Is Melbourne, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$412,030
$235/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Melbourne have sold for 7% more than they did a year ago.
Summary: The median home sold price in Melbourne was $412,030 in May 2024, up 7% from last year, and the median price per square foot was $235.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $166.2K | $165K | -0.8% |
| 2 Bedrooms | $254.1K | $261.3K | +2.8% |
| 3 Bedrooms | $374.9K | $389.9K | +4.0% |
| 4 Bedrooms | $518K | $556.4K | +7.4% |
| 5+ Bedrooms | $687.5K | $760K | +10.5% |
Summary: Melbourne housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.8%, 2 bedroom homes increased by 2.8%, 3 bedroom homes increased by 4%, 4 bedroom homes increased by 7.4%, and 5+ bedroom homes increased by 10.5%.
Median Sold Price Compared To Nearby Cities
| West Melbourne | $399.9K | $430K | +7.5% |
| Melbourne | $384.9K | $412K | +7.0% |
| Indialantic-Melbourne Beach | $530.8K | $549.9K | +3.6% |
| Indian Harbour Beach | $461.2K | $448.2K | -2.8% |
Housing Supply in Melbourne, FL
How many homes are available in Melbourne, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1,393 | 1,462 | +5.0% |
Summary: The Melbourne real estate market had 1,462 homes for sale in May 2024, a 5.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 34 | 31 | -8.8% |
| 2 Bedrooms | 228 | 235 | +3.1% |
| 3 Bedrooms | 671 | 724 | +7.9% |
| 4 Bedrooms | 390 | 391 | 0.3% |
| 5+ Bedrooms | 70 | 81 | +15.7% |
Summary: The Melbourne housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 8.8%, 2 bedroom homes increased by 3.1%, 3 bedroom homes increased by 7.9%, 4 bedroom homes increased by 0.3%, and 5+ bedroom homes increased by 15.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 299 | 285 | -4.7% |
Asking Price vs. Sold Price
179 Homes Were Sold
Under Asking
89 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Melbourne, you may be able to get a good deal. 62.8% of homes here sold below asking price last month.
Summary: A total of 285 homes were sold or pending in Melbourne in May 2024, down by 4.7% month-over-month. Of the 285 sold homes, 63% were sold under asking, 31% were sold at asking, and 6% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 38 Days | 42 Days | +11.2% |
Summary: Homes in Melbourne had an average of 42 days on market in May 2024, up by 11.2% compared to last year.
Breakdown of Home Sale Times
164 Homes Were Sold
Under 30 Days
76 Homes Were Sold
In 30 - 90 Days
45 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 May 2024, 285 homes were sold in Melbourne; 58% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.
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