$10,000 Closing Credit*
$1,139,000
2,430 SqFt
4 Beds
•2 Full Baths
Mary Wilburn, Listing Office: BHHS EWM Realty
Is Palmetto 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, Palmetto Bay was a Seller's Market.
Key Takeaway
Palmetto Bay is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Palmetto Bay, FL
How much do homes in Palmetto Bay, FL cost?
Median Sold Price
$1,050,000
$444/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$25,000(+2.4%)
Key Takeaway
Homes in Palmetto Bay have sold for 2.4% more than they did a year ago.
Summary: The median home sold price in Palmetto Bay was $1,050,000 in October 2024, up 2.4% from last year, and the median price per square foot was $444.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $192.5K | $190K | -1.3% |
| 2 Bedrooms | $270K | $297K | +10.0% |
| 3 Bedrooms | $799.9K | $844.5K | +5.6% |
| 4 Bedrooms | $1.0M | $1.0M | +1.2% |
| 5+ Bedrooms | $1.4M | $1.3M | -8.4% |
Summary: Palmetto Bay housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.3%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 5.6%, 4 bedroom homes increased by 1.2%, and 5+ bedroom homes decreased by 8.4%.
Median Sold Price Compared To Nearby Cities
| Coral Gables | $1.1M | $1.2M | +16.4% |
| Princeton-Goulds | $481.3K | $530K | +10.1% |
| Kendall-Palmetto Bay | $744.6K | $779.6K | +4.7% |
| Palmetto Bay | $1.0M | $1.0M | +2.4% |
| Pinecrest | $2.2M | $2.0M | -5.7% |
Housing Supply in Palmetto Bay, FL
How many homes are available in Palmetto Bay, FL?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 172 | 190 | +10.5% |
Summary: The Palmetto Bay real estate market had 190 homes for sale in October 2024, a 10.5% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 12 | 13 | +8.3% |
| 3 Bedrooms | 35 | 33 | -5.7% |
| 4 Bedrooms | 83 | 95 | +14.5% |
| 5+ Bedrooms | 41 | 47 | +14.6% |
Summary: The Palmetto Bay housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 8.3%, 3 bedroom homes decreased by 5.7%, 4 bedroom homes increased by 14.5%, and 5+ bedroom homes increased by 14.6%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 23 | 24 | +4.3% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Palmetto Bay, you may be able to get a good deal. 58.3% of homes here sold below asking price last month.
Summary: A total of 24 homes were sold or pending in Palmetto Bay in October 2024, up by 4.3% month-over-month. Of the 24 sold homes, 58% were sold under asking, 29% were sold at asking, and 13% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 69 Days | 45 Days | -33.7% |
Summary: Homes in Palmetto Bay had an average of 45 days on market in Oct 2024, down by 33.7% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Palmetto Bay are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 24 homes were sold in Palmetto Bay; 54% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.
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