Your Melbourne, FL, Real Estate Market Profile

Rocket to your dream home in the City of Melbourne, part of Florida’s Space Coast. The booming city isn’t just exploding with launches; it’s attractive to young professionals for its economic opportunities, retirees love its amenities and low cost of living, and everyone loves the fun Florida lifestyle. When buying a home in Melbourne, FL, you will not just be investing in real estate but also securing a lifestyle that is rich in experiences and opportunities.

Get to know more about Melbourne, FL, from its cost of living to a few of its top neighborhoods. Our profile will explore Melbourne’s real estate market and lifestyle.

About Melbourne, FL

Melbourne may be over a century old, but it is one of Florida’s youngest cities, with about 20% of its population identifying as millennials!

As the beating engine of Brevard County, Melbourne is an ideal combination of affordability and quality of life. It sits between I-95 and directly on the Indian River with a small oceanfront section between Indiatlantic Beach and Indian Harbour Beach. 

Thanks to mild temperatures year-round and access to some of the most stunning beaches in the country, it’s a top destination for kicking back in the warm Atlantic waters, playing golf, tennis, or appreciating the arts. The city matches its amenities with great schools, medical facilities, cultural activities, shopping malls, and restaurants. 

Known for the picturesque Eau Gallie Arts District, the city is an art enthusiast’s paradise, with the Foosaner Art Museum and King Performing Arts Center as top attractions. Its many art galleries inspire and delight district visitors. And if history captivates you, hunt no further than the Rossetter House Museum & Gardens. This beautifully restored period building takes you back to the 1900s.

That’s Melbourne, a thriving mix of past and present.

What is the cost of living in Melbourne, FL?

Florida’s cost of living tends to be slightly above the national average, thanks to all the prime waterfront real estate. But here’s the best part of living in Melbourne: it’s affordable! That’s based on Sperling’s Best Places Index, which scored it 6% under national costs and 9% under Florida’s costs.

Pretty much the only category where you’ll stretch your budget a little more is miscellaneous costs. That’s for entertainment expenses like touring Broadway shows and eating out, child care, and shopping. But housing was 5% less than the national median, and transportation was 7% under. Utilities, health care, and groceries were also under or near national spending rates.

Not so bad for an in-demand waterfront city in Florida. 

What are Melbourne home prices?

Melbourne has a strong housing market with attractive and affordable homes for different family sizes. Data from August 2023 placed the median list price home as $400,000, which was down 7.3% year-over-year. Prices ranged from $14,500 to $18.5 million, with 857 homes for sale. 

It’s not just retirees who are interested in buying homes in the Melbourne area. Young professionals and families want to take advantage of Melbourne’s great weather, beach access, and affordability. That’s why the market is a great mix of active adult living communities, condominiums, and single-family homes.

Are there any condos or townhomes available in Melbourne, FL?

If the maintenance-free lifestyle sounds appealing to you, Melbourne has a healthy selection of condo and townhome properties to meet your needs. In August 2023, the market had 130 listings in this category, from a studio condo of 455 sq ft for $100,000 to an oceanfront condo of 4,428 sq ft for $2.25 million.

Your options include new construction condos and townhomes, beachfront properties, Intracoastal, golf courses, and gated communities. Some do cater to the active adult with 55+ age restrictions, but many are open to anyone who craves a close-knit community packed with amenities or an affordable vacation retreat. 

Are there any waterfront properties found in Melbourne, FL?

You won’t be disappointed with the selection of waterfront homes, even if most of Melbourne isn’t coastal or beachfront. In August 2023, there were 218 listings for waterfront properties in Melbourne. That included beachfront, Intracoastal, or canal-backed properties. 

Prices for waterfront homes ranged from $65,000 to over $4.59 million in August 2023. They varied from mobile home park homes to single-family homes with expansive Indian River Lagoon views. Sometimes, there are even dock slips for sale! 

Are there golf course communities in Melbourne, FL? 

The public Harbor City Golf Course has several options for living near a golf course without a formal country club-styled community. The choices range from the condos of Fairways Four to the single-family homes of Harbour City. 

Indian River Colony Club is exclusively a 55+ military country-club community. What does “military” mean? It’s dedicated to those who served, with an 80/20 military-to-civilian ratio. The amenities are vast: a fine dining restaurant, fitness center, heated swimming pool, tennis courts, shuffleboard, and secure gated entrance. 

Crane Creek Reserve is another municipal course with nearby properties in Golf Club Estates. The added perk is the community is close to the Florida Institute of Technology (FIT).

What is the property tax rate for Melbourne, FL?

Melbourne falls under Brevard County, which administers the property valuation and tax collection process. Here, a mil represents $1 for every $1,000 of property valuation. Florida property taxes can be a little more challenging to figure out as homestead exemptions differ between county and school districts, plus discounts for paying taxes early. See our Florida tax guide.

The City of Melbourne charged 7.0159 mils in 2021 property taxes. Combined with all Brevard County’s levies, the special district levies, and Brevard County Schools, residents were taxed 18.0157 mils.

What county is Melbourne, FL in?

Welcome to Brevard County, part of Florida’s Space Coast, with Titusville to its north and Micco to its south. Included cities are Palm Bay, Merritt Island, Cocoa Beach, Rockledge, Indialantic, Port Canaveral, and West Melbourne. Rockets are launched from Kennedy Space Center on the county’s northern end.

The county is home to four national protected areas, from the Upper St. Johns Marsh Refuge to the Canaveral National Seashore. Plus, it has some of Florida’s most iconic beaches–Cocoa Beach and Satellite Beach–popular as surfing destinations. 

In addition to outdoor recreation, Brevard County has a reputation as a high-tech hub, as it is home to Patrick Air Force Base and Kennedy Space Center. 

Is Melbourne, FL growing?

Brevard County is one of Florida’s top ten counties by population, but its growth isn’t as explosive as some other areas. Census data placed its ten-year growth rate at 11.6%, below the Florida average of 14.6%.

Melbourne had just over 84,000 residents in the 2020 US Census and an estimated growth rate of 2.3%. According to the US Census Bureau, Melbourne grew 8.1% from 2010 to 2020. 

Top neighborhoods in Melbourne, FL

Melbourne has 35 neighborhoods plus even more sub-divisions and developments to search for homes. A local real estate agent can help pinpoint the right balance of amenities and price, but to get you started with your Melbourne home research, here are some popular communities: 

• Eau Gallie: With its waterfront views and arts district, the historic area beams with character and color. Surrounding the Square Park are restaurants, cafes, boutiques, galleries, and nightlife that complement the outdoor stage and green space. 
• Heritage Isles: This gated, 55+ living community features homes backing private lakes on spacious lots. It’s part of the larger Viera West master-planned development. 
• Ixora Park: Highly walkable Ixora Park is a quiet neighborhood of single-family homes close to the Melbourne-Orlando Airport, shopping centers, restaurants, and well-regarded public schools. 
• Lake Washington: A residential community known for its upscale properties lies on Melbourne’s west side, near I-85. This lake is one of the largest in southeast Florida, known for its excellent bass and crappie fishing.
• Wickham Forest: This deed-restricted community with a prime location to Melbourne attractions like the King Center and Eastern Florida State College. It is walkable to some schools and shopping. 

How is golf in Melbourne, FL?

The City of Melbourne operates two municipal golf courses for play, one in the north and south. Crane Creek Preserve is an 18-hole, par-72 golf course framed by mature oaks and pines. Harbor City Golf Course, formerly known as Mallard’s Landing, is an 18-hole course rated par-72 with a flat landscape. 

Melbourne has more golf courses in the area’s surrounding cities, like the Duran Golf Club and Indian River Colony Club North in Viera West, Suntree Country Club in Suntree, and Bayside Golf Links. Many of these are within a half-hour drive, which opens up your play options.

What areas are near Melbourne, FL?

Melbourne is surrounded by related but independent communities like West Melbourne, Melbourne Village, and Melbourne Beach. They feel part of the city but are independently governed suburbs. 

Across the Indian River Lagoon is one of Florida’s barrier islands. The A1A links iconic beachfront towns like Sebastian Beach, Indiatlantic, and Cocoa Beach. These towns are known for having better surfing waters for Florida. As an added note, the Patrick Space Force Base is at the island’s northern end. 

Keeping heading up the I-95 and to the north lies Port St. John, Cape Canaveral, and Titusville. This region is famous for NASA and launching the American space program. Go in the other direction, and you’ll reach Palm Bay, Sebastian Inlet State Park, and Vero Beach.

You can reach Orlando International Airport or Daytona Beach International Airport from Melbourne within an hour and a half. 

What are the top amenities in Melbourne, FL?

The Kennedy Space Center and beautiful beaches may get the press, but the whole of Brevard County excels for its outdoor activities, golf courses, dining options, and other recreational pursuits. By living in Melbourne, you gain access to the Florida outdoors with all you’d need for a well-rounded lifestyle: upscale and outlet shopping, indoor entertainment like theaters and trampoline parks, and excellent service providers in health care and education.

Some of the most popular amenities include:

Brevard Zoo: One of Florida’s top-rated zoos with around 200 native species and 900 animals total from around the world.

Indialantic Boardwalk: Take a walk or bike along the beach on this 3-mile stretch overlooking the ocean. 

Space Coast Stadium: Catch a minor-league baseball game here while enjoying local eats like hot dogs, popcorn, and cracker jacks. 

Sebastian Inlet State Park: A natural haven for fishing, camping, and boating. It’s a popular sea turtle nesting site, and the park takes protecting these endangered species seriously. 

Florida Institute of Technology: A prestigious university in Melbourne with engineering, aeronautics, and science programs.

Downtown Melbourne: Dating to the late 1800s, explore the many shops, 40-plus restaurants, and local businesses in a walkable waterfront urban district. There’s even free parking, kayak rentals, and a mural trail. 

Find your dream home in Melbourne, FL

As you can see, Melbourne is worth looking for those planning to buy or rent a Florida home. Keep your entire family fulfilled with this city’s exceptional access to outdoor pursuits, entertainment options, and activities. No matter which neighborhood you choose, Melbourne will go easy on your budget without sacrificing a high quality of life! So why not contact a local real estate agent to find the right Melbourne home for you?