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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palmetto Bay is a seller's market

Buyer's
Market

Difference Since June 2021

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.

How much do homes in Palmetto Bay, FL cost?

Median Sold Price

$845,750

$344/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2021

+$170,750(+25.3%)

Key Takeaway

Homes in Palmetto Bay have sold for 25.3% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSJun 2021Jun 2022%
1 $150K$143.4K
-4.4%
2 $179.9K$221K
+22.8%
3 $550K$739K
+34.4%
4 $676.3K$870K
+28.6%
5+ $850K$1.1M
+35.3%

Median Sold Price Compared To Nearby Cities

Palmetto Bay
+25.3%
Cutler Bay
+21.9%
Coral Gables
+18.5%
Pinecrest
+8.9%
Kendall-Palmetto Bay
+6.8%

How many homes are available in Palmetto Bay, FL?

Number of Homes For Sale

May 2022Jun 2022%
122134+9.8%

Homes For Sale By Bedroom Count

# BEDSMay 2022Jun 2022%
1 11
0.0%
2 84
-50.0%
3 2828
0.0%
4 5767
+17.5%
5+ 2834
+21.4%

Number of Homes Sold

May 2022Jun 2022%
3629-19.4%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

17 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palmetto Bay, you could pay more than the asking price. 58.6% of homes here sold above asking price last month.

Average Sale Time

Jun 2021Jun 2022%
23 Days14 Days-37.0%

Breakdown of Home Sale Times

25 Homes Were Sold
Under 30 Days

3 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.

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

About Palmetto Bay, FL

There are 134 homes are for sale in Palmetto Bay, FL real estate market. Between May 2022 and June 2022, Palmetto Bay, FL real estate market has seen increase in the number of listings by 9.8%. In June 2022 median list price was $845,750 and the average listing age was 14 days. Between May 2022 and June 2022, listing prices of homes in this real estate market have seen the following changes: 1 bedroom properties became 4.4% more cheaper, prices of 2 bedrooms properties went up by 22.8%, 3 bedrooms properties prices increased by 34.4%, prices of 4 bedrooms properties went up by 28.6%, 5 bedrooms properties prices increased by 35.3%. The following changes in the number of homes for sale were observed in this housing market: the quantity of 1 bedroom homes have not changed, volume of 2 bedrooms homes went down by 50%, volume of 3 bedrooms homes stayed the same, volume of 4 bedrooms homes went up by 17.5%, 5 bedrooms homes became 21.4% more available. Palmetto Bay, FL housing market in June 2022 saw over 17 listings sold above listed price, more than 4 sold at listed price and over 8 sold below.

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