Palm Bay, FL—32905
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Palm Bay, FL
As of Oct '25, the median home price in Palm Bay, FL is $234,000, with a year-over-year change of -6.6%. This indicates that home prices in Palm Bay, FL are decreasing. According to Zillow, the 1-year price projection is -0.4%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $234,000 | -6.6% |
| Single Family | $249,000 | -6.7% |
| Condos | $147,000 | -8.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $167,000 | -9.7% |
3 Bed | $260,000 | -6.1% |
4 Bed | $357,000 | -3.3% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Palm Bay, FL
As of July '25, Rentcast reports the average rent in Palm Bay, FL is $1,750, with a year-over-year rent change of 2.9%. Per bedroom, the median rent as of July '25 in Palm Bay, FL is studios: $1,100, 1-bedrooms: $1,270, 2-bedrooms: $1,590, 3-bedrooms: $1,990, 4-bedrooms: $2,360. The most common rental property sizes in Palm Bay, FL are 2-bedroom and 3-bedroom, accounting for 49.2% and 23.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,700 | $1,750 |
| Studio Rent | $1,100 | $1,100 |
| 1 Bed Rent | $1,300 | $1,270 |
| 2 Bed Rent | $1,500 | $1,590 |
| 3 Bed Rent | $1,950 | $1,990 |
| 4 Bed Rent | $2,100 | $2,360 |
% of Rental Stock
Property Listings — Palm Bay, FL
As of Oct '25, Realtor.com reports that the median days on market for a home in Palm Bay, FL is 68. This is a decrease of 0.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 37.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $259,000 | -5.0% |
Listing Count | 199 | -7.0% |
| Listings as % of Homes | 1.1% | -7.0% |
Days on Market | 68 | 0.0% |
Demographics — Palm Bay, FL
As of the latest ACS Survey released in 2023, Palm Bay, FL has a population of 24,500, which has increased by 4.6% over the past 5 years. Palm Bay, FL is a moderately popular place for families, as children make up 16.3% of the population. The area has a moderately educated workforce, with 26.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,500 | 4.6% |
% Under 18 | 16.3% | -12.8% |
% Seniors | 23.5% | 4.4% |
% WFH | 8.8% | 29.4% |
% w/ College Degree | 26.6% | 27.3% |
As of the latest ACS Survey released in 2023, Palm Bay, FL is a predominantly white area, with 61.1% of the population identifying as white. The white population has shrunk by 8.1% in the last 5 years. The second most common race or ethnicity in Palm Bay, FL is black, making up 16.2% of the population. Foreign-born residents account for 13.3% of the population in Palm Bay, FL, and this percentage has increased by 19.8% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 61.1% | -8.1% |
% Black | 16.2% | 12.5% |
% Hispanic | 16.2% | 25.6% |
% Asian | 1.5% | -34.8% |
% Foreign Born | 13.3% | 19.8% |
Mortgage and Risk — Palm Bay, FL
According to HUD data as of 2023, there were 137 mortgage originations in Palm Bay, FL, of which 59.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 39.0% above 90% LTV (very high). This implies large mortgage risk in Palm Bay, FL. Investor activity is low, as 4.0% of loans were by investors. 20.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 137 |
% Conventional Loans | 59.0% |
% Government Loans | 41.0% |
% Investor Loans | 4.0% |
% Second Loans | 5.0% |
% Cash Out Refinance | 20.0% |
Loan Activity
Rentals and Section 8 — Palm Bay, FL
As of 2024, the percent of homes in Palm Bay, FL under the Section 8 program is 4.9%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Palm Bay, FL, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 206 |
Total Units Section 8 | 206 |
% Rentals under Section 8 | 4.9% |
% Occupied Section 8 | 90.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $40 | $1,300 | $1,340 |
| 2 Bedroom | $60 | $1,500 | $1,560 |
| 3 Bedroom | $170 | $1,950 | $2,120 |
| 4 Bedroom | $330 | $2,100 | $2,430 |
Affordability — Palm Bay, FL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.5 |
| Median Home Price | $234,000 |
| Median Household Income | $56,700 |