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Melbourne real estate market overview
- Average Monthly Rent: $1,391
- Home Price/Value Percentage Change: 15.3%
- Median Home Value: $345,900
- Best Time To Sell a Home: December
- Affordability Index: 140
- Days To Sell a House: 49
- Job Market: Fair
- Public School Ranking: 18
Location and weather
The beach town of Melbourne is located on Florida's east coast, just an hour southeast of Orlando, in Brevard County. This city sits along the Indian River Lagoon, which provides its residents with a variety of natural amenities and opportunities for fishing, surfing, snorkeling and leisure on the beach. A large portion of Melbourne sits on Florida's mainland, while the other portion is on a barrier island.
This city has a more desirable climate than most Floridian cities thanks to the consistent ocean breeze. While there is a fair amount of rainfall, the majority of the days here have sunny skies and manageable heat.
Population, job market and cost of living
Melbourne has a population of 84,307, with a growth rate of 0.51% annually.
The job market has increased by 1.9% over the last year. In ten years, job growth is predicted to be 40.7%. This city is the biggest economic contributor to Brevard County's job market. High-tech industries, entertainment options, and eccentric retail choices provide Melbourne's residents with a wide-variety of employment opportunities.
Melbourne is also part of Florida's Space Coast, and is a short drive from the Kennedy Space Center. This is a more affordable Floridian city to live in considering its oceanfront location.
Melbourne real estate market details
- Baymeadows of Melbourne
- Suntree
- Wyndham At Duran
- Lansing Island
- Fairway Lakes At Viera
The average monthly rent in Melbourne is $1,391 for an average apartment size of 907 sq. feet.
There has been a 15.3% increase in Melbourne's median home value over the last year. As of 2022, the median home value is $345,900.
On average, homes in Melbourne sell after 49 days on the market.
The best time to sell a home in Melbourne for the highest value is during December. The best time to sell a home quickly is during November.
The affordability index in Melbourne is 140. This number indicates high affordability in this city.
The top ranked public schools are West Shore Junior/Senior High School, Longleaf Elementary School, Quest Elementary School, Suntree Elementary School, Roy Allen Elementary School and Melbourne Senior High School. This information is dependent on data from The US Department of Education, The US Census Bureau and the Florida Department of Education.