Market Brief
After 20 to 29 inches of rain fell on southern Brevard County from November 1 to 3, 2026, Palm Bay redirected about $1 million in state housing funds to flooded owners and renters and estimated $10 million to $15 million in road and bridge repairs.
Palm Bay's November flood: rainfall, closed canal crossings, $1 million in SHIP relief, repair costs and how Palm Bay ZIP codes were selling before the storm.
The National Weather Service measured 24.10 inches of rain near Malabar and 20.60 inches near Palm Bay from the morning of November 1 to the night of November 2, 2026, according to The Palm Bayer. AccuWeather reported three-day totals of 28.93 inches in Malabar and 28.13 inches in Palm Bay. On November 5, the Palm Bay City Council directed staff to redirect about $1 million in state SHIP housing funds to low- and moderate-income owners and renters hit by the flood, and staff estimated $10 million to $15 million in road and bridge repairs, The Palm Bayer reported. Four canal crossings remained closed after the storm.
This piece covers what the council did, which roads remain closed, what it means for owners, buyers and sellers, and how the Palm Bay market stood before the flood. Monthly figures are on the Space Coast market data hub.
How much rain fell on Palm Bay and Malabar?
| Measure | Amount | Source |
|---|---|---|
| Near Malabar, Nov. 1 morning to Nov. 2 night | 24.10 inches | National Weather Service storm summary, via The Palm Bayer |
| Near Palm Bay, same period | 20.60 inches | National Weather Service storm summary, via The Palm Bayer |
| Malabar, three days | 28.93 inches | AccuWeather, Nov. 4 |
| Palm Bay, three days | 28.13 inches | AccuWeather, Nov. 4 |
Governor DeSantis signed Executive Order 26-227 on November 2, covering Brevard and six other counties, The Palm Bayer reported. As of the November 5 council meeting the storm was not a declared federal disaster, and city staff said any FEMA reimbursement was likely one to four years away. Palm Bay Mayor Rob Medina confirmed at least two deaths, AccuWeather reported.
What did the Palm Bay City Council approve after the flood?
| Action, November 5, 2026 | Detail |
|---|---|
| SHIP housing relief | About $1 million in unencumbered SHIP funds redirected to low- and moderate-income owners and renters affected by the flood (council consensus) |
| Emergency road work | City manager authorized to allocate emergency funds for Fallon Blvd., Port Malabar Blvd., the Florin Pond baffle box and four failed canal crossings |
| RV parking | Emergency ordinance going to the November 19 meeting to let displaced residents park an RV on their property during repairs |
| Septic to sewer, Zone A | $398,800 design task order to convert about 99 homes, backed by $3,721,422 in state grant funding; homeowner hookups fully grant funded |
| Three Forks | 664 homes, an RV park and about 50,000 sq. ft. of commercial on 124.56 acres off Malabar Road; continued to January 7, 2027 (5-0) |
| Emerald Lakes | Development agreement amendment approved 5-0; covers 652 multifamily units, a 400-room hotel and 1,106,700 sq. ft. of non-residential space |
Source: The Palm Bayer, November 6, 2026.
Which Palm Bay roads are closed and what will repairs cost?
Four canal crossings failed and remained closed as of November 5: Caballero Boulevard, Ellington Street, Everglades Street and Britain Boulevard, with emergency repairs estimated at about $3 million, The Palm Bayer reported. Fallon Boulevard, the only road into about 50 homes, reopened temporarily within about a day. Staff put the Florin Pond baffle box replacement at about $3 million and roads and bridges at $10 million to $15 million. In Melbourne, John Rodes Boulevard south of Dow Road and the Sunlake Road and Babcock Street intersection remained closed, AccuWeather reported. Buyers touring homes in southern Brevard should check the city's traffic alerts page before scheduling showings.
The city manager also warned at the same meeting that Amendment 3, which voters passed November 3, could push the general fund toward insolvency if revenue inputs do not change, though he gave no dollar figure. Our Amendment 3 guide covers what it changes for owners.
How was the Palm Bay housing market doing before the flood?
Our October Market Pulse covers single-family closings from August through October 2026, all before the storm:
| ZIP | Place | Closings, Aug to Oct 2026 | Median sale price | Median days on market | Sold above original list |
|---|---|---|---|---|---|
| 32907 | Palm Bay | 227 | $334,882 | 29 | 12.8% |
| 32909 | Palm Bay | 253 | $344,000 | 45 | 8.7% |
| 32908 | Palm Bay | 144 | $322,245 | 61.5 | 9.0% |
| 32905 | Palm Bay | 58 | $318,750 | 50 | 6.9% |
| 32950 | Malabar | 16 | $528,350 | 39.5 | 6.3% |
| Brevard County, October only | 618 | $370,200 | 39 | n/a |
Source: Momentum Market Pulse, Space Coast, October 2026 edition, computed by Momentum from Space Coast MLS records (single-family; ZIPs with at least 15 closings; county row is October 2026 alone). Deemed reliable but not guaranteed.
Palm Bay's ZIPs sold below the Brevard median of $370,200, which was up 3.7% from a year earlier. The October edition's market score fell to 48 from 51 in September, and 50.4% of active listings across the feed had a price cut. Those readings predate the flood; November closings will be the first to show any effect. Our Palm Bay new construction contracts piece and Brevard flood zone houses piece cover new builds and flood designation, and the Palm Bay market page has current listings.
What should Palm Bay buyers and sellers do now?
Sellers whose homes took on water should document the damage and repairs, keep permits and invoices, and disclose water intrusion to buyers. Buyers should ask directly whether the home flooded in November 2026, request repair permits and insurance claim records, order an inspection that checks for moisture and mold, and confirm the home's flood zone and flood insurance cost with our flood insurance calculator. A home outside a mapped flood zone can still flood, as this storm showed. Buyers should also confirm road access, since four canal crossings were still closed. Owners and renters seeking the SHIP relief should watch the city's housing division for the application process.
People also ask
How much rain did Palm Bay get in November 2026? The National Weather Service measured 20.60 inches near Palm Bay and 24.10 inches near Malabar from November 1 to 2, 2026. AccuWeather reported three-day totals of 28.13 inches in Palm Bay and 28.93 inches in Malabar.
Is there flood relief for Palm Bay homeowners? On November 5, 2026, the city council directed staff to redirect about $1 million in SHIP funds to low- and moderate-income owners and renters affected by the flood. The storm was not a declared federal disaster as of that meeting.
Which Palm Bay roads are closed after the flood? Caballero Boulevard, Ellington Street, Everglades Street and Britain Boulevard canal crossings failed and remained closed as of November 5, 2026, with repairs estimated at about $3 million.
What is the median home price in Palm Bay? Single-family homes in Palm Bay's four ZIP codes sold at medians from $318,750 to $344,000 from August through October 2026, before the flood, according to our October Market Pulse.
Limitations
Rainfall totals differ by gauge and time window; both NWS and AccuWeather figures are shown. Road status, cost estimates and relief terms are as reported on November 3 to 6, 2026 and may have changed. The city had not published a count of damaged homes. Market figures are single-family closings through October 2026, before the storm, computed from MLS records by Momentum and deemed reliable but not guaranteed.
Sources
- Thomas Gaume, After the Flood: Council Acts on Relief, Hears an Insolvency Warning, and Pushes Three Forks to January, The Palm Bayer, November 6, 2026.
- Thomas Gaume, Palm Bay After the Flood: What Is Still Out, What Is Still Closed, What Happens Next, The Palm Bayer, November 3, 2026.
- Emilee Speck, Florida flooding leaves roads washed out, water outages and schools closed, AccuWeather, November 4, 2026, updated November 5.
- Momentum Market Pulse, Space Coast, October 2026 edition, Momentum Research report built from Space Coast MLS records, generated November 13, 2026.
- Space Coast market data hub, Momentum Research.
Disclosure: Jon Brooks is a co-founder of Momentum Realty, a Florida real estate brokerage that owns and funds Florida Housing Intelligence. Momentum has a financial interest in Florida real estate transactions, including in markets named here. See our editorial standards.
Market statistics in this article are computed from MLS data licensed by Momentum Realty, and are current as of the date shown. Data may be preliminary and subject to revision by its source. This article is general information, not advice about any specific property, transaction, or financial decision, and is not a representation about any specific property, community, builder, or association.
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