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Palm Bay, FL—32909

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$316,000
4.3% YoY Growth
Household Income
$76,700
52.5% YoY Growth
Days on Market
71
4.0% Shorter YoY
Home Price Forecast
0.6%
Median Rent
$2,020
0.0% YoY Growth
1-Bed Rent
$1,200
7.9% YoY Growth
2-Bed Rent
$1,500
3.9% YoY Growth
3-Bed Rent
$1,940
0.5% YoY Growth

Other Zip Codes in Palm Bay, FL

329083290532907
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Palm Bay, FL

As of Dec '25, the median home price in Palm Bay, FL is $316,000, with a year-over-year change of -4.3%. This indicates that home prices in Palm Bay, FL are decreasing. According to Zillow, the 1-year price projection is 0.6%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$316,000-4.3%
Single Family $316,000-4.2%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$205,000-8.1%
    3 Bed
    		$289,000-5.2%
    4 Bed
    		$350,000-4.4%
    5 Bed $442,834-4.7%
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    % of Housing Stock

    Studio
    0.1%
    1 Bedroom
    2.0%
    2 Bedrooms
    10.6%
    3 Bedrooms
    67.2%
    4 Bedrooms
    18.3%
    5+ Bedrooms
    1.8%

    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.

    TypeMedian RentAverage Rent
    Average Rent$2,020$2,070
    Studio Rent N/AN/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
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    % of Rental Stock

    1 Bedroom
    4.5%
    2 Bedrooms
    28.7%
    3 Bedrooms
    56.6%
    4 Bedrooms
    10.2%

    Property Listings — Palm Bay, FL

    As of Dec '25, Realtor.com reports that the median days on market for a home in Palm Bay, FL is 72. 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 25.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$349,000-5.0%
    Listing Count
    		500-4.0%
    Listings as % of Homes3.4%-4.0%
    Days on Market
    		71-4.0%
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    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.

    MetricLatest CensusYoY % Change
    Population
    		39,60028.6%
    % Under 18
    		25.5%9.0%
    % Seniors
    		15.5%-3.1%
    % WFH
    		8.9%14.1%
    % w/ College Degree
    		22.7%20.1%
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    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

    MetricLatest Census5-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%
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    Mortgage and Risk — Palm Bay, FL

    Palm Bay, FL lacks sufficient mortgage origination data for analysis.

    Mortgages

    MetricZip 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
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    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 SizeHUD PremiumMarket RentMax 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

    MetricZip Code Average
    Home Price to Income Ratio4.4
    Median Home Price$316,000
    Median Household Income$76,700

    Palm Bay, FL — ZIP Code Boundary Map

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    Nearby ZIP Codes

    Palm Bay, FL

    32908

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    Frequently Asked Questions