Property Makler
Advanced analytics for residential real estate investing

Palm Bay-Melbourne-Titusville, FL housing market

Housing market indicators

Indicator	2022	2023	2024	2025*	2022	2023	2024	YTD
Median Listing Price per Square Feet	$221	$233	$234	$226	5.7%	5.4%	0.4%	-3.4%
Active Listing Count	2,370	3,073	3,992	4,089	117.6%	29.7%	29.9%	2.4%
Median Days on Market	59	60	75	75	0%	1.7%	25%	0%
Share of listings with price increase	1.5%	2.1%	1.4%	1.1%
Share of listings with price decrease	14.6%	19.8%	23.9%	25.3%

* last available value

Note: 12M MA - 12 months moving average, Permits - New Private Housing Structures Authorized by Building Permits. Source: FRED

The Palm Bay-Melbourne-Titusville Metropolitan Statistical Area (MSA) in Brevard County, Florida, encompasses approximately 1,015 square miles with a 2024 population of 658,447, reflecting 1.9% annual growth from 2020.
Key cities include Palm Bay (largest, pop. 147,486 in 2025), Melbourne (central hub), and Titusville (northern anchor); the MSA is defined by the Office of Management and Budget as a single county entity focused on the Space Coast along the Atlantic.
Geographic regions: Northern (Titusville, near Kennedy Space Center), Central (Melbourne, Eau Gallie), Southern (Palm Bay, growing suburbs).

Area	City/Town	Population	Density	Income	Quality of Schools	Crime Level	Property Tax (%)	Comments
Northern	Titusville	50,148	1,716/sq mi	Median	GreatSchools 4-8	Moderate	0.9%	Proximity to Kennedy Space Center drives aerospace jobs; older housing stock.
Central	Melbourne	87,000	2,500/sq mi	Above Median	GreatSchools 5-9	Low-Moderate	1.0%	Commercial core with Florida Tech university; balanced urban-suburban mix.
Central	Eau Gallie	35,000	3,000/sq mi	Median	GreatSchools 6-8	Moderate	1.0%	Waterfront area within Melbourne; arts district appeal.
Southern	Palm Bay	147,486	2,200/sq mi	Low-Median	GreatSchools 3-7	Moderate-High	0.8%	Fastest-growing city; affordable entry-level homes but infrastructure lags.
Southern	Malabar	3,000	500/sq mi	Low	GreatSchools 4-6	Low	0.8%	Rural outskirts; large lot zoning attracts families seeking space.

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Median household income reached $75,817 in 2023, up 6.32% from 2022; per capita income averages $45,000 across MSA.
Income distribution: 25% households below $50,000, 30% above $100,000; Palm Bay lags at lower quartile, Melbourne higher.
Education: 32% hold bachelor's degree or higher (2023 ACS); 92% high school graduate rate; Florida Tech and Eastern Florida State College boost STEM attainment.
Median age 46.8 years; 27% over 65, driving retiree influx with associate degrees common in technical fields.
Racial demographics: 72% White, 9% Black, 11% multiracial, 3% Asian; Hispanic 11% of total.

Aerospace and defense dominate with 25% employment; Kennedy Space Center and SpaceX operations anchor 40,000 jobs.
Healthcare employs 15%, led by Health First network with 12,000 staff; aging population fuels growth.
Manufacturing (avionics, composites) at 12%; tourism and retail add 18% via beaches and space attractions.
Professional services and tech (10%); retail trade supports 45,000 roles in strip malls and outlets.
Government (federal/state) 8%, tied to military bases like Patrick Space Force Base.

Zoning openness moderate: Brevard County allows density up to 8 units/acre in urban zones, but single-family dominates 70% new builds.
Regulatory strictness average: Permitting timelines 90-120 days; flood zone rules (FEMA) add 20% to coastal costs.
Construction workforce cost rising: Labor shortages post-2022 hurricane season push wages 15% higher; median builder cost $180/sq ft.
Land availability high in south Palm Bay (10,000+ acres undeveloped); infrastructure bonds fund roads/sewers.
New permits averaged 3,500/year 2022-2024, constrained by impact fees ($15,000/single-family lot).

Net migration +18,000 annually 2021-2024; retirees from Northeast (NY, PA) 40% of inflows, young professionals 25%.
Growing industries: Aerospace expansion (SpaceX Starbase plans add 5,000 jobs); healthcare demand up 12% from seniors.
Remote work influx post-COVID: +10% households from tech migrants seeking low costs vs. Orlando.
Declining: Traditional manufacturing flat; tourism seasonal dips reduce winter demand.
Median home price $375,000 (2024), up 8% YoY; inventory 3.5 months signals seller's market.

Affordability gap: Home prices rose 45% since 2020, outpacing income growth; 35% residents cost-burdened (>30% income on housing).
Insurance crisis: Hurricane exposure triples premiums to $4,500/year average; 15% policies non-renewed in 2024.
Inventory shortage: Only 4,200 active listings for 658k population; new construction 20% below demand.
Flood and sea-level risks: 30% properties in 100-year flood zones; Titusville evacuation zones deter buyers.
Labor and material costs: Tariffs and shortages delay 25% of projects; HOA restrictions limit ADUs.
Infrastructure lag in Palm Bay: Schools overcrowded, roads congested despite growth.

Area	Appreciation Potential	Risk	Key Drivers
Northern (Titusville)	Medium	Medium	Space industry stability; aging homes cap upside; flood risk high.
Central (Melbourne)	High	Low	University proximity, commercial growth; rental demand strong; lower flood exposure.
Southern (Palm Bay)	High	High	Rapid population boom, land supply; crime/infra risks; 10-12% annual appreciation forecast.
Waterfront (Indian Harbour Beach)	Medium-High	High	Luxury appeal, tourism; insurance volatility; erosion threats.
Western Suburbs (Viera)	High	Low-Medium	Master-planned, healthcare/jobs hub; family migration; steady 8% YoY gains.