Home prices in the Palm Bay metro area have cooled slightly in 2023, but long-term trends show some communities have seen substantial gains. According to Zillow data compiled by Stacker, typical home values in the region fell by 1.6% year-over-year in July, though five-year growth rates remain strong in several cities. The U.S. median home value was $371,757 in July, up 1.1% from 2022, but rising mortgage rates have tempered growth in some parts of the Space Coast.
Melbourne Beach saw the largest five-year price increase, with home values rising $131,533 (27.1%) since 2018. The city’s typical home now costs $616,740, making it the second most expensive in the metro area. Just north of Cocoa, Palm Shores has experienced the fastest growth over the past five years, with home values jumping $86,240 (23.4%) to $455,434. That places it eighth in the region’s most expensive cities.
Palm Bay and Cape Canaveral both posted 2.2% declines in 2023, but have still seen gains over the past five years. Palm Bay’s typical home value rose $48,909 (19.0%) to $305,804, while Cape Canaveral’s increased $36,461 (13.0%) to $316,841. West Melbourne’s home prices fell 1.6% in 2023 but have climbed 15.8% over five years to $374,472.
Micco, a small community near Titusville, posted a 10.9% increase over five years but saw a 2.0% drop in 2023. The city’s typical home now costs $248,976. In Melbourne, home values fell 1.6% in 2023 but remain 20.0% higher than in 2018, with the median home now priced at $360,012. Local real estate agents say inventory remains tight, though slower growth has made the market more balanced than during the pandemic.