$10,000 Closing Credit*
$1,385,000
2,698 SqFt
5 Beds
•4 Full Baths
Peggi Gonzalez, Listing Office: Biscayne Capital Real Estate
Is Palmetto Bay, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, Palmetto Bay was a Seller's Market.
Key Takeaway
Palmetto Bay is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Palmetto Bay, FL
How much do homes in Palmetto Bay, FL cost?
Median Sold Price
$1,011,000
$437/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$18,833(-1.8%)
Key Takeaway
Homes in Palmetto Bay have sold for 1.8% less than they did a year ago.
Summary: The median home sold price in Palmetto Bay was $1,011,000 in November 2024, down 1.8% from last year, and the median price per square foot was $437.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $192.5K | $190K | -1.3% |
| 2 Bedrooms | $265K | $304K | +14.7% |
| 3 Bedrooms | $799.9K | $830K | +3.8% |
| 4 Bedrooms | $1.0M | $1.0M | +1.3% |
| 5+ Bedrooms | $1.4M | $1.3M | -8.9% |
Summary: Palmetto Bay housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.3%, 2 bedroom homes increased by 14.7%, 3 bedroom homes increased by 3.8%, 4 bedroom homes increased by 1.3%, and 5+ bedroom homes decreased by 8.9%.
Median Sold Price Compared To Nearby Cities
| Coral Gables | $1.1M | $1.2M | +15.7% |
| Princeton-Goulds | $486.6K | $535.2K | +10.0% |
| Pinecrest | $2.1M | $2.2M | +3.6% |
| Kendall-Palmetto Bay | $748.4K | $772.2K | +3.2% |
| Palmetto Bay | $1.0M | $1.0M | -1.8% |
Housing Supply in Palmetto Bay, FL
How many homes are available in Palmetto Bay, FL?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 186 | 196 | +5.4% |
Summary: The Palmetto Bay real estate market had 196 homes for sale in November 2024, a 5.4% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 5 | +150.0% |
| 2 Bedrooms | 13 | 15 | +15.4% |
| 3 Bedrooms | 36 | 35 | -2.8% |
| 4 Bedrooms | 88 | 91 | +3.4% |
| 5+ Bedrooms | 47 | 50 | +6.4% |
Summary: The Palmetto Bay housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 150%, 2 bedroom homes increased by 15.4%, 3 bedroom homes decreased by 2.8%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes increased by 6.4%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 26 | 31 | +19.2% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
15 Homes Were Sold
At Asking
0 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. 51.6% of homes here sold below asking price last month.
Summary: A total of 31 homes were sold or pending in Palmetto Bay in November 2024, up by 19.2% month-over-month. Of the 31 sold homes, 52% were sold under asking, 48% were sold at asking, and 0% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 36 Days | 44 Days | +23.9% |
Summary: Homes in Palmetto Bay had an average of 44 days on market in Nov 2024, up by 23.9% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
6 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 November 2024, 31 homes were sold in Palmetto Bay; 58% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 19% of homes were sold over 90 days.
© 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.
Listings courtesy of Stellar MLS as distributed by MLS GRID.
Copyright 2024 My Florida Regional Multiple Listing Service DBA Stellar MLS. The real estate listing data marked with this icon comes from the IDX program of the Stellar MLS system. All information provided is deemed reliable but is not guaranteed and should be independently verified. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. Listing information is provided exclusively for consumers’ personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. Properties displayed may be listed or sold by various participants in the MLS.
All listings featuring the BMLS logo are provided by BeachesMLS, Inc. Copyright 2024 BeachesMLS, Inc.