Is Merritt Island, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Merritt Island has remained a Seller's Market.
Housing Prices in Merritt Island, FL
How much do homes in Merritt Island, FL cost?
Median Sold Price
$474,950
$247/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Merritt Island was $474,950 in April 2024, up 2.1% from last year, and the median price per square foot was $247.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $153.7K | $155K | +0.8% |
2 Bedrooms | $202.5K | $202K | -0.2% |
3 Bedrooms | $399.9K | $415K | +3.8% |
4 Bedrooms | $615.3K | $596.7K | -3.0% |
5+ Bedrooms | $777.5K | $860K | +10.6% |
Summary: Merritt Island housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.8%, 2 bedroom homes decreased by 0.2%, 3 bedroom homes increased by 3.8%, 4 bedroom homes decreased by 3%, and 5+ bedroom homes increased by 10.6%.
Median Sold Price Compared To Nearby Cities
Satellite Beach | $496.8K | $530K | +6.7% |
Cocoa Beach | $475K | $505.6K | +6.5% |
Cocoa Beach-Cape Canaveral | $399.3K | $414.3K | +3.8% |
Merritt Island | $465K | $474.9K | +2.1% |
Housing Supply in Merritt Island, FL
How many homes are available in Merritt Island, FL?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
396 | 429 | +8.3% |
Summary: The Merritt Island real estate market had 429 homes for sale in April 2024, a 8.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 13 | 16 | +23.1% |
2 Bedrooms | 34 | 37 | +8.8% |
3 Bedrooms | 162 | 176 | +8.6% |
4 Bedrooms | 149 | 159 | +6.7% |
5+ Bedrooms | 38 | 41 | +7.9% |
Summary: The Merritt Island housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 23.1%, 2 bedroom homes increased by 8.8%, 3 bedroom homes increased by 8.6%, 4 bedroom homes increased by 6.7%, and 5+ bedroom homes increased by 7.9%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
74 | 85 | +14.9% |
Asking Price vs. Sold Price
61 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Summary: A total of 85 homes were sold or pending in Merritt Island in April 2024, up by 14.9% month-over-month. Of the 85 sold homes, 72% were sold under asking, 20% were sold at asking, and 8% were sold over asking.
Days on Market for Merritt Island, FL
How long does it take to sell a home in Merritt Island, FL?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
44 Days | 56 Days | +27.3% |
Summary: Homes in Merritt Island had an average of 56 days on market in Apr 2024, up by 27.3% compared to last year.
Breakdown of Home Sale Times
41 Homes Were Sold
Under 30 Days
26 Homes Were Sold
In 30 - 90 Days
18 Homes Were Sold
Over 90 Days
Summary: During April 2024, 85 homes were sold in Merritt Island; 48% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.