Is Palm Beach, FL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palm Beach is a buyer'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

-$397,500(-26.5%)

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

# BEDSMay 2023May 2024CHANGE
1 $400K$425K
+6.3%
2 $817.5K$825K
+0.9%
3 $2.8M$2.7M
-1.6%
4 $9.5M$9.4M
-0.4%
5+ $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
+10.3%
Lake Worth
+5.8%
Palm Beach
-26.5%

Housing Supply in Palm Beach, FL

How many homes are available in Palm Beach, FL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
382385+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

# BEDSApr 2024May 2024CHANGE
1 5256
+7.7%
2 190182
-4.2%
3 8078
-2.5%
4 2832
+14.3%
5+ 3237
+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 2024May 2024CHANGE
4627-41.3%

Asking Price vs. Sold Price

27 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

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 2023May 2024CHANGE
83 Days110 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

Breakdown of Home Sale Times

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 19 Days Ago

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