The story of this market
The typical home in ZIP 32940 sells for about $465,000, or $221 per square foot.
Prices are down 8.82% from a year ago, which gives buyers more room to negotiate. Homes take about 68 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $2,044 a month.
ZIP 32940 — Melbourne
The 32940 housing market is currently experiencing a period of price correction with a median sale price of $465,000, reflecting a year-over-year decline of 8.82%. Despite this, the market remains competitive with steady rental demand and a balanced inventory of 487 active listings. The area's strong economic foundation in the aerospace sector continues to support long-term stability for residents.
This ZIP is well-suited for families and professionals working in the aerospace and technology sectors who value suburban amenities and proximity to the coast.
Median prices moved down 8.8% year over year.
Homes spend a median of 68 days on market with 3.4 months of supply — a fast-moving market.
35% of listings have cut prices · homes sell at 98% of asking — demand is holding steady.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 3.7% · poverty 3.7% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.6%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net influx — more people moved in than out
ZCTA 32940, Brevard County FL
The area is served by the Brevard Public Schools district, which generally maintains a positive reputation for academic performance within the region.
The region is subject to hurricane and tropical storm risks common to the Florida coast, necessitating standard wind and flood insurance coverage.
The area benefits from proximity to the Melbourne aerospace and technology corridor, with ongoing residential development and infrastructure support.
Property taxes are assessed by Brevard County based on millage rates set by local taxing authorities, with homestead exemptions available for primary residences.
Residents primarily commute via I-95 and US-1 toward major employment hubs in Melbourne and the Space Coast aerospace industry.
The area features access to local parks, golf courses, and proximity to the Indian River Lagoon for water-based recreation and shopping centers.
The rental market shows steady demand with a 4.17% year-over-year rent increase, reflecting a competitive environment for tenants.
The economy is anchored by the aerospace, defense, and technology industries, with major employers including Northrop Grumman and L3Harris.
The area is served by major highway corridors including I-95 and US-1, facilitating regional connectivity.
Ongoing residential and mixed-use development continues to expand the suburban footprint of the Melbourne area.
The Brevard County Property Appraiser manages assessments based on market value and state-mandated exemptions.
Parcels are subject to Brevard County school and municipal tax districts.
Property insurance premiums remain elevated due to regional hurricane exposure and market-wide Florida insurance trends.
Data retrieved from US Census Bureau ACS tables for ZCTA 32940.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
- Golf N Gator4.516.5 mi
- Urban Air Trampoline and Adventure Park4.14.8 mi
- Chuck E. Cheese4.39.8 mi
- Sky Zone Trampoline Park4.57.8 mi
- Sky Zone Trampoline Park4.314.1 mi
- USSSA Space Coast Complex4.45 mi
- Grills Seafood Deck & Tiki Bar4.517.9 mi
- Grills Riverside Seafood Deck & Tiki Bar4.47.6 mi
- The Shack Riverfront Restaurant & Outback Tiki Bar!4.518.2 mi
- Route 7 Karting & Entertainment4.57.2 mi
- Brevard Zoo4.74.9 mi
- Wickham Park4.78 mi
- AMC Avenue 163.94.8 mi
- Route 7 Karting & Entertainment4.57.2 mi
- Premiere Theaters Oaks 104.611.4 mi
- The Wizard of Oz Museum & Van Gogh4.915.4 mi
- American Muscle Car Museum4.78.4 mi
- The Dinosaur Store4.415.4 mi
- Sands Space History Center4.818.8 mi
- Brevard Museum of History & Natural Science4.813.1 mi
- Wickham Park4.78 mi
- Viera Regional Park4.55.1 mi
- Cocoa Riverfront Park4.711.4 mi
- Pelican Beach Park4.612.4 mi
- Max K. Rodes Park4.711.4 mi
- Eau Gallie Yacht Club4.612 mi
- Marker 24 Marina4.612.1 mi
- Harbortown Marina - Canaveral4.615.8 mi
- Cape Marina4.517.4 mi
- Sunrise Fish Dive Surf4.517.9 mi
- Duran Golf Club44.1 mi
- Cocoa Beach Country Club4.112.2 mi
- Baytree National Golf Links3.74.9 mi
- Rockledge Country Club4.39.8 mi
- Crane Creek Reserve3.912.8 mi
- Melbourne Square4.211.7 mi
- Renningers Flea and Farmers Market4.37.6 mi
- The Avenue Viera4.54.9 mi
- Publix Super Market at Windover Square4.511.5 mi
- Merritt Square Mall3.912.4 mi
- Melbourne Orlando International Airport4.511 mi
- NASA Shuttle Landing Facility4.729.3 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Major estuary providing recreational boating and fishing opportunities.
Regional anchor attraction located in the vicinity.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.