Market Overview
Home Prices in Palm Bay, FL
The median home value in Palm Bay, FL is $305,330 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's down 2.6% compared to a year ago and down 4.4% from two years prior.
Compared to the U.S. national median of $410,000, homes in Palm Bay are priced26% below average. Palm Bay is part of the Palm Bay-Melbourne-Titusville, FL metro area.
Over the past five years, Palm Bay home values have risen by approximately21.7%, reflecting strong long-term appreciation in this market.
Price History
Palm Bay Home Price Trend
City Comparison
Palm Bay vs. National Median
At $305,330, homes in Palm Bay cost 26% below the national median of $410,000. This makes Palm Bay a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Palm Bay?
20% Down Payment
$61,066
on $305,330
Monthly P&I
$1,592/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,022/mo
incl. taxes & insurance
Income Needed
$80,880
gross annual (30% rule)
10% Down Option
$30,533
+ PMI applies
Loan Amount (20% dn)
$244,264
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Palm Bay, FL?
The median home value in Palm Bay is $305,330 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's down 2.6% year-over-year.
How much have home prices changed in Palm Bay?
Over the past year, home values in Palm Bay have decreased by 2.6%. Over five years, prices have risen approximately 21.7%.
How much do I need to earn to buy a home in Palm Bay?
To comfortably afford the median home price of $305,330 with a 20% down payment ($61,066) at today's rates (6.8%), you'd need a gross annual income of approximately $80,880. This assumes keeping total housing costs at or below 30% of gross income.
How does Palm Bay compare to the national average home price?
The national median home value is approximately $410,000. At $305,330, homes in Palm Bay are 26% below the national average.
What metro area is Palm Bay part of?
Palm Bay is part of the Palm Bay-Melbourne-Titusville, FL metropolitan area. Home prices and market conditions can vary across the broader metro region.