$3,361 Closing Credit*
$283,000
1,212 SqFt
3 Beds
•2 Full Baths
#1029904, Marlena Wassel, Laurie Jackim, Listing Office: Real Estate Solutions Brevard
Is Palm Bay, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Palm Bay was a Seller's Market.
Key Takeaway
Palm Bay is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
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 October 2023
-$3,011(-0.9%)
Key Takeaway
Homes in Palm Bay have sold for 0.9% less than they did a year ago.
Summary: The median home sold price in Palm Bay was $330,000 in October 2024, down 0.9% from last year, and the median price per square foot was $193.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $145K | $131.7K | -9.1% |
| 2 Bedrooms | $213.5K | $220.6K | +3.4% |
| 3 Bedrooms | $306K | $307.5K | 0.5% |
| 4 Bedrooms | $350K | $355.2K | +1.5% |
| 5+ Bedrooms | $432.5K | $416.2K | -3.8% |
Summary: Palm Bay housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 9.1%, 2 bedroom homes increased by 3.4%, 3 bedroom homes increased by 0.5%, 4 bedroom homes increased by 1.5%, and 5+ bedroom homes decreased by 3.8%.
Median Sold Price Compared To Nearby Cities
| Grant-Valkaria | $350.7K | $407.4K | +16.2% |
| West Brevard | $496.9K | $538.4K | +8.3% |
| West Melbourne | $404.3K | $405.6K | 0.3% |
| Palm Bay | $333K | $330K | -0.9% |
Housing Supply in Palm Bay, FL
How many homes are available in Palm Bay, FL?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 1,643 | 1,671 | +1.7% |
Summary: The Palm Bay real estate market had 1,671 homes for sale in October 2024, a 1.7% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 4 | +33.3% |
| 2 Bedrooms | 128 | 129 | +0.8% |
| 3 Bedrooms | 780 | 789 | +1.2% |
| 4 Bedrooms | 674 | 693 | +2.8% |
| 5+ Bedrooms | 58 | 56 | -3.4% |
Summary: The Palm Bay housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 0.8%, 3 bedroom homes increased by 1.2%, 4 bedroom homes increased by 2.8%, and 5+ bedroom homes decreased by 3.4%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 251 | 190 | -24.3% |
Asking Price vs. Sold Price
85 Homes Were Sold
Under Asking
77 Homes Were Sold
At Asking
28 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Palm Bay, you may be able to get a good deal. 44.7% of homes here sold below asking price last month.
Summary: A total of 190 homes were sold or pending in Palm Bay in October 2024, down by 24.3% month-over-month. Of the 190 sold homes, 45% were sold under asking, 41% were sold at asking, and 15% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 60 Days | 64 Days | +7.0% |
Summary: Homes in Palm Bay had an average of 64 days on market in Oct 2024, up by 7% compared to last year.
Breakdown of Home Sale Times
78 Homes Were Sold
Under 30 Days
56 Homes Were Sold
In 30 - 90 Days
56 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Palm Bay are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 190 homes were sold in Palm Bay; 41% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 29% of homes were sold over 90 days.
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© 2024 Miami Association of REALTORS®. All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange program of the MLS of the Miami Association of REALTORS®. All information is deemed reliable but not guaranteed by the MLS and should be independently verified. The MLS, this broker and their affiliates provide all content therein “AS IS” and without any warranty, express or implied. The information included in this listing is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This property is offered without respect to any protected classes in accordance with the law.