$9,488 Closing Credit*
$799,000
1,945 SqFt
2 Beds
•2 Full Baths
Sheena Romano, Listing Office: Platinum Living Realty
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 August 2023
At the same time last year, West Palm Beach was a Seller's Market.
Key Takeaway
West Palm Beach is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in West Palm Beach, FL
How much do homes in West Palm Beach, FL cost?
Median Sold Price
$398,948
$273/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2023
+$29,565(+8.0%)
Key Takeaway
Homes in West Palm Beach have sold for 8% more than they did a year ago.
Summary: The median home sold price in West Palm Beach was $398,948 in August 2024, up 8% from last year, and the median price per square foot was $273.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2023 | Aug 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $132K | $130K | -1.5% |
| 2 Bedrooms | $273.7K | $278.6K | +1.8% |
| 3 Bedrooms | $449.9K | $495K | +10.0% |
| 4 Bedrooms | $624.7K | $698.3K | +11.8% |
| 5+ Bedrooms | $945K | $1.0M | +5.8% |
Summary: West Palm Beach housing prices by bedroom type for August 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.5%, 2 bedroom homes increased by 1.8%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 11.8%, and 5+ bedroom homes increased by 5.8%.
Median Sold Price Compared To Nearby Cities
| West Palm Beach | $369.3K | $398.9K | +8.0% |
| Mangonia Park | $393.6K | $412.8K | +4.9% |
| Riviera Beach | $409.8K | $400K | -2.4% |
| Palm Beach | $1.2M | $1.1M | -2.9% |
Housing Supply in West Palm Beach, FL
How many homes are available in West Palm Beach, FL?
Number of Homes For Sale
| Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|
| 2,285 | 2,428 | +6.3% |
Summary: The West Palm Beach real estate market had 2,428 homes for sale in August 2024, a 6.3% increase compared to July 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 402 | 414 | +3.0% |
| 2 Bedrooms | 869 | 944 | +8.6% |
| 3 Bedrooms | 614 | 645 | +5.0% |
| 4 Bedrooms | 262 | 275 | +5.0% |
| 5+ Bedrooms | 138 | 150 | +8.7% |
Summary: The West Palm Beach housing inventory by bedroom type for August 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 3%, 2 bedroom homes increased by 8.6%, 3 bedroom homes increased by 5%, 4 bedroom homes increased by 5%, and 5+ bedroom homes increased by 8.7%.
Number of Homes Sold
| Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|
| 305 | 241 | -21.0% |
Asking Price vs. Sold Price
186 Homes Were Sold
Under Asking
33 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in West Palm Beach, you may be able to get a good deal. 77.2% of homes here sold below asking price last month.
Summary: A total of 241 homes were sold or pending in West Palm Beach in August 2024, down by 21.0% month-over-month. Of the 241 sold homes, 77% were sold under asking, 14% were sold at asking, and 9% 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
| Aug 2023 | Aug 2024 | CHANGE |
|---|---|---|
| 49 Days | 57 Days | +14.4% |
Summary: Homes in West Palm Beach had an average of 57 days on market in Aug 2024, up by 14.4% compared to last year.
Breakdown of Home Sale Times
100 Homes Were Sold
Under 30 Days
88 Homes Were Sold
In 30 - 90 Days
53 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in West Palm Beach are selling fast, if you're buying plan to act quickly.
Summary: During August 2024, 241 homes were sold in West Palm Beach; 41% of homes were sold within 30 days, 37% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.
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