Home Values

Melbourne Metro Home Prices & Values

Zillow Home Value Index

The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

$145,600

  • 10.7% 1-year change
  • 3.3% 1-year forecast

Market Temperature

Based on three metrics—sale-to-list price ratio, the prevalence of price cuts on home listings, and time-on-market—the market temperature provides information on the current balance of bargaining power between buyers and sellers in this metro relative to other metros across the US. A particular metro may be identified as a good market for buyers in a national market favorable to sellers overall. Learn more

Cool

Buyers' Market
Sellers' Market

The median home value in Melbourne Metro is $145,600. Melbourne Metro home values have gone up 10.7% over the past year and Zillow predicts they will rise 3.3% within the next year. The median list price per square foot in Melbourne Metro is $101, which is lower than the Florida average of $123. The median price of homes currently listed in Melbourne Metro is $174,000 while the median price of homes that sold is $147,710. The median rent price in Melbourne Metro is $1,150, which is lower than the Florida median of $1,400.

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Melbourne Metro is 10.0%, which is higher than the national value of 6.4%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Melbourne Metro homeowners underwater on their mortgage is 21.9%, which is higher than Florida at 21.6%.

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Relative ZHVI
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Melbourne Metro Market Overview

Data through Jan 31, 2015
  • $145,600 ZHVI
  • 3.3% 1-yr forecast
    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more
    (Jan 31, 2016)
  • $174,000 Median listing price
  • $147,710 Median sale price
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Melbourne Metro Market Health

Data through Jan 31, 2015
  • 1.8/10 Less healthy
    The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.
    (Dec 31, 2014)
  • 85 Average days on Zillow (Dec 31, 2014)
  • 21.9% Homes with negative equity (16.9% US Avg) (Sep 30, 2014)
  • 10.0% Delinquent on mortgage (6.4% US Avg) (Sep 30, 2014)
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Cities in Melbourne Metro

Name Median ZHVI
Cocoa Beach $236,100
Merritt Island $211,500
Rockledge $176,600
Name Median ZHVI
West Melbourne $174,400
Mims $165,200
Melbourne $118,300
Name Median ZHVI
Palm Bay $112,500
Cocoa $108,600
Titusville $94,600

Listings & Sales

Data through Jan 31, 2015
  • $101 Median list price / sq ft
  • $95 Median sale price / sq ft
  • No data Listings with price cut
32.0%
Sold below listing
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Melbourne Metro Rentals

Data through Jan 31, 2015
  • Zillow Rent Index

  • $1,199 Melbourne Metro
    $1,427 Florida
    $1,350 United States

    The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more

  • 1.1 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Jun 30, 2014)
  • $1,150 Rent list price
  • $0.86 Rent list price / sq ft
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