Is Palm Bay, FL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palm Bay is a neutral's market

Buyer's
Market

Difference Since November 2021

At the same time last year, Palm Bay was a Seller's Market.

Key Takeaway

Palm Bay is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

How much do homes in Palm Bay, FL cost?

Median Sold Price

$312,445

$189/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2021

+$64,889(+26.2%)

Key Takeaway

Homes in Palm Bay have sold for 26.2% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSNov 2021Nov 2022%
1 $100K$120.5K
+20.5%
2 $154.9K$200K
+29.1%
3 $239.2K$298.3K
+24.7%
4 $280K$352.5K
+25.9%
5+ $341.9K$429.9K
+25.7%

Median Sold Price Compared To Nearby Cities

Palm Bay
+26.2%
West Brevard
+24.3%
West Melbourne
+18.3%
Grant-Valkaria
+9.7%

How many homes are available in Palm Bay, FL?

Number of Homes For Sale

Oct 2022Nov 2022%
1,2031,153-4.2%

Homes For Sale By Bedroom Count

# BEDSOct 2022Nov 2022%
1 12
+100.0%
2 7983
+5.1%
3 612564
-7.8%
4 463461
-0.4%
5+ 4843
-10.4%

Number of Homes Sold

Oct 2022Nov 2022%
250175-30.0%

Asking Price vs. Sold Price

77 Homes Were Sold
Under Asking

65 Homes Were Sold
At Asking

33 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palm Bay, you may be able to get a good deal. 44% of homes here sold below asking price last month.

Average Sale Time

Nov 2021Nov 2022%
33 Days45 Days+38.4%

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

13 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Palm Bay has remained consistent over time.

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

About Palm Bay, FL

Number of homes for sale in Palm Bay, FL real estate market have reached 1,153. Between October 2022 and November 2022, Palm Bay, FL real estate market has seen decrease in the number of listings by 4.2%. The median list price of listings available in November 2022 was $312,445, while the average time on the real estate market was 45 days. Real estate listing prices changed between October 2022 and November 2022: prices of 1 bedroom properties went up by 20.5%, 2 bedrooms properties prices increased by 29.1%, 3 bedrooms properties prices increased by 24.7%, prices of 4 bedrooms properties went up by 25.9%, the cost of 5 bedrooms properties went up by 25.7%. This housing market inventory have changed: 1 bedroom homes became 100% more available, the quantity of 2 bedrooms homes went up by 5.1%, 3 bedrooms homes became 7.8% less available, 4 bedrooms homes inventory decreased by 0.4%, 5 bedrooms homes inventory decreased by 10.4%. In November 2022 more than 33 listings in Palm Bay, FL were sold above the asking price. During the same period more than 65 listings were sold at asking price, while more than 77 were sold below.

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