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 about Scout's Real Estate Data
With 122,942 people, 41,900 houses or apartments, and a median cost of homes of $282,570, Palm Bay real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Palm Bay, accounting for 83.41% of the city's housing units. Other types of housing that are prevalent in Palm Bay include large apartment complexes or high rise apartments ( 7.76%), mobile homes or trailers ( 3.66%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.76%).
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 77.97% of Palm Bay's homes, and 78.68% 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 ( 32.14%). A lesser amount of the housing stock also hails from between 1940-1969 ( 4.63%).
In the last 10 years, Palm Bay has experienced some of the highest home appreciation rates of any community in the nation. Palm Bay real estate appreciated 227.04% over the last ten years, which is an average annual home appreciation rate of 12.58%, putting Palm Bay in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Palm Bay definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
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 10.49%, which is higher than appreciation rates in 78.69% 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 -2.07%, which equates to an annual appreciation rate of -8.03%.
Relative to Florida, our data show that Palm Bay's latest annual appreciation rate is lower than 50% 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.
$2,570 / per month