Is Palm Bay, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Palm Bay was a Seller's Market.
Housing Prices in Palm Bay, FL
How much do homes in Palm Bay, FL cost?
Median Sold Price
$329,999
$193/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Palm Bay was $329,999 in March 2024, down 0.7% from last year, and the median price per square foot was $193.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $132.5K | $140K | +5.7% |
2 Bedrooms | $206.9K | $218K | +5.3% |
3 Bedrooms | $307K | $307.6K | 0.2% |
4 Bedrooms | $357.5K | $349.8K | -2.1% |
5+ Bedrooms | $427.8K | $440K | +2.9% |
Summary: Palm Bay housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.7%, 2 bedroom homes increased by 5.3%, 3 bedroom homes increased by 0.2%, 4 bedroom homes decreased by 2.1%, and 5+ bedroom homes increased by 2.9%.
Median Sold Price Compared To Nearby Cities
Grant-Valkaria | $366.8K | $567.5K | +54.7% |
West Brevard | $522.5K | $571.8K | +9.4% |
West Melbourne | $400K | $429.2K | +7.3% |
Malabar | $565K | $565K | 0.0% |
Palm Bay | $332.2K | $329.9K | -0.7% |
Housing Supply in Palm Bay, FL
How many homes are available in Palm Bay, FL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
1,494 | 1,621 | +8.5% |
Summary: The Palm Bay real estate market had 1,621 homes for sale in March 2024, a 8.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 4 | +100.0% |
2 Bedrooms | 112 | 123 | +9.8% |
3 Bedrooms | 673 | 732 | +8.8% |
4 Bedrooms | 659 | 710 | +7.7% |
5+ Bedrooms | 48 | 52 | +8.3% |
Summary: The Palm Bay housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 9.8%, 3 bedroom homes increased by 8.8%, 4 bedroom homes increased by 7.7%, and 5+ bedroom homes increased by 8.3%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
224 | 251 | +12.1% |
Asking Price vs. Sold Price
140 Homes Were Sold
Under Asking
86 Homes Were Sold
At Asking
25 Homes Were Sold
Over Asking
Summary: A total of 251 homes were sold or pending in Palm Bay in March 2024, up by 12.1% month-over-month. Of the 251 sold homes, 56% were sold under asking, 34% were sold at asking, and 10% were sold over asking.
Days on Market for Palm Bay, FL
How long does it take to sell a home in Palm Bay, FL?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
64 Days | 67 Days | +4.3% |
Summary: Homes in Palm Bay had an average of 67 days on market in Mar 2024, up by 4.3% compared to last year.
Breakdown of Home Sale Times
94 Homes Were Sold
Under 30 Days
81 Homes Were Sold
In 30 - 90 Days
76 Homes Were Sold
Over 90 Days
Summary: During March 2024, 251 homes were sold in Palm Bay; 37% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 30% of homes were sold over 90 days.