West Melbourne has the highest typical home value in the Palm Bay metro area at $374,036, according to a Stacker analysis of Zillow data. The city's 5-year price increase of 21.6% outpaces most other areas in the region. Nearby Melbourne follows closely with a typical home value of $359,960, showing a 25.3% increase over the past five years. Both cities are part of Brevard County's growing real estate market, which has seen significant price appreciation despite recent declines in some areas.
The median home value across the U.S. was $368,720 in May, according to Zillow. In Brevard County, home prices have risen steadily since 2018, though some cities are experiencing temporary dips. Cape Canaveral, for example, has a typical home value of $319,037 but saw a 3.2% drop in the past year. Palm Bay, meanwhile, has a typical home value of $305,746 with a 24.5% increase over five years.
Cocoa and Titusville also show strong long-term gains. Cocoa's typical home value of $299,792 reflects a 26% increase since 2018, while Titusville's $274,454 median price has risen 25% over the same period. Micco, the least expensive city in the analysis, has a typical home value of $212,940 but has seen a 3.6% decrease in the past year.
Mortgage rates have risen to 6.52% for 30-year fixed loans as of June 11, adding to the challenge of affordability. Despite this, Brevard County's real estate market remains competitive, with demand driven by the area's proximity to the Space Coast and growing job opportunities. Homebuyers continue to navigate a landscape where price trends vary significantly by location.