Melbourne Real Estate Market Overview
Average Monthly Rent:
$1,135
Percentage Change in Home Price/Value:
3.80%
Median Home Value:
$192,500
Best Time To Sell Home:
June
Affordability Index:
146.7
Days To Sell House:
71.33
Job Market:
Fair
Public School Ranking:
26
Location and Weather
Melbourne is in east-central Florida on the Indian River Lagoon, one of the most biodiverse estuaries in North America. It was originally called Crane Creek and the name was later changed to Melbourne to pay tribute to the community’s first postmaster. Melbourne, Australia was his home town. Melbourne Beach is located on the Atlantic Ocean just east of Melbourne.
Melbourne’s climate is humid and subtropical with over 50 inches of rainfall a year. Summer is the rainy season with temperatures in the 90’s. The winter temperatures can get as low as the 50’s. Melbourne’s population was 82,011 in 2017 with an annual growth rate of 1.44%.
Population, Job Market and Cost of Living
Melbourne has seen the job market increase by 1.9% over the last year. Future job growth over the next ten years is predicted to be 40.7%, which is higher than the US average of 33.5%. The largest industry is High Tech/Aerospace which employees close to 40,000. Patrick’s Air Force base nearby employs 16,280 people. Melbourne has a moderate cost of living with a robust job base including the headquarters of Harris, Health First and Pruitt Real Estate.
With a great job base, lagoon location within close proximity to the Atlantic Ocean, quaint and popular downtown restaurant and bar scene and moderate cost of living, Melbourne will continue to attract millennials for years to come.
