Palm Bay, FL—32907
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 $300,000, with a year-over-year change of -5.7%. This indicates that home prices in Palm Bay, FL are decreasing. According to Zillow, the 1-year price projection is 0.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $300,000 | -5.7% |
| Single Family | $300,000 | -6.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $213,000 | -8.2% |
3 Bed | $283,000 | -6.6% |
4 Bed | $348,000 | -4.7% |
| 5 Bed | $430,000 | -5.5% |
% of Housing Stock
Rental Trends — Palm Bay, FL
As of July '25, Rentcast reports the average rent in Palm Bay, FL is $2,050, with a year-over-year rent change of -2.4%. Per bedroom, the median rent as of July '25 in Palm Bay, FL is 1-bedrooms: $1,090, 2-bedrooms: $1,480, 3-bedrooms: $2,000, 4-bedrooms: $2,240. The most common rental property sizes in Palm Bay, FL are 3-bedroom and 4-bedroom, accounting for 66.1% and 17.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,000 | $2,050 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,000 | $1,090 |
| 2 Bed Rent | $1,500 | $1,480 |
| 3 Bed Rent | $1,900 | $2,000 |
| 4 Bed Rent | $2,200 | $2,240 |
% 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 65. This is a increase of 6.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 38.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $341,000 | -3.0% |
Listing Count | 410 | 5.0% |
| Listings as % of Homes | 1.6% | 5.0% |
Days on Market | 65 | 6.0% |
Demographics — Palm Bay, FL
As of the latest ACS Survey released in 2023, Palm Bay, FL has a population of 48,400, which has increased by 9.6% over the past 5 years. Palm Bay, FL is a moderately popular place for families, as children make up 20.6% of the population. The area has a poorly educated workforce, with 21.5% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 48,400 | 9.6% |
% Under 18 | 20.6% | -7.6% |
% Seniors | 21.0% | 12.9% |
% WFH | 7.7% | 83.3% |
% w/ College Degree | 21.5% | 18.8% |
As of the latest ACS Survey released in 2023, Palm Bay, FL is a predominantly white area, with 56.3% of the population identifying as white. The white population has shrunk by 4.9% in the last 5 years. The second most common race or ethnicity in Palm Bay, FL is hispanic, making up 21.0% of the population. Foreign-born residents account for 16.0% of the population in Palm Bay, FL, and this percentage has increased by 26.0% 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 | 56.3% | -4.9% |
% Black | 15.7% | -18.2% |
% Hispanic | 21.0% | 23.5% |
% Asian | 1.8% | -10.0% |
% Foreign Born | 16.0% | 26.0% |
Mortgage and Risk — Palm Bay, FL
According to HUD data as of 2023, there were 126 mortgage originations in Palm Bay, FL, of which 58.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 40.0% above 90% LTV (very high). This implies large mortgage risk in Palm Bay, FL. Investor activity is low, as 5.0% of loans were by investors. 18.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 126 |
% Conventional Loans | 58.0% |
% Government Loans | 42.0% |
% Investor Loans | 5.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 18.0% |
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 5.0%. 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 | 124 |
Total Units Section 8 | 124 |
% Rentals under Section 8 | 5.0% |
% Occupied Section 8 | 83.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $530 | $1,000 | $1,530 |
| 2 Bedroom | $280 | $1,500 | $1,780 |
| 3 Bedroom | $520 | $1,900 | $2,420 |
| 4 Bedroom | $570 | $2,200 | $2,770 |
Affordability — Palm Bay, FL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.5 |
| Median Home Price | $300,000 |
| Median Household Income | $71,800 |