Palm Bay Florida Real Estate Market Forecast

By: AAmerican Property
 
PALM BAY, Fla. - Sept. 18, 2019 - PRLog -- Per Steve Neville, Broker owner of Best Brevard RentalsThe Palm Bay Florida real estate forecast is one that could well bring a few surprises over the course of the next several months. It's currently a bit out of balance, with the local market favoring buyers over sellers at this time. However, it's had a strong run over the past previous months. Read on to learn more about the Palm Bay Florida real estate market forecast and what to expect to unfold in the near future.

About Palm Bay Florida

The Palm Bay Florida real estate market forecast is a good one at present. But, it's definitely not overheated, like other communities. (That's a really good thing, by the way.)

Located in central Florida, on the east coast of the peninsula. Palm Bay lies between Melbourne to the north and Vero Beach to the south. So, it's located in a magnificent area in the Sunshine State.

The Palm Bay Florida real estate market forecast is a steady one at this time. Right now, the median home value in Palm Bay stands at approximately $181,000.

During the past year, home values in the city of Palm Bay have increased by 4.6 percent. Both real estate professionals and economists believe the trend will continue, but at a more moderate pace of 2.4 percent over the course of the next year.

At present, the median list price in the community of Palm Bay is $92 per square foot. This represents a lower cost than the surrounding metro area of $116 per square foot.

The median list price in the city of Palm Bay now stands at $196,000. However, the median selling price in the community is less, being $173,000 (which is normal for a healthy real estate market).

Meanwhile, the median rent price in Palm Bay is $1,350 per month, which is actually lower than the metro number of just over $1,500 per month.

As mentioned above, the Palm Bay real estate market currently favors buyers over sellers, meaning there's a slight surplus of inventory available.

There are also relatively few distressed properties available and likely to come onto the market. The mortgage delinquency rate is now 1.3 percent in Palm Bay, which is a tad higher than the national average of 1.1 percent.

Right now is a good time for buyers to jump into the residential real estate market in Palm Bay. As the coming months unfold, it's possible it will become more balanced.

For more information please see http://www.bestbrevardrentals.com

Contact
Steve Neville
***@2apm.com
End
Source:AAmerican Property
Email:***@2apm.com
Tags:Best Brevard Rentals
Industry:Real Estate
Location:Palm Bay - Florida - United States
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