Melbourne, FL Housing Market: Home Prices & Rent
Melbourne home values since 2000
Last few years
Rent in Melbourne
Owning vs renting, monthly
Buying the typical Melbourne home with 20% down at this week's 7.32% 30-year rate costs about $2,414/month (principal, interest plus ~1.5% a year for tax and insurance) vs $1,841/month typical rent.
Rate: Freddie Mac, week of Oct 22, 2026. Estimate for comparison only.
What changed this month
- Melbourne, FL homes are worth 7% less than at the 2024 peak
Melbourne vs the Palm Bay metro, Florida and the U.S.
| Typical home | 12-month change | Typical rent | |
|---|---|---|---|
| Melbourne, FL | $358k | -0.5% | $1,841/mo |
| Palm Bay metro | $342k | -0.5% | $1,887/mo |
| Florida | $375k | -0.9% | - |
| United States | $366k | +1.2% | $1,932/mo |
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Common questions
Are home prices falling in Melbourne, FL?
Yes - the typical Melbourne home value is down 0.5% over the past 12 months, at $358k (September 2026). Values are 7% below their April 2024 peak of $384k.
Is the Melbourne housing market crashing?
Home values are 7% below their April 2024 peak and down 0.5% over the past year - a gradual decline, not a sudden collapse. Whether that continues isn't knowable from the data - this page updates every month when new figures come out.
How much is rent in Melbourne, FL?
Typical rent in Melbourne is $1,841 a month (September 2026), +0.7% over 12 months.
Is Melbourne more expensive than the rest of the Palm Bay area?
The typical Melbourne home ($358k) is 5% above the Palm Bay metro typical of $342k (September 2026).
More of the Palm Bay area
Sources: Data Provided by Zillow Group (Zillow Home Value Index and Zillow Observed Rent Index for the city of Melbourne, September 2026; days to contract for the metro area). 30-year mortgage rate: Freddie Mac PMMS. How we calculate.