Merritt Island, FL—32952
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Merritt Island, FL
Home Price Trends — Merritt Island, FL
As of Oct '25, the median home price in Merritt Island, FL is $430,000, with a year-over-year change of -4.2%. This indicates that home prices in Merritt Island, FL are decreasing. According to Zillow, the 1-year price projection is 0.4%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $430,000 | -4.2% |
| Single Family | $471,000 | -4.1% |
| Condos | $183,000 | -4.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $230,000 | -5.0% |
3 Bed | $388,000 | -4.0% |
4 Bed | $575,000 | -3.0% |
| 5 Bed | $973,000 | -2.0% |
% of Housing Stock
Rental Trends — Merritt Island, FL
As of July '25, Rentcast reports the average rent in Merritt Island, FL is $2,450, with a year-over-year rent change of 4.7%. Per bedroom, the median rent as of July '25 in Merritt Island, FL is studios: $1,310, 1-bedrooms: $1,370, 2-bedrooms: $1,980, 3-bedrooms: $2,750, 4-bedrooms: $3,310. The most common rental property sizes in Merritt Island, FL are 3-bedroom and 2-bedroom, accounting for 42.6% and 26.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,250 | $2,450 |
| Studio Rent | $1,150 | $1,310 |
| 1 Bed Rent | $1,350 | $1,370 |
| 2 Bed Rent | $1,820 | $1,980 |
| 3 Bed Rent | $2,400 | $2,750 |
| 4 Bed Rent | $2,700 | $3,310 |
% of Rental Stock
Property Listings — Merritt Island, FL
As of Oct '25, Realtor.com reports that the median days on market for a home in Merritt Island, FL is 89. This is a increase of 42.0% 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 44.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $650,000 | 14.0% |
Listing Count | 178 | 16.0% |
| Listings as % of Homes | 1.3% | 16.0% |
Days on Market | 89 | 42.0% |
Demographics — Merritt Island, FL
As of the latest ACS Survey released in 2023, Merritt Island, FL has a population of 21,400, which has increased by 3.0% over the past 5 years. Merritt Island, FL is a moderately popular place for families, as children make up 17.8% of the population. The area has a highly educated workforce, with 45.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 21.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 21,400 | 3.0% |
% Under 18 | 17.8% | 2.9% |
% Seniors | 25.5% | 7.6% |
% WFH | 21.0% | 153.0% |
% w/ College Degree | 45.3% | 14.4% |
As of the latest ACS Survey released in 2023, Merritt Island, FL is a predominantly white area, with 84.8% of the population identifying as white. The white population has shrunk by 3.5% in the last 5 years. The second most common race or ethnicity in Merritt Island, FL is hispanic, making up 6.3% of the population. Foreign-born residents account for 5.5% of the population in Merritt Island, FL, and this percentage has decreased by 14.1% 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 | 84.8% | -3.5% |
% Black | 1.6% | 14.3% |
% Hispanic | 6.3% | -6.0% |
% Asian | 2.4% | 26.3% |
% Foreign Born | 5.5% | -14.1% |
Mortgage and Risk — Merritt Island, FL
According to HUD data as of 2023, there were 431 mortgage originations in Merritt Island, FL, of which 83.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 19.0% above 90% LTV (elevated). This implies medium mortgage risk in Merritt Island, FL. Investor activity is low, as 2.0% of loans were by investors. 17.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 431 |
% Conventional Loans | 83.0% |
% Government Loans | 17.0% |
% Investor Loans | 2.0% |
% Second Loans | 4.0% |
% Cash Out Refinance | 17.0% |
Loan Activity
Rentals and Section 8 — Merritt Island, FL
As of 2024, the percent of homes in Merritt Island, FL under the Section 8 program is 0.5%. 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 Merritt Island, FL, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 6 |
Total Units Section 8 | 6 |
% Rentals under Section 8 | 0.5% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$20 | $1,350 | $1,330 |
| 2 Bedroom | -$280 | $1,820 | $1,540 |
| 3 Bedroom | -$310 | $2,400 | $2,090 |
| 4 Bedroom | -$300 | $2,700 | $2,400 |
Affordability — Merritt Island, FL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.5 |
| Median Home Price | $430,000 |
| Median Household Income | $98,700 |