Is Palm Beach, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Palm Beach was a Seller's Market.
Key Takeaway
Palm Beach is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Palm Beach, FL
How much do homes in Palm Beach, FL cost?
Median Sold Price
$1,100,000
$729/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Palm Beach have sold for 26.5% less than they did a year ago.
Summary: The median home sold price in Palm Beach was $1,100,000 in May 2024, down 26.5% from last year, and the median price per square foot was $729.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $400K | $425K | +6.3% |
| 2 Bedrooms | $817.5K | $825K | +0.9% |
| 3 Bedrooms | $2.8M | $2.7M | -1.6% |
| 4 Bedrooms | $9.5M | $9.4M | -0.4% |
| 5+ Bedrooms | $16.5M | $16.2M | -1.8% |
Summary: Palm Beach housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.3%, 2 bedroom homes increased by 0.9%, 3 bedroom homes decreased by 1.6%, 4 bedroom homes decreased by 0.4%, and 5+ bedroom homes decreased by 1.8%.
Median Sold Price Compared To Nearby Cities
| Lantana | $350K | $386K | +10.3% |
| Lake Worth | $425.3K | $450.1K | +5.8% |
| Palm Beach | $1.4M | $1.1M | -26.5% |
Housing Supply in Palm Beach, FL
How many homes are available in Palm Beach, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 382 | 385 | +0.8% |
Summary: The Palm Beach real estate market had 385 homes for sale in May 2024, a 0.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 52 | 56 | +7.7% |
| 2 Bedrooms | 190 | 182 | -4.2% |
| 3 Bedrooms | 80 | 78 | -2.5% |
| 4 Bedrooms | 28 | 32 | +14.3% |
| 5+ Bedrooms | 32 | 37 | +15.6% |
Summary: The Palm Beach housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 7.7%, 2 bedroom homes decreased by 4.2%, 3 bedroom homes decreased by 2.5%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 15.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 46 | 27 | -41.3% |
Asking Price vs. Sold Price
27 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Palm Beach, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 27 homes were sold or pending in Palm Beach in May 2024, down by 41.3% month-over-month. Of the 27 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Palm Beach, FL
How long does it take to sell a home in Palm Beach, FL?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 83 Days | 110 Days | +32.0% |
Summary: Homes in Palm Beach had an average of 110 days on market in May 2024, up by 32% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
16 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Palm Beach are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During May 2024, 27 homes were sold in Palm Beach; 11% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 59% of homes were sold over 90 days.
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Copyright © 2024 Multiple Listing Service of South Brevard, Inc. and Space Coast Association of REALTORS, Inc. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity™ Program of Space Coast Multiple Listing Service. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information Deemed Reliable But Not Guaranteed. Real estate listings held by brokerage firms other this broker are marked with the Broker Reciprocity™ logo or the Broker Reciprocity™ thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Some properties which appear for sale on this web site may subsequently have sold and may no longer be available.