Is Palm City, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Palm City was a Seller's Market.
Key Takeaway
Palm City is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Palm City, FL
How much do homes in Palm City, FL cost?
Median Sold Price
$650,000
$287/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Palm City have sold for 11.9% more than they did a year ago.
Summary: The median home sold price in Palm City was $650,000 in May 2024, up 11.9% from last year, and the median price per square foot was $287.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $180K | $185K | +2.8% |
| 2 Bedrooms | $350.5K | $325K | -7.3% |
| 3 Bedrooms | $550K | $587.7K | +6.9% |
| 4 Bedrooms | $875K | $962K | +9.9% |
| 5+ Bedrooms | $920K | $1.2M | +34.0% |
Summary: Palm City housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.8%, 2 bedroom homes decreased by 7.3%, 3 bedroom homes increased by 6.9%, 4 bedroom homes increased by 9.9%, and 5+ bedroom homes increased by 34%.
Median Sold Price Compared To Nearby Cities
| Indiantown | $580K | $705K | +21.6% |
| Stuart | $366.7K | $410.8K | +12.0% |
| Port Salerno-Hobe Sound | $448.6K | $502.6K | +12.0% |
| Palm City | $580.8K | $650K | +11.9% |
| Port Saint Lucie | $389.9K | $398.5K | +2.2% |
Housing Supply in Palm City, FL
How many homes are available in Palm City, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 221 | 245 | +10.9% |
Summary: The Palm City real estate market had 245 homes for sale in May 2024, a 10.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 45 | 43 | -4.4% |
| 3 Bedrooms | 93 | 104 | +11.8% |
| 4 Bedrooms | 54 | 63 | +16.7% |
| 5+ Bedrooms | 28 | 34 | +21.4% |
Summary: The Palm City housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 4.4%, 3 bedroom homes increased by 11.8%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 21.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 34 | 24 | -29.4% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Palm City, you may be able to get a good deal. 79.2% of homes here sold below asking price last month.
Summary: A total of 24 homes were sold or pending in Palm City in May 2024, down by 29.4% month-over-month. Of the 24 sold homes, 79% were sold under asking, 17% were sold at asking, and 4% were sold over asking.
Days on Market for Palm City, FL
How long does it take to sell a home in Palm City, FL?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 49 Days | 49 Days | +1.2% |
Summary: Homes in Palm City had an average of 49 days on market in May 2024, up by 1.2% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Palm City are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 24 homes were sold in Palm City; 58% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.
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