Is Palm Bay, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$330,000
$193/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Palm Bay was $330,000 in April 2024, down 1.5% from last year, and the median price per square foot was $193.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $132.5K | $140K | +5.7% |
2 Bedrooms | $210K | $215K | +2.4% |
3 Bedrooms | $307.3K | $308.1K | 0.3% |
4 Bedrooms | $357.7K | $349.6K | -2.3% |
5+ Bedrooms | $428.2K | $440.8K | +2.9% |
Summary: Palm Bay housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.7%, 2 bedroom homes increased by 2.4%, 3 bedroom homes increased by 0.3%, 4 bedroom homes decreased by 2.3%, and 5+ bedroom homes increased by 2.9%.
Median Sold Price Compared To Nearby Cities
Grant-Valkaria | $365.8K | $575K | +57.2% |
West Brevard | $519.5K | $569K | +9.5% |
Malabar | $550K | $585K | +6.4% |
West Melbourne | $408.7K | $430K | +5.2% |
Palm Bay | $334.8K | $330K | -1.5% |
Housing Supply in Palm Bay, FL
How many homes are available in Palm Bay, FL?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
1,604 | 1,716 | +7.0% |
Summary: The Palm Bay real estate market had 1,716 homes for sale in April 2024, a 7.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4 | 5 | +25.0% |
2 Bedrooms | 121 | 120 | -0.8% |
3 Bedrooms | 729 | 802 | +10.0% |
4 Bedrooms | 699 | 729 | +4.3% |
5+ Bedrooms | 51 | 60 | +17.6% |
Summary: The Palm Bay housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes decreased by 0.8%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 4.3%, and 5+ bedroom homes increased by 17.6%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
279 | 253 | -9.3% |
Asking Price vs. Sold Price
130 Homes Were Sold
Under Asking
94 Homes Were Sold
At Asking
29 Homes Were Sold
Over Asking
Summary: A total of 253 homes were sold or pending in Palm Bay in April 2024, down by 9.3% month-over-month. Of the 253 sold homes, 51% were sold under asking, 37% were sold at asking, and 11% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
52 Days | 65 Days | +24.1% |
Summary: Homes in Palm Bay had an average of 65 days on market in Apr 2024, up by 24.1% compared to last year.
Breakdown of Home Sale Times
114 Homes Were Sold
Under 30 Days
77 Homes Were Sold
In 30 - 90 Days
62 Homes Were Sold
Over 90 Days
Summary: During April 2024, 253 homes were sold in Palm Bay; 45% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.