Palmetto Bay, FL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Palmetto Bay Neighborhoods Since 2000




Palmetto Bay, FL Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Palmetto Bay Housing Market Information

With 24,642 people, 7,318 houses or apartments, and a median cost of homes of $590,413, Palmetto Bay house prices are not only among the most expensive in Florida, Palmetto Bay real estate also is some of the most expensive in all of America.

Palmetto Bay is a village of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Palmetto Bay than is found in 98% of the communities in America.

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Palmetto Bay. Owner-occupied housing accounts for 83.51% of Palmetto Bay's homes, and 71.80% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Palmetto 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 Palmetto Bay built between 1940-1969 ( 37.21%). A lesser amount of the housing stock also hails from between 2000 and later ( 5.54%).

Palmetto Bay Home Appreciation Rates

Palmetto Bay's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Palmetto Bay during the period has been just -0.88%, which is lower than 70% of US communities.

Appreciation rates are so strong in Palmetto Bay that despite a nationwide downturn in the housing market, Palmetto Bay real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Palmetto Bay appreciation rates continue to be some of the highest in America, at 6.18%, which is higher than appreciation rates in 75.57% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Palmetto Bay. Palmetto Bay appreciation rates in the latest quarter were at 1.80%, which equates to an annual appreciation rate of 7.39%.

Importantly, this makes Palmetto Bay one of the highest appreciating communities in the nation for the latest quarter, and may signal the village's near-future real estate investment strength.

Relative to Florida, our data show that Palmetto Bay's latest annual appreciation rate is lower than 70% 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 village. Individual neighborhoods within Palmetto Bay differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Palmetto 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 Palmetto Bay real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$590,413

Palmetto Bay, FL HOME PRICES

Value Range
> $1,356,000 4.8
$1,017,001 - $1,356,000 4.9
$678,001 - $1,017,000 28.0
$542,001 - $678,000 21.8
$407,001 - $542,000 18.9
$271,001 - $407,000 10.4
$135,001 - $271,000 7.6
$68,001 - $135,000 2.0
$0 - $68,000 1.5

Very High for FL
Very High for Nation

Value Relative to Nation Value Relative to State
4.09586311965311 6.41025641025641

Number Of Homes And Apartments:
7,318

Palmetto Bay Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
114.49% 4.52% 9 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,345 / per month

Homeownership Rate

Homeownership
Owners 83.51
Renters 16.49
Vacant 8.00

Housing Market Details

 

Age of Homes

AGE OF Palmetto Bay HOMES
2000 or Newer 5.5
1970 - 1999 57.0
1940 - 1969 37.2
1939 or Older 0.3

Types of Homes

TYPE OF Palmetto Bay HOMES
Single-Family 84.1
Townhomes 7.1
Small Apt. Buildings 1.7
Apt. Complexes 6.9
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF Palmetto Bay HOMES
No Bedroom 0.15
1 Bedroom 3.41
2 Bedrooms 12.16
3 Bedrooms 28.93
4 Bedrooms 42.87
5 or more bedrooms 12.48