Is West 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, West Melbourne has remained a Seller's Market.
Key Takeaway
West Melbourne is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in West Melbourne, FL
How much do homes in West Melbourne, FL cost?
Median Sold Price
$429,287
$221/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in West Melbourne have sold for 7.3% more than they did a year ago.
Summary: The median home sold price in West Melbourne was $429,287 in March 2024, up 7.3% from last year, and the median price per square foot was $221.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $130K | $165K | +26.9% |
| 2 Bedrooms | $217K | $214K | -1.4% |
| 3 Bedrooms | $385K | $393.5K | +2.2% |
| 4 Bedrooms | $449.9K | $460K | +2.2% |
| 5+ Bedrooms | $577.5K | $559K | -3.2% |
Summary: West Melbourne housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 26.9%, 2 bedroom homes decreased by 1.4%, 3 bedroom homes increased by 2.2%, 4 bedroom homes increased by 2.2%, and 5+ bedroom homes decreased by 3.2%.
Median Sold Price Compared To Nearby Cities
| West Brevard | $522.5K | $571.8K | +9.4% |
| West Melbourne | $400K | $429.2K | +7.3% |
| Melbourne | $381.1K | $403.3K | +5.8% |
| Palm Bay | $332.2K | $329.9K | -0.7% |
Housing Supply in West Melbourne, FL
How many homes are available in West Melbourne, FL?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 158 | 189 | +19.6% |
Summary: The West Melbourne real estate market had 189 homes for sale in March 2024, a 19.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 18 | 27 | +50.0% |
| 3 Bedrooms | 63 | 73 | +15.9% |
| 4 Bedrooms | 67 | 76 | +13.4% |
| 5+ Bedrooms | 10 | 12 | +20.0% |
Summary: The West Melbourne housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 15.9%, 4 bedroom homes increased by 13.4%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 34 | 38 | +11.8% |
Asking Price vs. Sold Price
21 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in West Melbourne, you may be able to get a good deal. 55.3% of homes here sold below asking price last month.
Summary: A total of 38 homes were sold or pending in West Melbourne in March 2024, up by 11.8% month-over-month. Of the 38 sold homes, 55% were sold under asking, 45% were sold at asking, and 0% were sold over asking.
Days on Market for West Melbourne, FL
How long does it take to sell a home in West Melbourne, FL?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 50 Days | 29 Days | -42.5% |
Summary: Homes in West Melbourne had an average of 29 days on market in Mar 2024, down by 42.5% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in West Melbourne are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 38 homes were sold in West Melbourne; 68% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.
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© 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.