Is Merritt Island, 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, 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.
Housing Prices in Merritt Island, FL
How much do homes in Merritt Island, FL cost?
Median Sold Price
$469,360
$248/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Merritt Island have sold for 1.6% more than they did a year ago.
Summary: The median home sold price in Merritt Island was $469,360 in March 2024, up 1.6% from last year, and the median price per square foot was $248.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $152.2K | $175K | +14.9% |
| 2 Bedrooms | $210K | $202K | -3.8% |
| 3 Bedrooms | $399.9K | $410K | +2.5% |
| 4 Bedrooms | $600K | $600K | 0.0% |
| 5+ Bedrooms | $812.7K | $858.7K | +5.7% |
Summary: Merritt Island housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.9%, 2 bedroom homes decreased by 3.8%, 3 bedroom homes increased by 2.5%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 5.7%.
Median Sold Price Compared To Nearby Cities
| Satellite Beach | $500K | $512K | +2.4% |
| Cocoa Beach-Cape Canaveral | $398.3K | $405K | +1.7% |
| Merritt Island | $461.9K | $469.3K | +1.6% |
| Cocoa Beach | $502.9K | $488.1K | -3.0% |
Housing Supply in Merritt Island, FL
How many homes are available in Merritt Island, FL?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 363 | 400 | +10.2% |
Summary: The Merritt Island real estate market had 400 homes for sale in March 2024, a 10.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 11 | +57.1% |
| 2 Bedrooms | 35 | 36 | +2.9% |
| 3 Bedrooms | 160 | 167 | +4.4% |
| 4 Bedrooms | 130 | 148 | +13.8% |
| 5+ Bedrooms | 31 | 38 | +22.6% |
Summary: The Merritt Island housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 57.1%, 2 bedroom homes increased by 2.9%, 3 bedroom homes increased by 4.4%, 4 bedroom homes increased by 13.8%, and 5+ bedroom homes increased by 22.6%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 66 | 67 | +1.5% |
Asking Price vs. Sold Price
54 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Merritt Island, you may be able to get a good deal. 80.6% of homes here sold below asking price last month.
Summary: A total of 67 homes were sold or pending in Merritt Island in March 2024, up by 1.5% month-over-month. Of the 67 sold homes, 81% were sold under asking, 13% were sold at asking, and 6% were sold over asking.
Days on Market for Merritt Island, FL
How long does it take to sell a home in Merritt Island, FL?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 63 Days | 62 Days | -1.3% |
Summary: Homes in Merritt Island had an average of 62 days on market in Mar 2024, down by 1.3% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
24 Homes Were Sold
In 30 - 90 Days
19 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Merritt Island are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 67 homes were sold in Merritt Island; 36% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 28% of homes were sold over 90 days.
Copyright © 2024 Multiple Listing Service of South Brevard, Inc. and Space Coast Association of REALTORS, Inc. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity™ Program of Space Coast Multiple Listing Service. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information Deemed Reliable But Not Guaranteed. Real estate listings held by brokerage firms other this broker are marked with the Broker Reciprocity™ logo or the Broker Reciprocity™ thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Some properties which appear for sale on this web site may subsequently have sold and may no longer be available.
Listings courtesy of Stellar MLS as distributed by MLS GRID.
Copyright 2024 My Florida Regional Multiple Listing Service DBA Stellar MLS. The real estate listing data marked with this icon comes from the IDX program of the Stellar MLS system. All information provided is deemed reliable but is not guaranteed and should be independently verified. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. Listing information is provided exclusively for consumers’ personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. Properties displayed may be listed or sold by various participants in the MLS.
© 2024 Miami Association of REALTORS®. All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange program of the MLS of the Miami Association of REALTORS®. All information is deemed reliable but not guaranteed by the MLS and should be independently verified. The MLS, this broker and their affiliates provide all content therein “AS IS” and without any warranty, express or implied. The information included in this listing is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This property is offered without respect to any protected classes in accordance with the law.
The data relating to real estate for sale on this website comes in part from the Southwest Florida Multiple Listing Service. The information being provided is for consumers` personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information has not been verified, is not guaranteed, and is subject to change. Real estate listings held by other brokerage firms other are marked with the IDX logo and detailed information about them includes the name of the listing brokers.