2022 and June 2022. Listings spent 10 days on the market in June 2022, and had a median list price of $421,022 during the same period. This housing market listing prices have changed between May 2022 and June 2022: the cost of 1 bedroom properties went up by 28%, 2 bedrooms properties became 29.7% more expensive, prices of 3 bedrooms properties went up by 24.2%, 4 bedrooms properties became 17.5% more expensive, prices of 5 bedrooms properties went up by 15.9%. This housing market inventory have changed: the quantity of 1 bedroom homes went up by 16.7%, 2 bedrooms homes became 5% less available, 3 bedrooms homes became 11% more available, 4 bedrooms homes inventory increased by 12.2%, volume of 5 bedrooms homes went up by 14.3%. While more than 29 listings in Merritt Island, FL in June 2022 were sold above asking price, there were more than 18 listings sold at asking price, and more than 37 were sold below.

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