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Market Intelligence · FL / Melbourne

Melbourne, FL 32940 Housing Market

The typical home value in Melbourne, FL 32940 is $490,982, down 0.3% over the past year. The median list price stands at $499,499, with homes spending a median of 54 days on market as of September 2026.

Updated September 2026Median value$491K

The median home value in Melbourne, FL 32940 is $491K as of September 2026, down 0.3% year over year, according to Zillow ZHVI. For a read on your own home, start with a free consultation: a licensed local pro will walk you through your numbers and your options, with no obligation.

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Typical 32940 range

$452K to $530K

This is an automated estimate, not an appraisal. Actual value is determined by current market conditions and professional evaluation. It is provided for informational purposes only and is not an offer to buy or a promise of value.

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12-month value trend

-0.3% over 12 months

Typical home value in 32940 over the last 12 months: $492K in Sep 2025 to $491K in Sep 2026 (-0.3%).

Sep 2025$492K

Sep 2026$491K

The numbers

What is the 32940 housing market like?

Typical home value

$491K

Down0.3%YoY

Median list price

$499K

Up0.9%MoM

Days on market

54

Down8.5%MoM

Homes for sale

255

Down0.8%MoM

Price cuts

24.1%

Up14.9%MoM

New listings

110

Up31.0%MoM

Sources · Zillow ZHVI (September 2026) / Realtor.com (September 2026) / FRED (October 2026)

The outlook

32940 housing market forecast 2027

-0.4%

Zillow forecast, 12 months to September 2027

Zillow forecasts typical home values in 32940 to stay roughly flat by September 2027 (down 0.4%).

Over the 12 months through September 2026, typical home values in 32940 fell 0.3%, per the Zillow Home Value Index.

Will home prices drop in 32940?

Zillow's forecast does not point to a meaningful drop: it expects typical home values in 32940 to stay roughly flat by September 2027 (down 0.4%), after a 0.3% decline over the past 12 months. Forecasts are not guarantees: mortgage rates, inventory, and the wider economy can move values either way.

Forecast: Zillow Home Value Forecast, published October 2026. A forecast, not a guarantee.

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The comparison

How do 32940 home prices compare?

  • 32940$490,982
  • Melbourne$377,693
  • Florida$344,436
  • United States$285,347

Median Zillow home value (ZHVI), as of September 2026. Comparison levels are medians across every ZIP code with Zillow data (Melbourne: 5 ZIPs; Florida: 923 ZIPs; United States: 26,262 ZIPs).

Context

As of September 2026, there are 255 homes for sale in this ZIP code, with 110 new listings added recently. The median time to sell sits at 54 days, suggesting moderate buyer activity. Nearly a quarter of listings, 24.1%, have seen price reductions. With home values declining slightly and a meaningful share of sellers adjusting prices downward, this is a market where listing strategy and condition matter more than ever for sellers weighing their options.

Monthly payment

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20% · $98,196

Common questions

What people ask us.

What is the typical home value in 32940?

The typical home value in Melbourne, FL 32940 is $490,982, down 0.3% over the past year as of September 2026.

How many homes are currently listed for sale?

There are 255 homes for sale in 32940 as of September 2026, with 110 new listings added recently.

How long do homes typically stay on the market?

The median days on market is 54 as of September 2026.

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