Is Palmetto, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Palmetto was a Seller's Market.
Key Takeaway
Palmetto is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Palmetto, FL
How much do homes in Palmetto, FL cost?
Median Sold Price
$396,766
$224/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Palmetto have sold for 0.8% less than they did a year ago.
Summary: The median home sold price in Palmetto was $396,766 in May 2024, down 0.8% from last year, and the median price per square foot was $224.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $84K | $95.7K | +14.0% |
| 2 Bedrooms | $300K | $318K | +6.0% |
| 3 Bedrooms | $399K | $375K | -6.0% |
| 4 Bedrooms | $464.2K | $426.4K | -8.1% |
| 5+ Bedrooms | $494.9K | $430.9K | -12.9% |
Summary: Palmetto housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14%, 2 bedroom homes increased by 6%, 3 bedroom homes decreased by 6%, 4 bedroom homes decreased by 8.1%, and 5+ bedroom homes decreased by 12.9%.
Median Sold Price Compared To Nearby Cities
| Palmetto | $400K | $396.7K | -0.8% |
| Ellenton | $411.3K | $360K | -12.5% |
Housing Supply in Palmetto, FL
How many homes are available in Palmetto, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 548 | 554 | +1.1% |
Summary: The Palmetto real estate market had 554 homes for sale in May 2024, a 1.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 5 | -16.7% |
| 2 Bedrooms | 85 | 83 | -2.4% |
| 3 Bedrooms | 258 | 257 | -0.4% |
| 4 Bedrooms | 154 | 166 | +7.8% |
| 5+ Bedrooms | 45 | 43 | -4.4% |
Summary: The Palmetto housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes decreased by 2.4%, 3 bedroom homes decreased by 0.4%, 4 bedroom homes increased by 7.8%, and 5+ bedroom homes decreased by 4.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 93 | 92 | -1.1% |
Asking Price vs. Sold Price
51 Homes Were Sold
Under Asking
33 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Palmetto, you may be able to get a good deal. 55.4% of homes here sold below asking price last month.
Summary: A total of 92 homes were sold or pending in Palmetto in May 2024, down by 1.1% month-over-month. Of the 92 sold homes, 55% were sold under asking, 36% were sold at asking, and 9% were sold over asking.
Days on Market for Palmetto, FL
How long does it take to sell a home in Palmetto, FL?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 48 Days | 76 Days | +56.0% |
Summary: Homes in Palmetto had an average of 76 days on market in May 2024, up by 56% compared to last year.
Breakdown of Home Sale Times
44 Homes Were Sold
Under 30 Days
23 Homes Were Sold
In 30 - 90 Days
25 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Palmetto are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 92 homes were sold in Palmetto; 48% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 27% of homes were sold over 90 days.
Listings courtesy of Stellar MLS as distributed by MLS GRID.
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© 2024 Miami Association of REALTORS®. All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange program of the MLS of the Miami Association of REALTORS®. All information is deemed reliable but not guaranteed by the MLS and should be independently verified. The MLS, this broker and their affiliates provide all content therein “AS IS” and without any warranty, express or implied. The information included in this listing is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This property is offered without respect to any protected classes in accordance with the law.
Copyright © 2024 Multiple Listing Service of South Brevard, Inc. and Space Coast Association of REALTORS, Inc. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity™ Program of Space Coast Multiple Listing Service. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information Deemed Reliable But Not Guaranteed. Real estate listings held by brokerage firms other this broker are marked with the Broker Reciprocity™ logo or the Broker Reciprocity™ thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Some properties which appear for sale on this web site may subsequently have sold and may no longer be available.