Market Overview
Home Prices in Melbourne, AR
The median home value in Melbourne, AR is $183,884 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 4.2% compared to a year ago and down 0.6% from two years prior.
Compared to the U.S. national median of $410,000, homes in Melbourne are priced55% below average.
Over the past five years, Melbourne home values have risen by approximately25.5%, reflecting strong long-term appreciation in this market.
Price History
Melbourne Home Price Trend
2020
$124,423
$124K
—
2021
$146,482
$146K
+17.7%
2022
$166,022
$166K
+13.3%
2023
$166,729
$167K
+0.4%
2024
$177,591
$178K
+6.5%
2025
$176,474
$176K
-0.6%
2026
$183,884
$184K
+4.2%
City Comparison
Melbourne vs. National Median
🏠 Melbourne
$183,884
National Median
$410,000
At $183,884, homes in Melbourne cost 55% below the national median of $410,000. This makes Melbourne a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Melbourne?
20% Down Payment
$36,777
on $183,884
Monthly P&I
$959/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,218/mo
incl. taxes & insurance
Income Needed
$48,720
gross annual (30% rule)
10% Down Option
$18,388
+ PMI applies
Loan Amount (20% dn)
$147,107
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Melbourne, AR?
The median home value in Melbourne is $183,884 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 4.2% year-over-year.
How much have home prices changed in Melbourne?
Over the past year, home values in Melbourne have increased by 4.2%. Over five years, prices have risen approximately 25.5%.
How much do I need to earn to buy a home in Melbourne?
To comfortably afford the median home price of $183,884 with a 20% down payment ($36,777) at today's rates (6.8%), you'd need a gross annual income of approximately $48,720. This assumes keeping total housing costs at or below 30% of gross income.
How does Melbourne compare to the national average home price?
The national median home value is approximately $410,000. At $183,884, homes in Melbourne are 55% below the national average.