State of the Market: Palmetto Bay
Located just South of Pinecrest is Palmetto Bay, a beautiful city that’s perfect for families with school-aged children. It’s also ideal for anyone who wants the quiet lifestyle of the suburbs without being too far from the Gables, Brickell, and Downtown Miami.
Between its plentiful green space, high quality schools, and a classic “small town” vibe, Palmetto Bay is one of the most desired neighborhoods in Miami-Dade County. Here’s what you need to know about the latest numbers on residential real estate in Palmetto Bay.
Palmetto Bay Home Sales
In Palmetto Bay, there are currently 120 homes for sale, a number that has been climbing steadily since July. That’s 66.7% more homes for sale than this time last year, which is a testament to Palmetto Bay’s explosive growth and popularity.
Despite this significant increase of inventory, just 14 sales took place in October of 2024. That’s around the same as the previous month and 17.6% less than this time the previous year.
So, not only are there plenty of houses to choose from, but they aren’t selling like they were in 2023. The homes that are selling are spending about 50 days on the market before they are sold.
Palmetto Bay Home Prices
Home prices have been decreasing in Palmetto Bay since the middle of the summer. And much like the rest of 2024, homes are still selling for less than the for-sale price.
To recap, there’s 8.6 months of inventory for sale, fewer sales taking place, and prices are soft. This is a fairly significant difference to what the market in Palmetto Bay looked like at this time last year.
Looking back over the past 5 years, there has been steady growth until the fall of 2023, and the average prices have been lower since then. It’s important to note that they are still higher than they were two years ago.
Based on these insights, it’s safe to conclude that sellers in Palmetto Bay will most likely have to compete against each other to attract interest from the limited number of buyers.
What This Means for Buyers
It’s not very often that such a desirable neighborhood has so many houses for sale, and prices are mostly lower than they were a year ago. Translation? If you want to buy a home in Palmetto Bay, now is a good time to start shopping around.
If you’re in the market to buy or sell in Palmetto Bay, our award-winning team at The Kern Team is here to help. We can harness our 25+ years of expertise to give you a more specific assessment of a given property or a neighborhood so you can have all the data to make an informed decision. Get in touch with our team today and let’s start the next chapter of your life together.
