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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Palm Bay, FL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Palm Bay, FL Housing Market Trends

With a population of 129,234, 42,865 total housing units (homes and apartments), and a median house value of $329,030, Palm Bay real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Palm Bay, accounting for 83.34% of the city's housing units. Other types of housing that are prevalent in Palm Bay include large apartment complexes or high rise apartments ( 8.52%), mobile homes or trailers ( 3.47%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.79%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Palm Bay. Owner-occupied housing accounts for 79.42% of Palm Bay's homes, and 78.43% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Palm Bay built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Palm Bay built between 2000 and later ( 33.22%). A lesser amount of the housing stock also hails from between 1940-1969 ( 4.98%).

Palm Bay Home Appreciation Rates

In the last 10 years, Palm Bay has experienced some of the highest home appreciation rates of any community in the nation. Palm Bay real estate appreciated 207.60% over the last ten years, which is an average annual home appreciation rate of 11.89%, putting Palm Bay in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Palm Bay definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Palm Bay appreciation rates have trailed the rest of the nation. In the last twelve months, Palm Bay's appreciation rate has been 2.34%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Palm Bay were at -0.63%, which equates to an annual appreciation rate of -2.49%.

Notably, Palm Bay's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Florida, our data show that Palm Bay's latest annual appreciation rate is lower than 70% of the other cities and towns in Florida.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Palm Bay differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Palm Bay - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Palm Bay real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$329,030

Palm Bay, FL Home Prices
> $1,454,000
$1,090,001 - $1,454,000
$727,001 - $1,090,000
$582,001 - $727,000
$436,001 - $582,000
$291,001 - $436,000
$145,001 - $291,000
$73,001 - $145,000
$0 - $73,000
0.4%
0.4%
0.3%
0.3%
1.7%
1.7%
3.6%
3.6%
16.2%
16.2%
38.9%
38.9%
30.6%
30.6%
4.6%
4.6%
3.6%
3.6%
0% 100.0%
% of Homes
Low

for Florida

High

for nation

Number of Homes And Apartments:

42,865

Palm Bay Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,230 / per month

Homeownership Rate

Owners
Renters
79.4%
79.4%
20.6%
20.6%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
9.9%
9.9%
90.1%
90.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
33.2%
33.2%
61.4%
61.4%
5.0%
5.0%
0.4%
0.4%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
83.3%
83.3%
1.7%
1.7%
2.8%
2.8%
8.5%
8.5%
3.5%
3.5%
0.2%
0.2%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.5%
0.5%
3.3%
3.3%
16.4%
16.4%
60.3%
60.3%
18.1%
18.1%
1.3%
1.3%
0% 100.0%
% of Homes