Is Palmetto Bay, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Palmetto Bay has remained a Seller's Market.
Housing Prices in Palmetto Bay, FL
How much do homes in Palmetto Bay, FL cost?
Median Sold Price
$1,100,000
$452/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Palmetto Bay was $1,100,000 in April 2024, up 14.2% from last year, and the median price per square foot was $452.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $190K | $190K | 0.0% |
2 Bedrooms | $223K | $275K | +23.3% |
3 Bedrooms | $799.9K | $855K | +6.9% |
4 Bedrooms | $1.0M | $1.1M | +4.8% |
5+ Bedrooms | $1.2M | $1.5M | +22.5% |
Summary: Palmetto Bay housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 23.3%, 3 bedroom homes increased by 6.9%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes increased by 22.5%.
Median Sold Price Compared To Nearby Cities
Palmetto Bay | $963.2K | $1.1M | +14.2% |
Princeton-Goulds | $463.2K | $510K | +10.1% |
Kendall-Palmetto Bay | $703.6K | $773.9K | +10.0% |
Pinecrest | $1.9M | $2.1M | +9.8% |
Coral Gables | $1.1M | $1.0M | -7.7% |
Housing Supply in Palmetto Bay, FL
How many homes are available in Palmetto Bay, FL?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
143 | 153 | +7.0% |
Summary: The Palmetto Bay real estate market had 153 homes for sale in April 2024, a 7.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4 | 6 | +50.0% |
2 Bedrooms | 6 | 8 | +33.3% |
3 Bedrooms | 30 | 33 | +10.0% |
4 Bedrooms | 65 | 61 | -6.2% |
5+ Bedrooms | 38 | 45 | +18.4% |
Summary: The Palmetto Bay housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 10%, 4 bedroom homes decreased by 6.2%, and 5+ bedroom homes increased by 18.4%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
27 | 26 | -3.7% |
Asking Price vs. Sold Price
22 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 26 homes were sold or pending in Palmetto Bay in April 2024, down by 3.7% month-over-month. Of the 26 sold homes, 85% were sold under asking, 4% were sold at asking, and 12% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
86 Days | 53 Days | -38.0% |
Summary: Homes in Palmetto Bay had an average of 53 days on market in Apr 2024, down by 38% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
9 Homes Were Sold
Over 90 Days
Summary: During April 2024, 26 homes were sold in Palmetto Bay; 46% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 35% of homes were sold over 90 days.