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

Housing Market Conditions



Gauge showing Palmetto Bay is a seller's market


Difference Since August 2022

Since last year, Palmetto Bay has remained a Seller's Market.

Key Takeaway

Palmetto Bay is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices

How much do homes in Palmetto Bay, FL cost?

Median Sold Price



Based on all homes sold in the last 12 months.

Difference Since August 2022


Key Takeaway

Homes in Palmetto Bay have sold for 14.3% more than they did a year ago.

Summary: The median home sold price in Palmetto Bay was $999,966 in August 2023, up 14.3% from last year, and the median price per square foot was $414.

Median Sold Price By Bedroom Count

# BEDSAug 2022Aug 2023CHANGE
1 $155K$192.5K
2 $225K$260K
3 $778.2K$775K
4 $955.7K$1.0M
5+ $1.1M$1.4M

Summary: Palmetto Bay housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes increased by 24.2%, 2 bedroom homes increased by 15.6%, 3 bedroom homes decreased by 0.4%, 4 bedroom homes increased by 9.9%, and 5+ bedroom homes increased by 19.5%.

Median Sold Price Compared To Nearby Cities

Palmetto Bay
Coral Gables
Kendall-Palmetto Bay

Housing Supply

How many homes are available in Palmetto Bay, FL?

Number of Homes For Sale

Jul 2023Aug 2023CHANGE

Summary: The Palmetto Bay real estate market had 121 homes for sale in August 2023, a 2.5% increase compared to July 2023.

Homes For Sale By Bedroom Count

# BEDSJul 2023Aug 2023CHANGE
1 01
2 56
3 2425
4 6256
5+ 2733

Summary: The Palmetto Bay housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 20%, 3 bedroom homes increased by 4.2%, 4 bedroom homes decreased by 9.7%, and 5+ bedroom homes increased by 22.2%.

Number of Homes Sold

Jul 2023Aug 2023CHANGE

Asking Price vs. Sold Price

13 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palmetto Bay, you may be able to get a good deal. 61.9% of homes here sold below asking price last month.

Summary: A total of 21 homes were sold or pending in Palmetto Bay in August 2023, down by 25.0% month-over-month. Of the 21 sold homes, 62% were sold under asking, 14% were sold at asking, and 24% were sold over asking.

Days on Market

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

Average Sale Time

Aug 2022Aug 2023CHANGE
25 Days27 Days+9.2%

Summary: Homes in Palmetto Bay had an average of 27 days on market in Aug 2023, up by 9.2% compared to last year.

Breakdown of Home Sale Times

15 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During August 2023, 21 homes were sold in Palmetto Bay; 71% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 5% 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 30 Days Ago

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Nearby Markets

What housing markets are near Palmetto Bay, FL?