Home Values

Merritt Island 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

$211,000

  • 12.2% 1-year change
  • 3.6% 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 city relative to other cities in the same metropolitan area. A particular city may be identified as a good market for buyers in a metro market favorable to sellers overall. Learn more

Cool

Buyers' Market
Sellers' Market

The median home value in Merritt Island is $211,000. Merritt Island home values have gone up 12.2% over the past year and Zillow predicts they will rise 3.6% within the next year. The median list price per square foot in Merritt Island is $129, which is higher than the Melbourne Metro average of $101. The median price of homes currently listed in Merritt Island is $247,000 while the median price of homes that sold is $205,345.

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 Merritt Island is 10.5%, 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 Merritt Island homeowners underwater on their mortgage is 16.6%, which is lower than Melbourne Metro at 21.9%.

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Relative ZHVI
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Merritt Island Market Overview

Data through Nov 30, 2014
  • $211,000 ZHVI
  • 3.6% 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
    (Nov 30, 2015)
  • $247,000 Median listing price
  • $205,345 Median sale price
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Merritt Island Market Health

Data through Nov 30, 2014
  • 3.8/10 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.
  • No data Average days on Zillow
  • 16.6% Homes with negative equity (16.9% US Avg) (Sep 30, 2014)
  • 10.5% Delinquent on mortgage (6.4% US Avg) (Sep 30, 2014)
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Nearby Cities

Name Median ZHVI
Cocoa Beach $233,400
Satellite Beach $230,100
Indian Harbour Beach $215,100
Name Median ZHVI
Christmas $200,500
Rockledge $175,500
Cape Canaveral $159,900
Name Median ZHVI
Melbourne $117,900
Cocoa $108,700
Titusville $93,900

Listings & Sales

Data through Nov 30, 2014
  • $129 Median list price / sq ft
  • $114 Median sale price / sq ft
  • No data Listings with price cut
22.1%
Sold below listing
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Merritt Island Rentals

Data through Nov 30, 2014
  • Zillow Rent Index

  • $1,420 Merritt Island
    $1,193 Melbourne Metro
    $1,342 United States

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

  • 1.9 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Jun 30, 2014)
  • No data Rent list price
  • $0.86 Rent list price / sq ft
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