2024 Palmetto Bay Real Estate Market Trends & Forecast Q1-Q3

Dive into the latest Palmetto Bay real estate market trends complete with expert advice for buyers and sellers.

Highlights for 2024.

 We saw a significant increase in the number of sales (131 up from 101) in Palmetto Bay this year compared to last. We are now seeing ‘new home sales in the market’. Two this year with an additional six on offer. This market has gained some significant ground over the last year and this has much to do we believe with the affordability of Palmetto Bay compared to Pinecrest. Many families who would have kids at Palmer Trinity would often push to be in Pinecrest as it was more accessible to Miami’s core but as prices have risen many have not only seen better homes become available but have also appreciated the significant savings made by living in this neighborhood. Palmetto’s price per sqft average tracks at $500 per sqft compared to Pinecrests at around $900. The top end of Palmetto’s home market has also increased significantly with several homes trading at $700 per sqft, which would be unheard of a year ago.

Advice to buyers, sellers, and investors

 

  • Buyers should see this neighborhood as one of great opportunity, again focusing on the newer homes, bigger lots, or new homes. You should be prepared for appreciation in this neighborhood potentially more than any other on the mainland for the next couple of years.
  • For sellers, this is a great time but one would be wise to invest in upgrades where possible.
  • For investors, this is truly a great market!

Commentary on specific transactions and 2025 Predictions


13800 Old Cutler has been the most expensive sale in Palmetto Bay this year at $4.65m. 7300 Sw 173rd St represents the most expensive new home selling at $3,5m. This is still an incredible value compared to what you would pay for an equivalent home in Coral Gables or Coconut Grove at $6m. My predictions for 2025 are nothing but positive growth and increases in not only the median and average price per sqft but also the top sales.

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Show me the Palmetto Bay Analytics Page where I can see actual sales and specific price point data.

Read part 1 of our 2024 Report: Overview and Most Asked Qeuestions
Read part 2 of our 2024 Report: Miami Neighborhood Trends on the Mainland

Schedule Time with David (Via Zoom, Call or in Person)

Schedule time to discuss your personal questions regarding the Palmetto Bay Real Estate Market in 2024/2025.

FAQ

These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023. 

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!

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