It goes without saying that the coronavirus pandemic sparked a wave of uncertainty across myriad industries, and no other market has quite felt its impact like that of real estate.
The pandemic became a driving force behind the continued real estate boom, with high demand for vacation homes and a limited supply of housing that prompted buyers and investors to bid up prices for affordable properties, causing home prices to skyrocket. Since then, increasing mortgage rates have slowed growth, with prices even declining in some places. But some areas are still seeing price jumps compared to the year before.
compiled a list of cities with the fastest-growing home prices in the Palm Bay-Melbourne-Titusville, FL metro area using data from . Cities are ranked by 1-year price change as of May 2023. The typical home value in the United States increased over the last year by 0.9% to $346,856. All 19 cities and towns with data available were included in the list.
You may also like: Highest-rated dessert shops in the Palm Bay area by diners
#19. Grant-Valkaria, FL
- 1-year price change: -$2,265 (-0.4%)
- 5-year price change: +$208,711 (+58.1%)
- Typical home value: $567,893 (#3 most expensive city in metro)
#18. Melbourne Village, FL
- 1-year price change: -$808 (-0.2%)
- 5-year price change: +$134,778 (+47.2%)
- Typical home value: $420,241 (#9 most expensive city in metro)
#17. Palm Bay, FL
- 1-year price change: +$1,946 (+0.6%)
- 5-year price change: +$116,894 (+59.8%)
- Typical home value: $312,236 (#16 most expensive city in metro)
#16. Palm Shores, FL
- 1-year price change: +$3,212 (+0.8%)
- 5-year price change: +$129,769 (+44.8%)
- Typical home value: $419,113 (#10 most expensive city in metro)
#14. Satellite Beach, FL
- 1-year price change: +$5,669 (+1.1%)
- 5-year price change: +$194,320 (+57.6%)
- Typical home value: $531,783 (#4 most expensive city in metro)
#13. West Melbourne, FL
- 1-year price change: +$6,118 (+1.5%)
- 5-year price change: +$142,076 (+53.6%)
- Typical home value: $406,933 (#11 most expensive city in metro)
#12. Titusville, FL
- 1-year price change: +$6,425 (+2.3%)
- 5-year price change: +$115,395 (+69.9%)
- Typical home value: $280,371 (#18 most expensive city in metro)
#11. Cocoa, FL
- 1-year price change: +$8,252 (+2.8%)
- 5-year price change: +$123,854 (+69.8%)
- Typical home value: $301,304 (#17 most expensive city in metro)
#9. Merritt Island, FL
- 1-year price change: +$9,076 (+2.1%)
- 5-year price change: +$158,477 (+55.1%)
- Typical home value: $445,851 (#8 most expensive city in metro)
#8. Mims, FL
- 1-year price change: +$9,105 (+2.5%)
- 5-year price change: +$156,942 (+71.2%)
- Typical home value: $377,225 (#13 most expensive city in metro)
#7. Indialantic, FL
- 1-year price change: +$10,097 (+1.5%)
- 5-year price change: +$232,370 (+51.3%)
- Typical home value: $684,981 (#1 most expensive city in metro)
#6. Malabar, FL
- 1-year price change: +$11,938 (+2.3%)
- 5-year price change: +$183,196 (+52.9%)
- Typical home value: $529,456 (#5 most expensive city in metro)
#4. Micco, FL
- 1-year price change: +$12,296 (+5.4%)
- 5-year price change: +$105,294 (+78.0%)
- Typical home value: $240,262 (#19 most expensive city in metro)
#3. Melbourne Beach, FL
- 1-year price change: +$14,246 (+2.3%)
- 5-year price change: +$241,058 (+63.1%)
- Typical home value: $623,314 (#2 most expensive city in metro)
#2. Indian Harbour Beach, FL
- 1-year price change: +$15,008 (+3.2%)
- 5-year price change: +$179,791 (+58.5%)
- Typical home value: $486,904 (#7 most expensive city in metro)
#1. Cocoa Beach, FL
- 1-year price change: +$15,780 (+3.2%)
- 5-year price change: +$182,068 (+56.8%)
- Typical home value: $502,755 (#6 most expensive city in metro)
