Is Kendall-Palmetto Bay, FL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Kendall-Palmetto Bay is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Kendall-Palmetto Bay was a Neutral Market.

Key Takeaway

Kendall-Palmetto Bay is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Kendall-Palmetto Bay, FL

How much do homes in Kendall-Palmetto Bay, FL cost?

Median Sold Price

$759,093

$405/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$60,493(+8.7%)

Key Takeaway

Homes in Kendall-Palmetto Bay have sold for 8.7% more than they did a year ago.

Summary: The median home sold price in Kendall-Palmetto Bay was $759,093 in February 2024, up 8.7% from last year, and the median price per square foot was $405.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $230K$260K
+13.0%
2 $296K$329.5K
+11.3%
3 $545K$616.6K
+13.1%
4 $1.0M$1.0M
-7.2%
5+ $2.5M$2.3M
-7.2%

Summary: Kendall-Palmetto Bay housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13%, 2 bedroom homes increased by 11.3%, 3 bedroom homes increased by 13.1%, 4 bedroom homes decreased by 7.2%, and 5+ bedroom homes decreased by 7.2%.

Median Sold Price Compared To Nearby Cities

South Miami
+10.7%
Kendall-Palmetto Bay
+8.7%
South Westside
+8.7%
Palmetto Bay
+7.1%
Pinecrest
+3.0%

Housing Supply in Kendall-Palmetto Bay, FL

How many homes are available in Kendall-Palmetto Bay, FL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
706789+11.8%

Summary: The Kendall-Palmetto Bay real estate market had 789 homes for sale in February 2024, a 11.8% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 4257
+35.7%
2 104124
+19.2%
3 149163
+9.4%
4 179187
+4.5%
5+ 232258
+11.2%

Summary: The Kendall-Palmetto Bay housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 35.7%, 2 bedroom homes increased by 19.2%, 3 bedroom homes increased by 9.4%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes increased by 11.2%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
9581-14.7%

Asking Price vs. Sold Price

56 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

17 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Kendall-Palmetto Bay, you may be able to get a good deal. 69.1% of homes here sold below asking price last month.

Summary: A total of 81 homes were sold or pending in Kendall-Palmetto Bay in February 2024, down by 14.7% month-over-month. Of the 81 sold homes, 69% were sold under asking, 10% were sold at asking, and 21% were sold over asking.

Days on Market for Kendall-Palmetto Bay, FL

How long does it take to sell a home in Kendall-Palmetto Bay, FL?

Average Sale Time

Feb 2023Feb 2024CHANGE
54 Days39 Days-27.6%

Summary: Homes in Kendall-Palmetto Bay had an average of 39 days on market in Feb 2024, down by 27.6% compared to last year.

Breakdown of Home Sale Times

49 Homes Were Sold
Under 30 Days

22 Homes Were Sold
In 30 - 90 Days

10 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Kendall-Palmetto Bay are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 81 homes were sold in Kendall-Palmetto Bay; 60% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

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