Is Palmetto Bay, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
At the same time last year, Palmetto Bay was a Neutral Market.
Housing Prices in Palmetto Bay, FL
How much do homes in Palmetto Bay, FL cost?
Median Sold Price
$1,039,000
$436/sqft
Based on all homes sold in the last 12 months.
Difference Since February 2023
Summary: The median home sold price in Palmetto Bay was $1,039,000 in February 2024, up 7.1% from last year, and the median price per square foot was $436.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $188K | $190K | +1.1% |
2 Bedrooms | $230K | $285K | +23.9% |
3 Bedrooms | $820K | $820K | 0.0% |
4 Bedrooms | $1.0M | $1.0M | +1.9% |
5+ Bedrooms | $1.3M | $1.5M | +18.8% |
Summary: Palmetto Bay housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.1%, 2 bedroom homes increased by 23.9%, 3 bedroom homes did not change, 4 bedroom homes increased by 1.9%, and 5+ bedroom homes increased by 18.8%.
Median Sold Price Compared To Nearby Cities
Princeton-Goulds | $450.6K | $499.6K | +10.9% |
Kendall-Palmetto Bay | $698.6K | $759K | +8.7% |
Palmetto Bay | $970K | $1.0M | +7.1% |
Coral Gables | $1.0M | $1.1M | +3.1% |
Pinecrest | $2.0M | $2.0M | +3.0% |
Housing Supply in Palmetto Bay, FL
How many homes are available in Palmetto Bay, FL?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
137 | 143 | +4.4% |
Summary: The Palmetto Bay real estate market had 143 homes for sale in February 2024, a 4.4% increase compared to January 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 5 | +150.0% |
2 Bedrooms | 6 | 6 | 0.0% |
3 Bedrooms | 27 | 28 | +3.7% |
4 Bedrooms | 67 | 65 | -3.0% |
5+ Bedrooms | 35 | 39 | +11.4% |
Summary: The Palmetto Bay housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 150%, 2 bedroom homes remained the same, 3 bedroom homes increased by 3.7%, 4 bedroom homes decreased by 3%, and 5+ bedroom homes increased by 11.4%.
Number of Homes Sold
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
17 | 18 | +5.9% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 18 homes were sold or pending in Palmetto Bay in February 2024, up by 5.9% month-over-month. Of the 18 sold homes, 78% were sold under asking, 11% were sold at asking, and 11% 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
Feb 2023 | Feb 2024 | CHANGE |
---|---|---|
45 Days | 51 Days | +13.9% |
Summary: Homes in Palmetto Bay had an average of 51 days on market in Feb 2024, up by 13.9% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During February 2024, 18 homes were sold in Palmetto Bay; 50% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.