Market Trends — Melbourne, Florida

Melbourne's residential market recorded a 22.4% year-over-year price increase in January 2026, with median sale prices ranging from $355,000 to $376,047 and an average apartment rent of $1,609.

Current Market Snapshot

Melbourne's residential real estate market sits within a broader Space Coast housing environment that has seen sustained price appreciation and evolving supply conditions. As of January through March 2026, three independently tracked data sources — Redfin, Zillow, and Buying Space Coast — place the median or average home value in a range of $355,000 to $376,047, reflecting a 22.4% year-over-year increase compared to January 2025, according to Redfin's January 2026 report. Average apartment rents stood at $1,609 per month as of March 2026, per RentCafe. The market is characterized by moderately elevated days on market and a recovering inventory base, distinguishing it from the ultra-compressed conditions seen in 2021 and 2022 but still reflecting demand pressures tied to Melbourne's aerospace and defense employment base.

Home Values and Sale Prices

Redfin reported a median sale price of $355,000 in January 2026. Zillow reported an average home value of $376,047 as of March 2026, applying its Zestimate-based methodology across all property types. The divergence between the two figures reflects differences in data methodology: Redfin's median sale price tracks closed transactions, while Zillow's figure incorporates estimated values for homes not currently listed. Both sources fall within a documented range of $355,000 to $376,047 as of January through March 2026.

The January 2026 Redfin figure represents a 22.4% increase over January 2025, the steepest annual gain documented in recent reporting. For comparative context, the U.S. Census Bureau's American Community Survey 2023 had placed Melbourne's median home value at $272,900 — a figure reflecting conditions roughly two years prior and illustrating the pace of appreciation in the intervening period.

At the Brevard County level, Space Coast Daily reported in March 2025 that the county-wide median sales price for single-family homes reached $385,000, a 3.6% increase from the prior measurement period, with the share of cash buyers rising by 15.2%. Melbourne, as the most populous city in south-central Brevard County, is a significant contributor to that county aggregate.

Median Sale Price
$355,000
Redfin, January 2026
Average Home Value
$376,047
Zillow, March 2026
Year-over-Year Price Change
+22.4%
Redfin, January 2026 vs. January 2025
Median Home Value (ACS)
$272,900
U.S. Census Bureau ACS, 2023
Brevard Co. Median (Single-Family)
$385,000
Space Coast Daily / Brevard County data, Early 2025
Cash Buyer Share Increase
+15.2%
Space Coast Daily, Early 2025

Rental Market

For the rental segment, RentCafe reported an average apartment rent of $1,609 per month in Melbourne as of March 2026, representing a 0.7% year-over-year increase. Apartments.com reported a figure of $1,503 as of July 2025, and Zillow places the all-property rental average at approximately $2,100. The spread across these three sources reflects differences in property type coverage and methodology: the RentCafe and Apartments.com figures track apartment-specific inventory, while the Zillow figure incorporates single-family rental homes and larger units. A consensus figure of approximately $1,600 per month is consistent across apartment-focused sources as of early 2026.

For comparison, the U.S. Census Bureau's American Community Survey 2023 recorded Melbourne's median gross rent at $1,411 per month, a figure reflecting conditions two to three years prior to current reporting. The ACS also documented that 39.7% of Melbourne's occupied housing units were renter-occupied, with 60.3% owner-occupied, out of 40,709 total housing units and 35,954 total households.

Avg. Apartment Rent
$1,609/mo
RentCafe, March 2026
Avg. Apartment Rent
$1,503/mo
Apartments.com, July 2025
All-Property Rental Avg.
~$2,100/mo
Zillow, March 2026
Median Gross Rent (ACS)
$1,411/mo
U.S. Census Bureau ACS, 2023
Renter-Occupied Units
39.7%
U.S. Census Bureau ACS, 2023
Owner-Occupied Units
60.3%
U.S. Census Bureau ACS, 2023

Inventory and Days on Market

As of January through February 2026, homes in Melbourne were spending an average of 70 to 75 days on market before going under contract, according to Redfin (75 days, January 2026) and Buying Space Coast (70 days average, February 2026). That pace places Melbourne in a category that real estate analysts commonly describe as a more balanced market relative to the sub-30-day conditions that characterized Florida coastal markets during 2021 and 2022, though Norada Real Estate and Buying Space Coast both note the elevated year-over-year price growth alongside this extended absorption time.

Active inventory as documented by Buying Space Coast in February 2026 ranged from 900 to 1,200 active listings across Melbourne. At the county level, the Federal Reserve Bank of St. Louis (FRED), drawing on U.S. Census Bureau source data, recorded 4,603 new private housing structure authorizations in Brevard County for the full year 2024, indicating continued construction pipeline activity feeding into future inventory supply across the county, of which Melbourne is the dominant urban market.

Two specific development projects in Melbourne illustrate the active pipeline. As of October 2024, Florida YIMBY reported a 240-unit apartment complex called Madison Midtown planned for 1034 South Babcock Street, on the site of a former Sears store. Separately, the Compass Landing by Margaritaville project — a 146-room hotel and 221-slip marina development — had its construction status described by Mayor Paul Alfrey in a March 2026 statement to ClickOrlando/News 6 as potentially resuming within months, with project costs having grown to more than $100 million.

County and Development Context

Melbourne's housing market operates within the broader economic framework of south-central Brevard County, where the aerospace and defense employment base — anchored by L3Harris Technologies, Northrop Grumman, Embraer Executive Jets, Collins Aerospace, and Thales, among the more than 60 tenants at Melbourne Orlando International Airport — generates sustained residential demand. The Melbourne Orlando International Airport authority cited a 2023 Florida Department of Transportation study placing the airport's annual economic contribution at more than $3.1 billion to the Space Coast economy, which underpins household income and housing demand in the city.

The U.S. Census Bureau ACS 2023 recorded Melbourne's median household income at $64,504, with a poverty rate of 14.9% and a labor force participation rate of 68.2% — figures that reflect income stratification across the city's mixed economic base and set a ceiling on affordability for a segment of the local renter and buyer population. The city also maintains three Community Redevelopment Areas as designated dependent special districts under Florida Statute 189, per the City of Melbourne's official website, which direct capital improvement and economic incentive programs into distinct city zones and can influence localized property values and development patterns over time.

Sources

  1. U.S. Census Bureau American Community Survey 2023 https://www.census.gov/programs-surveys/acs Used for: Population (85,718), median age (42.3), median household income ($64,504), median home value ($272,900), median gross rent ($1,411), owner-occupied pct (60.3%), renter-occupied pct (39.7%), total housing units (40,709), total households (35,954), poverty rate (14.9%), unemployment rate (4.4%), labor force participation (68.2%), educational attainment (21.2% bachelor's or higher)
  2. Melbourne Founders Museum at Crane Creek — History https://www.melbournefounders.org/history Used for: Founding by Black freedmen Peter Wright, Balaam Allen, and Wright Brothers at Crane Creek; 1884 organization of Allen Chapel A.M.E. Church; Melbourne Founders Festival; partnership with Northrop Grumman for museum
  3. Melbourne Founders Museum at Crane Creek — Home https://www.melbournefounders.org/ Used for: Greater Allen Development Corporation 501(c)3 status; annual Melbourne Founders Festival; museum overview
  4. Melbourne History — Rootsweb/Florida Genealogical Society of South Brevard https://sites.rootsweb.com/~flgssb/mlb_hist.htm Used for: Earliest permanent settlers: Peter Wright, Balaam Allen, Wright Brothers arriving ca. 1870–1872; first white families (Clohesys, Bradleys) arriving 1874–1875
  5. Paul Alfrey — Mayor, City of Melbourne, FL (official city website) https://www.melbourneflorida.org/Government/City-Council/Mayor Used for: Mayor Paul Alfrey elected November 2020, re-elected November 2024, term expires November 2028; prior service as Vice Mayor and Council Member District 5
  6. City Council — City of Melbourne, FL (official city website) https://www.melbourneflorida.org/Government/City-Council Used for: City Council composition: mayor and six district council members; council-manager form of government
  7. Community Redevelopment Areas — City of Melbourne, FL (official city website) https://www.melbourneflorida.org/Government/Departments/Community-Development/Community-Redevelopment-Areas Used for: Three Community Redevelopment Areas as dependent special districts under Florida Statute 189; capital improvement and economic incentive programs
  8. Economic Development — City of Melbourne, FL (official city website) https://www.melbourneflorida.org/Government/Departments/Community-Development/Economic-Development Used for: Melbourne described as 'economic and business hub for South and Central Brevard County'
  9. Melbourne Orlando International Airport — Official Website https://www.mlbair.com/ Used for: More than 60 aerospace/defense/manufacturing tenants; $3.1 billion annual economic contribution to Space Coast per 2023 FDOT study; tenant directory including Northrop Grumman, Embraer, L3Harris, Collins Aerospace, Thales
  10. Melbourne Orlando International Airport — Business Opportunities https://www.mlbair.com/business-opportunities Used for: Named tenant companies at airport: Northrop Grumman, Embraer Executive Jets, L3Harris, Collins Aerospace, STS Mod Center, Thales, GE Transportation, Southeast Aerospace, Satcom Direct, Avidyne Corporation, Dassault Falcon Jet
  11. 10 Aerospace Companies in Melbourne, Florida to Know — Built In https://builtin.com/articles/aerospace-companies-melbourne-florida Used for: L3Harris Technologies headquartered in Melbourne, one of largest private Space Coast employers; Embraer North American executive jet manufacturing in Melbourne producing Phenom 100 and 300; Technology Center launched 2020
  12. Aviation & Aerospace Companies in Florida — Powering Florida (Enterprise Florida) https://www.poweringflorida.com/explore-industries/aviation-aerospace.html Used for: Northrop Grumman engineers developed B-21 Raider at Melbourne Orlando International Airport campus
  13. Florida Department of State — Secretary Byrd Designates Eau Gallie Arts District as Florida Main Street Program of the Month (2024) https://dos.fl.gov/communications/press-releases/2024/press-release-secretary-byrd-designates-eau-gallie-arts-district-as-florida-main-street-program-of-the-month/ Used for: EGAD designation as Florida Main Street Program of the Month 2024; Eau Gallie name derives from French for 'rocky waters' referencing coquina rocks along Indian River Lagoon; Florida East Coast Railroad arrival 1893; Eau Gallie High School established 1924
  14. Florida Department of State — Eau Gallie Arts District Florida Main Street Program of the Month (2018) https://dos.fl.gov/communications/press-releases/2018/secretary-detzner-designates-the-eau-gallie-arts-district-in-melbourne-as-florida-main-street-program-of-the-month/ Used for: Eau Gallie founded 1860 by William Henry Gleason; 16,000 acres purchased; Indian River Lagoon as transportation hub; 1969 merger of Eau Gallie with Melbourne; EGAD designation history
  15. Brevard Zoo — Official Website https://brevardzoo.org/ Used for: Brevard Zoo located in Melbourne; AZA-accredited nonprofit; 75 acres; 900+ animals; 170+ species from five continents; kayak tours, TreeTop Trek
  16. Eau Gallie Arts District — Visit Space Coast (Brevard County's official tourism authority) https://www.visitspacecoast.com/profile/melbourne/arts-culture/eau-gallie-arts-district/ Used for: EGAD district features: Historic Rossetter House Museum and Gardens, Eau Gallie Public Library and fishing pier, Eau Gallie Civic Center, public parks, art galleries, shops, restaurants; Florida Main Street program description
  17. Eau Gallie Arts District — Visit Brevard Florida (Brevard County Tourism) https://visitbrevardflorida.com/eau-gallie-arts-district/ Used for: Foosaner Art Museum described as free museum run by Florida Institute of Technology
  18. Margaritaville construction could finally resume within months, Melbourne mayor says — ClickOrlando/News 6 https://www.clickorlando.com/news/local/2026/03/06/margaritaville-construction-could-finally-resume-within-months-melbourne-mayor-says/ Used for: Mayor Alfrey statement March 2026 that developer hoped to resume Margaritaville construction within months; project cost grown to $100+ million
  19. Construction on $100 million Melbourne-based resort starts Monday — MyNews13 https://mynews13.com/fl/orlando/news/2022/10/08/construction-on--100-million-melbourne-based-resort-starts-monday Used for: Compass Landing by Margaritaville project details: 146-room hotel, 221-slip marina, four-story parking garage, two-story restaurant; developer Harry Mirpuri
  20. 240-Unit 'Madison Midtown' Planned for 1034 South Babcock Street, Melbourne — Florida YIMBY https://floridayimby.com/2024/10/240-unit-madison-midtown-to-replace-defunct-sears-at-1034-south-babcock-street-melbourne-florida.html Used for: 240-unit Madison Midtown apartment complex planned at 1034 S. Babcock Street (former Sears site) as of October 2024
  21. New Private Housing Structures Authorized by Building Permits for Brevard County, FL — FRED/Federal Reserve Bank of St. Louis (U.S. Census Bureau source data) https://fred.stlouisfed.org/series/BPPRIV012009 Used for: Brevard County 4,603 new private housing structure authorizations in 2024
  22. Brevard Real Estate Report: Single-Family Home Listings Increase, Median Sales Price Up to $385,000 — Space Coast Daily https://spacecoastdaily.com/2025/03/brevard-real-estate-report-single-family-home-listings-increase-median-sales-price-up-to-385000/ Used for: Brevard County early 2025 housing market: increased new listings, 3.6% rise in median sales price to $385,000 for single-family homes; cash buyer share increase of 15.2%
  23. History — Eau Gallie Arts District (EGAD Main Street) https://egadlife.com/history/ Used for: Eau Gallie founded 1860 by William Henry Gleason; 16,000 acres at $1.25/acre; coquina rocks and Indian River Lagoon context; Civil War-era history
  24. Brevard County Historical Commission — History Summary https://www.brevardfl.gov/HistoricalCommission/HistorySummary Used for: Brevard County established by Florida Legislature 1854; county geographic and historical context
  25. City of Melbourne, FL — Official Home Page https://www.melbourneflorida.org/Home Used for: Downtown Melbourne Hometown Heroes street pole display program noted as of April 28, 2026; confirmation of city official website
Last updated: May 1, 2026