Is Melbourne, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$408,732
$234/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Melbourne have sold for 6.4% more than they did a year ago.
Summary: The median home sold price in Melbourne was $408,732 in April 2024, up 6.4% from last year, and the median price per square foot was $234.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $166.2K | $165K | -0.8% |
| 2 Bedrooms | $250.5K | $260.7K | +4.1% |
| 3 Bedrooms | $374.9K | $388.5K | +3.6% |
| 4 Bedrooms | $513.5K | $555.5K | +8.2% |
| 5+ Bedrooms | $687.5K | $761.7K | +10.8% |
Summary: Melbourne housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.8%, 2 bedroom homes increased by 4.1%, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 8.2%, and 5+ bedroom homes increased by 10.8%.
Median Sold Price Compared To Nearby Cities
| Melbourne | $384.1K | $408.7K | +6.4% |
| West Melbourne | $408.7K | $430K | +5.2% |
| Indialantic-Melbourne Beach | $529.4K | $551.5K | +4.2% |
| Indian Harbour Beach | $450K | $437.4K | -2.8% |
Housing Supply in Melbourne, FL
How many homes are available in Melbourne, FL?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 1,335 | 1,420 | +6.4% |
Summary: The Melbourne real estate market had 1,420 homes for sale in April 2024, a 6.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 29 | 31 | +6.9% |
| 2 Bedrooms | 228 | 238 | +4.4% |
| 3 Bedrooms | 645 | 680 | +5.4% |
| 4 Bedrooms | 369 | 399 | +8.1% |
| 5+ Bedrooms | 64 | 72 | +12.5% |
Summary: The Melbourne housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 6.9%, 2 bedroom homes increased by 4.4%, 3 bedroom homes increased by 5.4%, 4 bedroom homes increased by 8.1%, and 5+ bedroom homes increased by 12.5%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 283 | 285 | +0.7% |
Asking Price vs. Sold Price
182 Homes Were Sold
Under Asking
76 Homes Were Sold
At Asking
27 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Melbourne, you may be able to get a good deal. 63.9% of homes here sold below asking price last month.
Summary: A total of 285 homes were sold or pending in Melbourne in April 2024, up by 0.7% month-over-month. Of the 285 sold homes, 64% were sold under asking, 27% were sold at asking, and 9% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 41 Days | 46 Days | +11.7% |
Summary: Homes in Melbourne had an average of 46 days on market in Apr 2024, up by 11.7% compared to last year.
Breakdown of Home Sale Times
172 Homes Were Sold
Under 30 Days
61 Homes Were Sold
In 30 - 90 Days
52 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 April 2024, 285 homes were sold in Melbourne; 60% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.
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