Luxury waterfront on Merritt Island.
The biggest lots and highest prices on the island sit along South Tropical Trail, on the Indian River side.
South Tropical Trail
South Tropical Trail runs down the island's Indian River side, and it's where the estate lots are. The tax roll lists 632 homes with a South Tropical Trail address. The median lot is about three quarters of an acre, against a quarter acre for the island as a whole, and the typical home dates from 1986.
31 of those homes sold in 2025 and 2026, at a median of $1,460,000. The top quarter sold for $2,000,000 or more, and the highest was $3,725,000, which was also the highest sale on the island. Not every South Tropical Trail address is on the river, so check the parcel.
The other names that come up
Hacienda is small, 39 homes, with a median lot of a full acre. Sykes Cove has 203 homes, typically built in 1995, and 11 qualified sales in 2025 and 2026 at a median of $945,000.
Diana Shores and Catalina Isle are older neighborhoods, most homes from the 1960s. Diana Shores had 28 sales at a median of $665,000, and Catalina Isle had 29 at a median of $420,000. Within any of these, water frontage, and which water it is, moves the price a lot.
Before you write an offer on a big waterfront home
Check the flood zone and get an insurance quote. Citizens requires flood coverage on homes insured at $400,000 or more from 2026. Measure the bridge clearance to open water against your boat, and have the seawall looked at by a marine contractor.
Home counts, years and lot sizes come from the Florida DOR 2026 preliminary tax roll (single-family homes with a Merritt Island address). Sale prices are qualified sales recorded in 2025 and 2026. Not every home in a named neighborhood is on the water: check the parcel.
Questions we get.
Where are the most expensive homes on Merritt Island?
Along South Tropical Trail on the Indian River side. Homes there sold at a median of $1,460,000 in 2025 and 2026, with the island high at $3,725,000.
Own on the water?
Waterfront prices depend on frontage, depth and bridges. We price for all three.