Melbourne, FL—32934
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 $486,000, with a year-over-year change of -3.4%. 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 | $486,000 | -3.4% |
| Single Family | $493,000 | -3.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $199,000 | -8.7% |
3 Bed | $402,000 | -5.0% |
4 Bed | $591,000 | -2.6% |
| 5 Bed | $831,000 | -2.8% |
% of Housing Stock
Rental Trends — Melbourne, FL
As of July '25, Rentcast reports the average rent in Melbourne, FL is $1,980, with a year-over-year rent change of -22.0%. Per bedroom, the median rent as of July '25 in Melbourne, FL is 1-bedrooms: $1,400, 2-bedrooms: $1,590, 3-bedrooms: $2,410, 4-bedrooms: $2,840. The most common rental property sizes in Melbourne, FL are 2-bedroom and 1-bedroom, accounting for 33.8% and 26.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,690 | $1,980 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,420 | $1,400 |
| 2 Bed Rent | $1,640 | $1,590 |
| 3 Bed Rent | $2,220 | $2,410 |
| 4 Bed Rent | $2,800 | $2,840 |
% 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 62. This is a increase of 2.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 25.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $535,000 | 4.0% |
Listing Count | 87 | -13.0% |
| Listings as % of Homes | 0.7% | -13.0% |
Days on Market | 62 | 2.0% |
Demographics — Melbourne, FL
As of the latest ACS Survey released in 2023, Melbourne, FL has a population of 18,900, which has remained stable by 0.8% over the past 5 years. Melbourne, FL is a moderately popular place for families, as children make up 16.3% of the population. The area has a moderately educated workforce, with 42.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 18,900 | 0.8% |
% Under 18 | 16.3% | -7.9% |
% Seniors | 28.2% | 16.5% |
% WFH | 10.8% | 56.5% |
% w/ College Degree | 42.5% | 17.1% |
As of the latest ACS Survey released in 2023, Melbourne, FL is a predominantly white area, with 81.7% of the population identifying as white. The white population has grown by 4.7% in the last 5 years. The second most common race or ethnicity in Melbourne, FL is hispanic, making up 7.9% of the population. Foreign-born residents account for 8.1% of the population in Melbourne, FL, and this percentage has decreased by 26.4% 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 | 81.7% | 4.7% |
% Black | 2.2% | 15.8% |
% Hispanic | 7.9% | -25.5% |
% Asian | 2.0% | -60.0% |
% Foreign Born | 8.1% | -26.4% |
Mortgage and Risk — Melbourne, FL
According to HUD data as of 2023, there were 141 mortgage originations in Melbourne, FL, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 18.0% above 90% LTV (elevated). This implies medium mortgage risk in Melbourne, FL. Investor activity is low, as 1.0% of loans were by investors. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 141 |
% Conventional Loans | 82.0% |
% Government Loans | 18.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 15.0% |
Loan Activity
Rentals and Section 8 — Melbourne, FL
As of 2024, the percent of homes in Melbourne, FL under the Section 8 program is 2.5%. 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 | 77 |
Total Units Section 8 | 26 |
% Rentals under Section 8 | 2.5% |
% Occupied Section 8 | 83.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $330 | $1,420 | $1,750 |
| 2 Bedroom | $390 | $1,640 | $2,030 |
| 3 Bedroom | $540 | $2,220 | $2,760 |
| 4 Bedroom | $360 | $2,800 | $3,160 |
Affordability — Melbourne, FL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.7 |
| Median Home Price | $486,000 |
| Median Household Income | $103,000 |