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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Merritt Island, FL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Merritt Island, FL Housing Market Trends

With 34,518 people, 13,687 houses or apartments, and a median cost of homes of $512,638, Merritt Island real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Merritt Island, accounting for 78.10% of the town's housing units. Other types of housing that are prevalent in Merritt Island include large apartment complexes or high rise apartments ( 14.83%), mobile homes or trailers ( 3.05%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.35%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Merritt Island. Owner-occupied housing accounts for 80.31% of Merritt Island's homes, and 72.59% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Merritt Island's housing was primarily built during this period, from the '40s through the '60s. A full 43.81% of the town's housing hails from this era. Other housing ages represented in Merritt Island include homes built between 1970-1999 ( 43.40%) and housing constructed between 2000 and later ( 12.17%).

Vacant housing appears to be an issue in Merritt Island. Fully 18.40% of the housing stock is classified as vacant. Left unchecked, vacant Merritt Island homes and apartments can be a drag on the real estate market, holding Merritt Island real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Merritt Island Home Appreciation Rates

In the last 10 years, Merritt Island has experienced some of the highest home appreciation rates of any community in the nation. Merritt Island real estate appreciated 151.80% over the last ten years, which is an average annual home appreciation rate of 9.67%, putting Merritt Island in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Merritt Island definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Merritt Island appreciation rates have trailed the rest of the nation. In the last twelve months, Merritt Island's appreciation rate has been 1.81%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Merritt Island were at -0.63%, which equates to an annual appreciation rate of -2.49%.

Notably, Merritt Island's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Florida, our data show that Merritt Island's latest annual appreciation rate is lower than 70% of the other cities and towns in Florida.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Merritt Island differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Merritt Island - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Merritt Island real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$512,638

Merritt Island, FL Home Prices
> $1,417,000
$1,063,001 - $1,417,000
$708,001 - $1,063,000
$566,001 - $708,000
$425,001 - $566,000
$283,001 - $425,000
$141,001 - $283,000
$71,001 - $141,000
$0 - $71,000
4.4%
4.4%
4.3%
4.3%
11.9%
11.9%
17.1%
17.1%
19.7%
19.7%
22.0%
22.0%
16.3%
16.3%
1.3%
1.3%
3.0%
3.0%
0% 100.0%
% of Homes
High

for Florida

Very High

for nation

Number of Homes And Apartments:

13,687

Merritt Island Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,702 / per month

Homeownership Rate

Owners
Renters
80.3%
80.3%
19.7%
19.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
18.4%
18.4%
81.6%
81.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
12.2%
12.2%
43.4%
43.4%
43.8%
43.8%
0.6%
0.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
78.1%
78.1%
1.6%
1.6%
2.3%
2.3%
14.8%
14.8%
3.0%
3.0%
0.1%
0.1%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.1%
1.1%
4.6%
4.6%
17.6%
17.6%
47.2%
47.2%
25.4%
25.4%
4.0%
4.0%
0% 100.0%
% of Homes