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Palm Bay real estate market overview
- Average Monthly Rent: $1,537
- Home Price/Value Percentage Change: 4.50%
- Median Home Value: $307,645
- Best Time To Sell a Home: November
- Affordability Index: Moderate
- Days To Sell a House: 84
- Job Market: Fair
- Public School Ranking: 18
Location and weather
Palm Bay sits between Jacksonville and Miami in the central region of Florida, along a scenic highway on the Indian River Lagoon. It is the second largest city in central Florida, and has a myriad of amenities to offer its residents. This city is full of diverse parks, nature preserves, such as the Turkey Creek Sanctuary, and plenty of waterfront views.
The climate here is hot and has a fair share of rain; up to 54 inches per year. It feels like summer year-round in Palm Bay, due to the consistent sunshine and warm weather.
Population, job market and cost of living
Palm Bay has a population of 124,731, with a growth rate of 1.35% annually.
The job market has decreased by -4.18% over the last year. In ten years, job growth is predicted to be 42.15%. Engineering and defense contracting are the forefront of Palm Bay's economy. Major employers within these industries are L3 Harris, Renesas Electronics, and Raytheon Technologies.
Palm Bay is an inexpensive place to live in Florida. Despite all the waterfront residential opportunities here, housing is one of the most affordable expenses within its cost of living.
Palm Bay real estate market details
- The Compound
- Bayside Lakes
- Port Malabar
- Riverview
- Port Malabar Country Club
The average monthly rent in Palm Bay is $1,537 for an average apartment size of 907 sq. feet.
There has been a 4.5% increase in Palm Bay's median home value over the last year. As of 2023, the median home value is $307,645.
On average, homes in Palm Bay sell after 84 days on the market.
The best time to sell a home for the highest value is during November. The best time to sell a home quickly is during August.
The affordability index in Palm Bay is 90. This number indicates moderate affordability in this city.
The top ranked public schools are Odyssey Preparatory Charter Academy, Christa McAuliffe Elementary School, Pineapple Cove Classical Academy, Odyssey Charter School and Bayside High School. This information is based on data measuring academic performance and equity.