Market Overview
Home Prices in Merritt Island, FL
The median home value in Merritt Island, FL is $436,289 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's down 0.7% compared to a year ago and down 3.9% from two years prior.
Compared to the U.S. national median of $410,000, homes in Merritt Island are priced6% above average. Merritt Island is part of the Palm Bay-Melbourne-Titusville, FL metro area.
Over the past five years, Merritt Island home values have risen by approximately21.7%, reflecting strong long-term appreciation in this market.
Price History
Merritt Island Home Price Trend
City Comparison
Merritt Island vs. National Median
At $436,289, homes in Merritt Island cost 6% above the national median of $410,000. Buyers in Merritt Island should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Merritt Island?
20% Down Payment
$87,258
on $436,289
Monthly P&I
$2,275/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,889/mo
incl. taxes & insurance
Income Needed
$115,560
gross annual (30% rule)
10% Down Option
$43,629
+ PMI applies
Loan Amount (20% dn)
$349,031
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 Merritt Island, FL?
The median home value in Merritt Island is $436,289 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's down 0.7% year-over-year.
How much have home prices changed in Merritt Island?
Over the past year, home values in Merritt Island have decreased by 0.7%. Over five years, prices have risen approximately 21.7%.
How much do I need to earn to buy a home in Merritt Island?
To comfortably afford the median home price of $436,289 with a 20% down payment ($87,258) at today's rates (6.8%), you'd need a gross annual income of approximately $115,560. This assumes keeping total housing costs at or below 30% of gross income.
How does Merritt Island compare to the national average home price?
The national median home value is approximately $410,000. At $436,289, homes in Merritt Island are 6% above the national average.
What metro area is Merritt Island part of?
Merritt Island is part of the Palm Bay-Melbourne-Titusville, FL metropolitan area. Home prices and market conditions can vary across the broader metro region.