Palm Bay, FL—32909
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 -4.1%. This indicates that home prices in Palm Bay, FL are decreasing. According to Zillow, the 1-year price projection is 0.1%, 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 | -4.1% |
| Single Family | $318,000 | -4.5% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $207,000 | -8.0% |
3 Bed | $291,000 | -5.5% |
4 Bed | $352,000 | -4.3% |
| 5 Bed | $444,000 | -4.9% |
% of Housing Stock
Rental Trends — Palm Bay, FL
As of July '25, Rentcast reports the average rent in Palm Bay, FL is $2,070, with a year-over-year rent change of 0.0%. Per bedroom, the median rent as of July '25 in Palm Bay, FL is 1-bedrooms: $1,290, 2-bedrooms: $1,600, 3-bedrooms: $1,990, 4-bedrooms: $2,240. The most common rental property sizes in Palm Bay, FL are 3-bedroom and 2-bedroom, accounting for 56.6% and 28.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,020 | $2,070 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,200 | $1,290 |
| 2 Bed Rent | $1,500 | $1,600 |
| 3 Bed Rent | $1,940 | $1,990 |
| 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 71. This is a increase of 11.0% 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 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $349,000 | -5.0% |
Listing Count | 508 | -7.0% |
| Listings as % of Homes | 3.4% | -7.0% |
Days on Market | 71 | 11.0% |
Demographics — Palm Bay, FL
As of the latest ACS Survey released in 2023, Palm Bay, FL has a population of 39,600, which has increased by 28.6% over the past 5 years. Palm Bay, FL is a popular place for families, as children make up 25.5% of the population. The area has a poorly educated workforce, with 22.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 39,600 | 28.6% |
% Under 18 | 25.5% | 9.0% |
% Seniors | 15.5% | -3.1% |
% WFH | 8.9% | 14.1% |
% w/ College Degree | 22.7% | 20.1% |
As of the latest ACS Survey released in 2023, Palm Bay, FL is a predominantly white area, with 46.3% of the population identifying as white. The white population has shrunk by 22.2% in the last 5 years. The second most common race or ethnicity in Palm Bay, FL is black, making up 23.1% of the population. Foreign-born residents account for 17.3% of the population in Palm Bay, FL, and this percentage has increased by 29.1% 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 | 46.3% | -22.2% |
% Black | 23.1% | 12.1% |
% Hispanic | 20.3% | 21.6% |
% Asian | 3.6% | 63.6% |
% Foreign Born | 17.3% | 29.1% |
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
As of 2024, the percent of homes in Palm Bay, FL under the Section 8 program is 7.1%. 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 | 152 |
Total Units Section 8 | 152 |
% Rentals under Section 8 | 7.1% |
% Occupied Section 8 | 84.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $240 | $1,200 | $1,440 |
| 2 Bedroom | $170 | $1,500 | $1,670 |
| 3 Bedroom | $330 | $1,940 | $2,270 |
| 4 Bedroom | $400 | $2,200 | $2,600 |
Affordability — Palm Bay, FL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.4 |
| Median Home Price | $318,000 |
| Median Household Income | $76,700 |