Palm Bay Housing Market Report December 2024•Brevard County, Florida

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Housing Prices in Palm Bay, FL

How much do homes in Palm Bay, FL cost?

Housing Market Conditions

Is Palm Bay, FL a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

Palm Bay is a Buyer's Market

Difference Since December 2023

At the same time last year, Palm Bay was a Seller's Market.

Insight

Palm Bay is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$330,328$192/SqFt
-$2,561
-0.8%

Based on all homes sold in the last 12 months

Insight

Homes in Palm Bay have sold for 0.8% less than they did a year ago.

Summary: The median home sold price in Palm Bay was $330,328 in December 2024, down 0.8% from last year, and the median price per square foot was $192.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
Grant-Valkaria
+16.7%
West Brevard
+11.9%
Malabar
+6.5%
West Melbourne
0.5%
Palm Bay
-0.8%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsDec 2023Dec 2024Change YoY
1$145K$130K
-10.3%
2$216K$224K
+3.7%
3$307.6K$308K
0.1%
4$349.9K$358.6K
+2.5%
5$436K$415K
-4.8%

Summary: Palm Bay housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes decreased by -10.3%. The home price for 2 bedroom homes increased by +3.7%. The home price for 3 bedroom homes increased by 0.1%. The home price for 4 bedroom homes increased by +2.5%. The home price for 5 bedroom homes decreased by -4.8%.

Housing supply in Palm Bay, FL

How many homes are available in Palm Bay, FL?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
1,658Last MonthDec 2024
1,6212 months agoNov 2024
+2.3 %
Change MoMNov – Dec

Summary: The Palm Bay real estate market had 1,658 homes for sale in Dec 2024, a 2.3 % increase compared to Nov 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
232Last MonthDec 2024
2062 months agoNov 2024
+12.6 %
Change MoMNov – Dec

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsNov 2024Dec 2024Change MoM
133
0.0%
2120138
+15.0%
3760781
+2.8%
4685693
+1.2%
55343
-18.9%

Summary: Palm Bay housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes increased by +15.0%. The inventory for 3 bedroom homes increased by +2.8%. The inventory for 4 bedroom homes increased by +1.2%. The inventory for 5 bedroom homes decreased by -18.9%.

Asking Price vs. Sold Price

How much do homes in Palm Bay, FL cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price30 Homes

At Asking Price82 Homes

Under Asking Price120 Homes

Insight

If you're buying a home in Palm Bay, you may be able to get a good deal. 51.7% of homes here sold below asking price last month.

Summary: A total of 232 homes were sold or pending in Palm Bay in December 2024, up by 12.6% month-over-month. Of the 232 sold homes, 52% were sold under asking, 35% were sold at asking, and and 13% were sold over asking.

Days on Market for Palm Bay, FL

How long does it take to sell a home in Palm Bay, FL?

Breakdown of Home Sale Times

Under 30 Days78 Homes

30 – 90 Days80 Homes

Over 90 Days74 Homes

Insight

Avg time on Rocket Homes in Palm Bay has remained consistent over time.

Summary: During December 2024, 232 homes were sold in Palm Bay; 34% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 32% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
70 DaysThis YearDec 2024
58 Days1 year agoDec 2023
+20.2 %
Change YoYDec 2023 – Dec 2024

Summary: Homes in Palm Bay had an average listing age of 70 days in Dec 2024, up by 20.2% compared to the previous year.

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Newest Listings in Palm Bay, FL

What homes are available in Palm Bay, FL?

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Nearby markets

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MLS Disclaimers and Copyright

Based on information from Space Coast MLS, Stellar MLS, Beaches MLS, Miami MLS, Indian River County MLS, and Florida Gulf Coast MLS for the period 01/01/2023 - 01/01/2025

IDX Copyright © 2025 Multiple Listing Service of South Brevard, Inc. and Space Coast Association of REALTORS, Inc. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity™ Program of Space Coast Multiple Listing Service. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information Deemed Reliable But Not Guaranteed. Real estate listings held by brokerage firms other this broker are marked with the Broker Reciprocity™ logo or the Broker Reciprocity™ thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Some properties which appear for sale on this web site may subsequently have sold and may no longer be available.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/17/2025, 10:21:06 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDX Listings courtesy of Stellar MLS as distributed by MLS GRID.

All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

IDX Copyright 2025 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.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/17/2025, 10:19:52 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDXAll listings featuring the BMLS logo are provided by BeachesMLS, Inc. Copyright 2025 BeachesMLS, Inc.

This information is not verified for authenticity or accuracy and is not guaranteed. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/17/2025, 10:20:52 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDX © 2025 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.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/17/2025, 10:20:51 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange of the Realtor Association of Indian River County. The information being provided is 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. Information deemed reliable but not guaranteed. Copyright© 2025 Realtor Association of Indian River County. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/17/2025, 10:16:09 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDX The data relating to real estate for sale on this website comes in part from the Southwest Florida Multiple Listing Service. The information being provided is 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. Information has not been verified, is not guaranteed, and is subject to change. Real estate listings held by other brokerage firms other are marked with the IDX logo and detailed information about them includes the name of the listing brokers.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/17/2025, 10:20:54 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.