Is Palmetto Bay, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Palmetto Bay has remained a Seller's Market.
Housing Prices in Palmetto Bay, FL
How much do homes in Palmetto Bay, FL cost?
Median Sold Price
$1,073,333
$441/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Palmetto Bay was $1,073,333 in March 2024, up 11.1% from last year, and the median price per square foot was $441.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $189K | $190K | 0.5% |
2 Bedrooms | $225K | $275K | +22.2% |
3 Bedrooms | $809K | $860K | +6.3% |
4 Bedrooms | $1.0M | $1.0M | +2.8% |
5+ Bedrooms | $1.2M | $1.5M | +20.6% |
Summary: Palmetto Bay housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.5%, 2 bedroom homes increased by 22.2%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 2.8%, and 5+ bedroom homes increased by 20.6%.
Median Sold Price Compared To Nearby Cities
Palmetto Bay | $966.1K | $1.0M | +11.1% |
Kendall-Palmetto Bay | $701.4K | $776.9K | +10.8% |
Princeton-Goulds | $459.5K | $500.3K | +8.9% |
Pinecrest | $2.0M | $2.1M | +7.5% |
Coral Gables | $1.0M | $1.0M | -2.7% |
Housing Supply in Palmetto Bay, FL
How many homes are available in Palmetto Bay, FL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
135 | 141 | +4.4% |
Summary: The Palmetto Bay real estate market had 141 homes for sale in March 2024, a 4.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 5 | 3 | -40.0% |
2 Bedrooms | 4 | 6 | +50.0% |
3 Bedrooms | 25 | 27 | +8.0% |
4 Bedrooms | 62 | 69 | +11.3% |
5+ Bedrooms | 39 | 36 | -7.7% |
Summary: The Palmetto Bay housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 40%, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 8%, 4 bedroom homes increased by 11.3%, and 5+ bedroom homes decreased by 7.7%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
23 | 27 | +17.4% |
Asking Price vs. Sold Price
22 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 27 homes were sold or pending in Palmetto Bay in March 2024, up by 17.4% month-over-month. Of the 27 sold homes, 81% were sold under asking, 4% were sold at asking, and 15% were sold over asking.
Days on Market for Palmetto Bay, FL
How long does it take to sell a home in Palmetto Bay, FL?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
88 Days | 76 Days | -13.2% |
Summary: Homes in Palmetto Bay had an average of 76 days on market in Mar 2024, down by 13.2% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Summary: During March 2024, 27 homes were sold in Palmetto Bay; 44% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 37% of homes were sold over 90 days.