Is West 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, 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
$430,000
$222/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in West Melbourne have sold for 5.2% more than they did a year ago.
Summary: The median home sold price in West Melbourne was $430,000 in April 2024, up 5.2% from last year, and the median price per square foot was $222.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $130K | $165K | +26.9% |
| 2 Bedrooms | $215.5K | $213K | -1.2% |
| 3 Bedrooms | $385K | $395K | +2.6% |
| 4 Bedrooms | $450K | $460K | +2.2% |
| 5+ Bedrooms | $575K | $550K | -4.3% |
Summary: West Melbourne housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 26.9%, 2 bedroom homes decreased by 1.2%, 3 bedroom homes increased by 2.6%, 4 bedroom homes increased by 2.2%, and 5+ bedroom homes decreased by 4.3%.
Median Sold Price Compared To Nearby Cities
| West Brevard | $519.5K | $569K | +9.5% |
| Melbourne | $384.1K | $408.7K | +6.4% |
| West Melbourne | $408.7K | $430K | +5.2% |
| Palm Bay | $334.8K | $330K | -1.5% |
Housing Supply in West Melbourne, FL
How many homes are available in West Melbourne, FL?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 186 | 199 | +7.0% |
Summary: The West Melbourne real estate market had 199 homes for sale in April 2024, a 7.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 28 | 38 | +35.7% |
| 3 Bedrooms | 70 | 73 | +4.3% |
| 4 Bedrooms | 75 | 75 | 0.0% |
| 5+ Bedrooms | 12 | 12 | 0.0% |
Summary: The West Melbourne housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 35.7%, 3 bedroom homes increased by 4.3%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 41 | 50 | +22.0% |
Asking Price vs. Sold Price
30 Homes Were Sold
Under Asking
15 Homes Were Sold
At Asking
5 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. 60% of homes here sold below asking price last month.
Summary: A total of 50 homes were sold or pending in West Melbourne in April 2024, up by 22.0% month-over-month. Of the 50 sold homes, 60% were sold under asking, 30% were sold at asking, and 10% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 36 Days | 41 Days | +13.2% |
Summary: Homes in West Melbourne had an average of 41 days on market in Apr 2024, up by 13.2% compared to last year.
Breakdown of Home Sale Times
32 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
7 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 April 2024, 50 homes were sold in West Melbourne; 64% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 14% 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.