Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 107,888 people, 37,821 houses or apartments, and a median cost of homes of $165,650, Palm Bay real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Palm Bay, accounting for 81.37% of the city's housing units. Other types of housing that are prevalent in Palm Bay include large apartment complexes or high rise apartments ( 9.27%), mobile homes or trailers ( 4.43%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.05%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Palm Bay. Owner-occupied housing accounts for 71.77% of Palm Bay's homes, and 74.86% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Palm Bay built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Palm Bay built between 2000 and later ( 27.42%). A lesser amount of the housing stock also hails from between 1940-1969 ( 5.44%).
Vacant housing appears to be an issue in Palm Bay. Fully 15.12% of the housing stock is classified as vacant. Left unchecked, vacant Palm Bay homes and apartments can be a drag on the real estate market, holding Palm Bay real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Homes have actually lost value in Palm Bay over the last then years, as home values have seen a decline of 21.10% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Palm Bay home appreciation rates at 2.32%, which equates to an annual appreciation rate of 9.60%.
Appreciation rates are so strong in Palm Bay that despite a nationwide downturn in the housing market, Palm Bay real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Palm Bay appreciation rates continue to be some of the highest in America, at 16.33%, which is higher than appreciation rates in 99.60% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Palm Bay. Palm Bay appreciation rates in the latest quarter were at 2.32%, which equates to an annual appreciation rate of 9.60%.
Importantly, this makes Palm Bay one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Florida, our data show that Palm Bay's latest annual appreciation rate is higher than 90% of the other cities and towns in Florida.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Palm Bay differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Palm Bay - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Palm Bay real estate investment or home purchase decisions.
|$1,170,001 - $1,561,000||0.2|
|$780,001 - $1,170,000||0.3|
|$625,001 - $780,000||0.4|
|$469,001 - $625,000||1.7|
|$312,001 - $469,000||6.8|
|$156,001 - $312,000||42.1|
|$78,001 - $156,000||39.6|
|$0 - $78,000||8.6|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Palm Bay HOMES|
|2000 or Newer||27.4|
|1970 - 1999||67.0|
|1940 - 1969||5.4|
|1939 or Older||0.2|
|TYPE OF Palm Bay HOMES|
|Small Apt. Buildings||3.1|
|SIZE OF Palm Bay HOMES|
|5 or more bedrooms||1.64|