Palm Bay, FL—32908
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 $318,000, with a year-over-year change of -3.4%. This indicates that home prices in Palm Bay, FL are decreasing. According to Zillow, the 1-year price projection is 0.2%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $318,000 | -3.4% |
| Single Family | $318,000 | -3.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $201,000 | -8.2% |
3 Bed | $291,000 | -4.3% |
4 Bed | $340,000 | -3.7% |
| 5 Bed | $389,000 | -3.5% |
% of Housing Stock
Rental Trends — Palm Bay, FL
As of July '25, Rentcast reports the average rent in Palm Bay, FL is $2,080, with a year-over-year rent change of -2.3%. Per bedroom, the median rent as of July '25 in Palm Bay, FL is studios: $1,200, 1-bedrooms: $998, 3-bedrooms: $1,940, 4-bedrooms: $2,170. The most common rental property sizes in Palm Bay, FL are 3-bedroom and 4-bedroom, accounting for 54.9% and 35.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,020 | $2,080 |
| Studio Rent | $1,200 | $1,200 |
| 1 Bed Rent | $995 | $998 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $1,920 | $1,940 |
| 4 Bed Rent | $2,200 | $2,170 |
% 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 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 27.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $351,000 | -3.0% |
Listing Count | 315 | 6.0% |
| Listings as % of Homes | 5.3% | 6.0% |
Days on Market | 68 | 6.0% |
Demographics — Palm Bay, FL
As of the latest ACS Survey released in 2023, Palm Bay, FL has a population of 15,000, which has increased by 15.1% over the past 5 years. Palm Bay, FL is a popular place for families, as children make up 27.5% of the population. The area has a poorly educated workforce, with 21.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 17.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 15,000 | 15.1% |
% Under 18 | 27.5% | 3.0% |
% Seniors | 13.9% | -6.7% |
% WFH | 17.1% | 350.0% |
% w/ College Degree | 21.3% | 16.4% |
As of the latest ACS Survey released in 2023, Palm Bay, FL is a predominantly white area, with 47.6% of the population identifying as white. The white population has shrunk by 23.2% in the last 5 years. The second most common race or ethnicity in Palm Bay, FL is black, making up 26.5% of the population. Foreign-born residents account for 9.9% of the population in Palm Bay, FL, and this percentage has decreased by 11.6% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 47.6% | -23.2% |
% Black | 26.5% | 40.2% |
% Hispanic | 20.4% | 22.2% |
% Asian | 0.8% | -52.9% |
% Foreign Born | 9.9% | -11.6% |
Mortgage and Risk — Palm Bay, FL
Palm Bay, FL lacks sufficient mortgage origination data for analysis.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | N/A |
% Conventional Loans | N/A |
% Government Loans | N/A |
% Investor Loans | N/A |
% Second Loans | N/A |
% Cash Out Refinance | N/A |
Loan Activity
No data available
Rentals and Section 8 — Palm Bay, FL
Palm Bay, FL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 149 |
Total Units Section 8 | 149 |
% Rentals under Section 8 | 28.1% |
% Occupied Section 8 | 83.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $575 | $995 | $1,570 |
| 2 Bedroom | N/A | N/A | $1,820 |
| 3 Bedroom | $560 | $1,920 | $2,480 |
| 4 Bedroom | $630 | $2,200 | $2,830 |
Affordability — Palm Bay, FL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5 |
| Median Home Price | $318,000 |
| Median Household Income | $66,600 |