Melville Home Prices & Values

$548,600 Zillow Home Value Index What's This?  
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The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

  • 2.2% 1-year change
  • 2.1% 1-year forecast

The median home value in Melville is $548,600. Melville home values have gone up 2.2% over the past year and Zillow predicts they will rise 2.1% within the next year. The median price of homes currently listed in Melville is $799,000 while the median price of homes that sold is $510,000. The median rent price in Melville is $2,730, which is lower than the New York Metro median of $2,850.

Foreclosures will be a factor impacting home values in the next several years. In Melville 0.9 homes are foreclosed (per 10,000). This is lower than the New York Metro value of 1.1 and also lower than the national value of 4.3

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 Melville is 20.3%, which is higher than the national value of 7.2%. 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 Melville homeowners underwater on their mortgage is 6.4%, which is lower than New York Metro at 15.7%.

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Relative ZHVI
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Melville Market Overview

Data through Jun 30, 2014
  • $548,600 ZHVI
  • 2.1% 1-yr forecast What's This?  
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    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more

    (Jun 30, 2015)
  • $799,000 Median listing price
  • $510,000 Median sale price (May 31, 2014)
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Melville Market Health

Data through Jun 30, 2014
  • 3.5/10 Less healthy What's This?  
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    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.

  • No data Average of days on Zillow
  • 6.4% Homes with negative equity (18.8% US Avg) (Mar 31, 2014)
  • 20.3% Delinquent on mortgage (7.2% US Avg) (Mar 31, 2014)

Homes foreclosed (per 10,000)

0.9 homes(Apr 30, 2014) Melville
1.1 homes New York Metro
4.3 homes United States
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Nearby Cities

Name Median ZHVI Name Median ZHVI Name Median ZHVI
Woodbury $906,700 Dix Hills $661,100 Old Bethpage $561,700
West Hills $539,900 Plainview $513,800 South Huntington $366,800
Farmingdale $355,300 Huntington Station $324,600 Wyandanch $226,500

Listings & Sales

Data through Jun 30, 2014
  • $231 Median list price / sq ft
  • No recent data Median sale price / sq ft
  • 38.7% Listings with price cut
14.3%
Sold below listing
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Melville Rentals

Data through Jun 30, 2014
Zillow Rent Index What's This?
Close The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more
$2,763 Melville
$2,300 New York Metro
$1,310 United States
  • No data Breakeven horizon
  • $2,730 Rent list price
  • $2.11 Rent list price / sq ft
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