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 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'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.
|$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|
|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 Palmetto Bay HOMES|
|2000 or Newer||5.5|
|1970 - 1999||57.0|
|1940 - 1969||37.2|
|1939 or Older||0.3|
|TYPE OF Palmetto Bay HOMES|
|Small Apt. Buildings||1.7|
|SIZE OF Palmetto Bay HOMES|
|5 or more bedrooms||12.48|