Melbourne, FL—32940
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 $480,000, with a year-over-year change of -4.5%. This indicates that home prices in Melbourne, FL are decreasing. According to Zillow, the 1-year price projection is 0.2%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $480,000 | -4.5% |
| Single Family | $495,000 | -4.4% |
| Condos | $207,000 | -8.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $282,000 | -6.6% |
3 Bed | $421,000 | -5.0% |
4 Bed | $598,000 | -3.5% |
| 5 Bed | $783,000 | -3.6% |
% of Housing Stock
Rental Trends — Melbourne, FL
As of July '25, Rentcast reports the average rent in Melbourne, FL is $2,640, with a year-over-year rent change of -2.2%. Per bedroom, the median rent as of July '25 in Melbourne, FL is 1-bedrooms: $1,570, 2-bedrooms: $2,010, 3-bedrooms: $2,740, 4-bedrooms: $3,590. The most common rental property sizes in Melbourne, FL are 3-bedroom and 2-bedroom, accounting for 34.7% and 33.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,500 | $2,640 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,500 | $1,570 |
| 2 Bed Rent | $1,900 | $2,010 |
| 3 Bed Rent | $2,600 | $2,740 |
| 4 Bed Rent | $3,500 | $3,590 |
% 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 67. This is a increase of 6.0% 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 37.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $473,000 | -8.0% |
Listing Count | 487 | 15.0% |
| Listings as % of Homes | 1.1% | 15.0% |
Days on Market | 67 | 6.0% |
Demographics — Melbourne, FL
As of the latest ACS Survey released in 2023, Melbourne, FL has a population of 49,300, which has increased by 25.1% over the past 5 years. Melbourne, FL is a moderately popular place for families, as children make up 20.9% of the population. The area has a highly educated workforce, with 51.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 18.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 49,300 | 25.1% |
% Under 18 | 20.9% | 17.4% |
% Seniors | 26.4% | -5.4% |
% WFH | 18.1% | 90.5% |
% w/ College Degree | 51.6% | 11.2% |
As of the latest ACS Survey released in 2023, Melbourne, FL is a predominantly white area, with 76.9% of the population identifying as white. The white population has shrunk by 3.8% in the last 5 years. The second most common race or ethnicity in Melbourne, FL is hispanic, making up 10.1% of the population. Foreign-born residents account for 11.2% of the population in Melbourne, FL, and this percentage has increased by 15.5% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 76.9% | -3.8% |
% Black | 3.6% | 5.9% |
% Hispanic | 10.1% | -11.4% |
% Asian | 4.9% | 32.4% |
% Foreign Born | 11.2% | 15.5% |
Mortgage and Risk — Melbourne, FL
According to HUD data as of 2023, there were 554 mortgage originations in Melbourne, FL, of which 81.0% of loans were conventional mortgages. The average loan-to-value was 53.0%, 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. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 554 |
% Conventional Loans | 81.0% |
% Government Loans | 19.0% |
% Investor Loans | 1.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 14.0% |
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 | 118 |
Total Units Section 8 | 118 |
% Rentals under Section 8 | 2.4% |
% Occupied Section 8 | 84.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $450 | $1,500 | $1,950 |
| 2 Bedroom | $360 | $1,900 | $2,260 |
| 3 Bedroom | $470 | $2,600 | $3,070 |
| 4 Bedroom | $20 | $3,500 | $3,520 |
Affordability — Melbourne, FL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.6 |
| Median Home Price | $480,000 |
| Median Household Income | $107,000 |