Is West 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, West Palm Beach was a Seller's Market.
Housing Prices in West Palm Beach, FL
How much do homes in West Palm Beach, FL cost?
Median Sold Price
$394,656
$270/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in West Palm Beach was $394,656 in May 2024, up 9.6% from last year, and the median price per square foot was $270.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $129.8K | $130K | 0.1% |
2 Bedrooms | $274.9K | $279.8K | +1.8% |
3 Bedrooms | $443.8K | $478.4K | +7.8% |
4 Bedrooms | $610K | $674K | +10.5% |
5+ Bedrooms | $950K | $1.0M | +13.2% |
Summary: West Palm Beach housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.1%, 2 bedroom homes increased by 1.8%, 3 bedroom homes increased by 7.8%, 4 bedroom homes increased by 10.5%, and 5+ bedroom homes increased by 13.2%.
Median Sold Price Compared To Nearby Cities
West Palm Beach | $360.1K | $394.6K | +9.6% |
Riviera Beach | $405K | $389K | -3.9% |
Palm Beach | $1.4M | $1.1M | -26.5% |
Housing Supply in West Palm Beach, FL
How many homes are available in West Palm Beach, FL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
2,497 | 2,605 | +4.3% |
Summary: The West Palm Beach real estate market had 2,605 homes for sale in May 2024, a 4.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 421 | 451 | +7.1% |
2 Bedrooms | 930 | 985 | +5.9% |
3 Bedrooms | 705 | 715 | +1.4% |
4 Bedrooms | 289 | 299 | +3.5% |
5+ Bedrooms | 152 | 155 | +2.0% |
Summary: The West Palm Beach housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 7.1%, 2 bedroom homes increased by 5.9%, 3 bedroom homes increased by 1.4%, 4 bedroom homes increased by 3.5%, and 5+ bedroom homes increased by 2%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
391 | 320 | -18.2% |
Asking Price vs. Sold Price
234 Homes Were Sold
Under Asking
46 Homes Were Sold
At Asking
40 Homes Were Sold
Over Asking
Summary: A total of 320 homes were sold or pending in West Palm Beach in May 2024, down by 18.2% month-over-month. Of the 320 sold homes, 73% were sold under asking, 14% were sold at asking, and 13% were sold over asking.
Days on Market for West Palm Beach, FL
How long does it take to sell a home in West Palm Beach, FL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
48 Days | 60 Days | +24.6% |
Summary: Homes in West Palm Beach had an average of 60 days on market in May 2024, up by 24.6% compared to last year.
Breakdown of Home Sale Times
151 Homes Were Sold
Under 30 Days
100 Homes Were Sold
In 30 - 90 Days
69 Homes Were Sold
Over 90 Days
Summary: During May 2024, 320 homes were sold in West Palm Beach; 47% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.