Palm Bay Real Estate Forecast 2020

MELBOURNE, Fla. - March 6, 2020 - PRLog -- Per Steve Neville, Broker owner of Best Brevard Rentals. The Palm Bay real estate market is one that offers a lot for an inexpensive price. Here, home prices or quite affordable and it still has all of the nest that Florida living has to offer.

Situated on the east coast of the peninsula, partially bordering the Atlantic Ocean, Palm Bay is a great community, offering a combination of urban, suburban, and rural environments. Here, residents enjoy many different types of recreational opportunities, as well as shopping, dining, live entertainment, and much more.

Currently, Palm Bay is considered a balanced market. This means that neither buyers or sellers have a distinct advantage in the market, putting them on nearly equal footing.

Located to the south of Melbourne and a bit further south of Port Canaveral and Cocoa Beach, Palm Bay spans nearly 69 square miles in size, with a population of just over 114,000 residents.

Right now, the median home value in Palm Bay is $187,889. That's certainly under the national figure, which is in the low to mid $200s.

Residential home values in Palm Bay have risen 3.6 percent over the course of the past year. And, industry experts and economists predict home values to increase by another 4.7 percent over the course of the next twelve months.

The median list price in Palm Bay per square foot currently stands at $94. While the overall median list or asking price is at $193,950. Presently, the median selling price in Palm Bay is $181,100.

The median rent price in Palm Bay is $1,375, just a tad under the Palm Bay-Melbourne-Titusville Metro median of $1,500.

The delinquent mortgage rate in Palm Bay is now at 1.3 percent -- slightly lower than the national average of 1.1 percent. At this time, about 5.2 percent of all Palm Bay homeowners are underwater in their mortgages, higher than the Palm Bay-Melbourne-Titusville Metro average of 4.9 percent. For more information please see http://www.bestbrevardrentals.com