Is Palm Beach County, 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 County was a Seller's Market.
Housing Prices in Palm Beach County, FL
How much do homes in Palm Beach County, FL cost?
Median Sold Price
$486,734
$295/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Palm Beach County was $486,734 in May 2024, up 9.2% from last year, and the median price per square foot was $295.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $139.8K | $154.9K | +10.8% |
2 Bedrooms | $299.3K | $310.1K | +3.6% |
3 Bedrooms | $513.6K | $544.4K | +6.0% |
4 Bedrooms | $750K | $804.2K | +7.2% |
5+ Bedrooms | $1.3M | $1.4M | +11.0% |
Summary: Palm Beach County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.8%, 2 bedroom homes increased by 3.6%, 3 bedroom homes increased by 6%, 4 bedroom homes increased by 7.2%, and 5+ bedroom homes increased by 11%.
Median Sold Price Compared To Nearby Counties
Palm Beach County | $445.6K | $486.7K | +9.2% |
Broward County | $399.8K | $432.1K | +8.1% |
Martin County | $441.5K | $475K | +7.6% |
Hendry County | $299.5K | $309.9K | +3.5% |
Okeechobee County | $254.2K | $255K | 0.3% |
Housing Supply in Palm Beach County, FL
How many homes are available in Palm Beach County, FL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
14,973 | 15,488 | +3.4% |
Summary: The Palm Beach County real estate market had 15,488 homes for sale in May 2024, a 3.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1,289 | 1,353 | +5.0% |
2 Bedrooms | 5,624 | 5,798 | +3.1% |
3 Bedrooms | 4,866 | 4,999 | +2.7% |
4 Bedrooms | 1,932 | 2,028 | +5.0% |
5+ Bedrooms | 1,262 | 1,310 | +3.8% |
Summary: The Palm Beach County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 5%, 2 bedroom homes increased by 3.1%, 3 bedroom homes increased by 2.7%, 4 bedroom homes increased by 5%, and 5+ bedroom homes increased by 3.8%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
2,411 | 2,127 | -11.8% |
Asking Price vs. Sold Price
1,691 Homes Were Sold
Under Asking
267 Homes Were Sold
At Asking
169 Homes Were Sold
Over Asking
Summary: A total of 2,127 homes were sold or pending in Palm Beach County in May 2024, down by 11.8% month-over-month. Of the 2,127 sold homes, 80% were sold under asking, 13% were sold at asking, and 8% were sold over asking.
Days on Market for Palm Beach County, FL
How long does it take to sell a home in Palm Beach County, FL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
48 Days | 59 Days | +23.8% |
Summary: Homes in Palm Beach County had an average of 59 days on market in May 2024, up by 23.8% compared to last year.
Breakdown of Home Sale Times
942 Homes Were Sold
Under 30 Days
697 Homes Were Sold
In 30 - 90 Days
488 Homes Were Sold
Over 90 Days
Summary: During May 2024, 2127 homes were sold in Palm Beach County; 44% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.