Palm Terrace

Palm Terrace market snapshot (as of June 18, 2026): the median sale price is about $535K ($220 per sq ft), a buyer-leaning market (limited data). Based on 1 recent closings in live Stellar MLS data.

Palm Terrace is an established residential pocket in northwest Gainesville, off NW 23rd Street near the University of Florida. The neighborhood is reported to take in cul-de-sacs along NW 23rd Drive, NW 24th Street, and NW 25th Street, with smaller, mostly bungalow-scale homes, some arranged around a sinkhole ringed by mature oaks. It sits within the broader Shands Woods area and the University Park Neighborhood Association.

Because this is an older neighborhood rather than a new subdivision, nearly every purchase is a resale of an existing home, with renovations rather than new construction. Homes here were largely built in the era before the mid 1970s, so vintages, systems, and finish levels vary widely from house to house, and that variation is where value is won or lost.

The setting is part of the appeal. Elizabeth Creek flows north into Hogtown Creek along the area, and the Hogtown Creek floodplain runs near the neighborhood's northern edge, giving the streets real topographic relief and a naturalized, wooded feel uncommon this close to campus. The flip side is that a creek-and-floodplain setting makes flood-zone status and drainage worth confirming on any specific lot.

For buyers who want an established, walkable-feeling pocket near the University of Florida and the medical center, Palm Terrace is one of the more characterful options in northwest Gainesville. The work is reading the homesite, confirming the school zoning by address, and pricing an older home's condition and renovation budget honestly before you fall for a list price.