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 November 2022
At the same time last year, Palm Beach County was a Seller's Market.
Key Takeaway
Palm Beach County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Palm Beach County, FL
How much do homes in Palm Beach County, FL cost?
Median Sold Price
$459,404
$285/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in Palm Beach County have sold for 8% more than they did a year ago.
Summary: The median home sold price in Palm Beach County was $459,404 in November 2023, up 8% from last year, and the median price per square foot was $285.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $130K | $145.9K | +12.2% |
| 2 Bedrooms | $285K | $304K | +6.6% |
| 3 Bedrooms | $499.9K | $521.1K | +4.2% |
| 4 Bedrooms | $739.9K | $768.7K | +3.9% |
| 5+ Bedrooms | $1.3M | $1.3M | +6.6% |
Summary: Palm Beach County housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes increased by 12.2%, 2 bedroom homes increased by 6.6%, 3 bedroom homes increased by 4.2%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes increased by 6.6%.
Median Sold Price Compared To Nearby Counties
| Hendry County | $265K | $310.7K | +17.3% |
| Martin County | $429.2K | $465K | +8.3% |
| Palm Beach County | $425.4K | $459.4K | +8.0% |
| Broward County | $388.2K | $413.9K | +6.6% |
| Okeechobee County | $264.6K | $249.2K | -5.8% |
Housing Supply in Palm Beach County, FL
How many homes are available in Palm Beach County, FL?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 10,986 | 11,711 | +6.6% |
Summary: The Palm Beach County real estate market had 11,711 homes for sale in November 2023, a 6.6% increase compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 904 | 982 | +8.6% |
| 2 Bedrooms | 3,870 | 4,186 | +8.2% |
| 3 Bedrooms | 3,629 | 3,802 | +4.8% |
| 4 Bedrooms | 1,550 | 1,648 | +6.3% |
| 5+ Bedrooms | 1,033 | 1,093 | +5.8% |
Summary: The Palm Beach County housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 8.6%, 2 bedroom homes increased by 8.2%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes increased by 5.8%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 1,816 | 1,369 | -24.6% |
Asking Price vs. Sold Price
1,044 Homes Were Sold
Under Asking
205 Homes Were Sold
At Asking
120 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Palm Beach County, you may be able to get a good deal. 76.3% of homes here sold below asking price last month.
Summary: A total of 1,369 homes were sold or pending in Palm Beach County in November 2023, down by 24.6% month-over-month. Of the 1,369 sold homes, 76% were sold under asking, 15% were sold at asking, and 9% 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
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 40 Days | 45 Days | +12.3% |
Summary: Homes in Palm Beach County had an average of 45 days on market in Nov 2023, up by 12.3% compared to last year.
Breakdown of Home Sale Times
768 Homes Were Sold
Under 30 Days
379 Homes Were Sold
In 30 - 90 Days
222 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Palm Beach County are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 1369 homes were sold in Palm Beach County; 56% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.
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