Melbourne, FL—32904
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Melbourne, FL
As of Oct '25, the median home price in Melbourne, FL is $372,000, with a year-over-year change of -4.7%. This indicates that home prices in Melbourne, FL are decreasing. According to Zillow, the 1-year price projection is 0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $372,000 | -4.7% |
| Single Family | $383,000 | -4.7% |
| Condos | $182,000 | -9.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $206,000 | -8.0% |
3 Bed | $350,000 | -5.4% |
4 Bed | $436,000 | -4.2% |
| 5 Bed | $544,000 | -3.9% |
% of Housing Stock
Rental Trends — Melbourne, FL
As of July '25, Rentcast reports the average rent in Melbourne, FL is $2,230, with a year-over-year rent change of 0.5%. Per bedroom, the median rent as of July '25 in Melbourne, FL is studios: $1,730, 1-bedrooms: $1,450, 2-bedrooms: $1,650, 3-bedrooms: $2,290, 4-bedrooms: $2,640. The most common rental property sizes in Melbourne, FL are 2-bedroom and 3-bedroom, accounting for 50.3% and 28.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,220 | $2,230 |
| Studio Rent | $1,950 | $1,730 |
| 1 Bed Rent | $1,500 | $1,450 |
| 2 Bed Rent | $1,550 | $1,650 |
| 3 Bed Rent | $2,200 | $2,290 |
| 4 Bed Rent | $2,550 | $2,640 |
% of Rental Stock
Property Listings — Melbourne, FL
As of Oct '25, Realtor.com reports that the median days on market for a home in Melbourne, FL is 68. This is a decrease of -9.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 36.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $417,000 | -4.0% |
Listing Count | 205 | 1.0% |
| Listings as % of Homes | 0.9% | 1.0% |
Days on Market | 68 | -9.0% |
Demographics — Melbourne, FL
As of the latest ACS Survey released in 2023, Melbourne, FL has a population of 36,900, which has increased by 18.2% over the past 5 years. Melbourne, FL is a moderately popular place for families, as children make up 20.8% of the population. The area has a moderately educated workforce, with 39.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 36,900 | 18.2% |
% Under 18 | 20.8% | 3.0% |
% Seniors | 20.6% | -3.3% |
% WFH | 12.8% | 116.9% |
% w/ College Degree | 39.7% | 25.6% |
As of the latest ACS Survey released in 2023, Melbourne, FL is a predominantly white area, with 71.5% of the population identifying as white. The white population has shrunk by 4.7% in the last 5 years. The second most common race or ethnicity in Melbourne, FL is hispanic, making up 13.5% of the population. Foreign-born residents account for 10.1% of the population in Melbourne, FL, and this percentage has decreased by 12.9% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 71.5% | -4.7% |
% Black | 3.8% | -25.5% |
% Hispanic | 13.5% | 35.0% |
% Asian | 5.2% | -14.8% |
% Foreign Born | 10.1% | -12.9% |
Mortgage and Risk — Melbourne, FL
According to HUD data as of 2023, there were 216 mortgage originations in Melbourne, FL, of which 84.0% of loans were conventional mortgages. The average loan-to-value was 53.0%, with 21.0% above 90% LTV (very high). This implies large mortgage risk in Melbourne, FL. Investor activity is low, as 1.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 216 |
% Conventional Loans | 84.0% |
% Government Loans | 16.0% |
% Investor Loans | 1.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Melbourne, FL
As of 2024, the percent of homes in Melbourne, FL under the Section 8 program is 2.4%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Melbourne, FL, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 93 |
Total Units Section 8 | 93 |
% Rentals under Section 8 | 2.4% |
% Occupied Section 8 | 83.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $210 | $1,500 | $1,710 |
| 2 Bedroom | $440 | $1,550 | $1,990 |
| 3 Bedroom | $510 | $2,200 | $2,710 |
| 4 Bedroom | $550 | $2,550 | $3,100 |
Affordability — Melbourne, FL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.5 |
| Median Home Price | $372,000 |
| Median Household Income | $86,900 |