32940
Palm Bay, Florida
Palm Bay 32940 needs watching.
The 32940 ZIP code in Palm Bay, Florida has a median sale price of $513K, down -8.0% year-over-year. Homes spend an average of 82 days on market, with 8% of homes selling above list price.
Folio's PropIQ™ score of 55 signals Caution conditions. Elevated price drops and longer days on market indicate softening in 32940.
The Palm Bay 32940 market shows clear deceleration with a median sale price of $512,500, down 8.0% year-over-year as of February 2026. Homes are averaging 82 days on market, indicating softening demand compared to previous cycles. Only 8% of properties are selling above list price, a significant shift from seller-dominated conditions. This price correction reflects broader inventory normalization and reduced buyer urgency in the Palm Bay area.
Buyers gain negotiating leverage in this environment, with 92% of transactions closing at or below asking price and extended marketing periods suggesting seller flexibility. First-time buyers and value-focused investors can capitalize on the 8% price decline while financing costs stabilize. Sellers face longer timelines and should price competitively from listing; those without urgency may benefit from waiting for market stabilization rather than accepting current 82-day absorption rates.
The PropIQ score of 55 signals caution, suggesting further price weakness or extended stagnation before recovery. Monitoring absorption rates and whether days-on-market trends above 90 will indicate if correction deepens. The 8% year-over-year decline may not have fully stabilized, particularly if inventory continues building faster than buyer demand materializes in subsequent quarters.
What is the median home price in 32940 Palm Bay?
The median sale price in 32940 is $513K, down -8.0% year-over-year as of 2026-02-28.
How long do homes stay on the market in Palm Bay 32940?
Homes in 32940 Palm Bay spend an average of 82 days on market before going under contract.
Is Palm Bay 32940 a good place to invest in real estate?
Folio's PropIQ™ score for 32940 is 55/100 — a Caution signal. 8% of homes sold above asking.
What does a PropIQ™ score of 55 mean for 32940?
PropIQ™ is Folio's proprietary market score combining price momentum, days-on-market velocity, inventory absorption, and investment signals into a 0–100 number. Score of 55 = Caution in 32940 Palm Bay, Florida.