Palm Bay Residential Real Estate

MELBOURNE, Fla. - Oct. 13, 2022 - PRLog -- Per Steve Neville, Broker owner of Best Brevard Rentals

These include a number of things that would help to shape the overall state of the local residential real estate market. However, we can look back at previous data, along with existing trends, and estimate what might unfold in the future. So, read on to learn more about the residential real estate market in Palm Bay Florida, and what we might expect to see over the coming months.

The Palm Bay residential real estate market is in a state of dichotomy right now, because some of the statistics are juxtaposed with one another. For instance, the Palm Bay residential real estate market is currently considered a buyer's market, meaning there is far more inventory than active buyers seeking to purchase properties, yet, the days on the market are relatively short, especially when compared to other buyers' markets around the state.

Currently, the median listing price of homes in Palm Bay Florida stands at $350,000, with a median listing price per square foot of 197 and a median selling price of just over $332,000. These figures represent an increase of slightly more than 28% from last year at this time. Additionally, the sale-to-list price ratio is at 100%, meaning that homes are selling for almost their exact asking prices.

As previously mentioned, the median days on the market, or the time it is taking sellers to go under contract, now stands at 56 days or just under two months. Usually, in a buyer's market, the median days on the market are much longer, since there is so much competition among sellers and so many choices for buyers.

As for the forecast for the real estate market in Palm Bay, residents and people moving into the area should expect little change over the coming months. This is due to persistent inflationary pressure, rising interest rates, and an overall negative outlook on the national economy. Other challenges include the state of new construction in the area, ongoing labor shortages, slow delivery of materials, and other related factors.

Given these things in play, it is likely that the real estate market in Palm Bay will remain active but slow. This is good news for both sellers and buyers, who don't have to worry about getting trapped in another housing bubble.

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