Is Merritt Island, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Merritt Island has remained a Seller's Market.
Key Takeaway
Merritt Island is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Merritt Island, FL
How much do homes in Merritt Island, FL cost?
Median Sold Price
$468,340
$247/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
The sold price of homes in Merritt Island has remained the same since last year.
Summary: The median home sold price in Merritt Island was $468,340 in May 2024, up 0.4% from last year, and the median price per square foot was $247.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $155K | $152K | -1.9% |
| 2 Bedrooms | $205K | $204.5K | -0.2% |
| 3 Bedrooms | $400K | $415K | +3.8% |
| 4 Bedrooms | $606.6K | $599.4K | -1.2% |
| 5+ Bedrooms | $775K | $920K | +18.7% |
Summary: Merritt Island housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.9%, 2 bedroom homes decreased by 0.2%, 3 bedroom homes increased by 3.8%, 4 bedroom homes decreased by 1.2%, and 5+ bedroom homes increased by 18.7%.
Median Sold Price Compared To Nearby Cities
| Cocoa Beach | $463.3K | $515K | +11.2% |
| Satellite Beach | $494.9K | $535K | +8.1% |
| Cocoa Beach-Cape Canaveral | $394.9K | $415.6K | +5.2% |
| Merritt Island | $466.3K | $468.3K | 0.4% |
Housing Supply in Merritt Island, FL
How many homes are available in Merritt Island, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 418 | 419 | 0.2% |
Summary: The Merritt Island real estate market had 419 homes for sale in May 2024, a 0.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 14 | 13 | -7.1% |
| 2 Bedrooms | 36 | 36 | 0.0% |
| 3 Bedrooms | 174 | 179 | +2.9% |
| 4 Bedrooms | 153 | 152 | -0.7% |
| 5+ Bedrooms | 41 | 39 | -4.9% |
Summary: The Merritt Island housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 7.1%, 2 bedroom homes remained the same, 3 bedroom homes increased by 2.9%, 4 bedroom homes decreased by 0.7%, and 5+ bedroom homes decreased by 4.9%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 89 | 95 | +6.7% |
Asking Price vs. Sold Price
65 Homes Were Sold
Under Asking
22 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Merritt Island, you may be able to get a good deal. 68.4% of homes here sold below asking price last month.
Summary: A total of 95 homes were sold or pending in Merritt Island in May 2024, up by 6.7% month-over-month. Of the 95 sold homes, 68% were sold under asking, 23% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 62 Days | 43 Days | -30.8% |
Summary: Homes in Merritt Island had an average of 43 days on market in May 2024, down by 30.8% compared to last year.
Breakdown of Home Sale Times
55 Homes Were Sold
Under 30 Days
25 Homes Were Sold
In 30 - 90 Days
15 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Merritt Island are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 95 homes were sold in Merritt Island; 58% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.
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© 2024 Miami Association of REALTORS®. All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange program of the MLS of the Miami Association of REALTORS®. All information is deemed reliable but not guaranteed by the MLS and should be independently verified. The MLS, this broker and their affiliates provide all content therein “AS IS” and without any warranty, express or implied. The information included in this listing is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This property is offered without respect to any protected classes in accordance with the law.
The data relating to real estate for sale on this website comes in part from the Southwest Florida Multiple Listing Service. The information being provided is for consumers` personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information has not been verified, is not guaranteed, and is subject to change. Real estate listings held by other brokerage firms other are marked with the IDX logo and detailed information about them includes the name of the listing brokers.