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 March 2023
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
$476,929
$291/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Palm Beach County have sold for 7.3% more than they did a year ago.
Summary: The median home sold price in Palm Beach County was $476,929 in March 2024, up 7.3% from last year, and the median price per square foot was $291.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $138.5K | $150K | +8.3% |
| 2 Bedrooms | $296.4K | $307.4K | +3.7% |
| 3 Bedrooms | $516.5K | $534.9K | +3.6% |
| 4 Bedrooms | $750.3K | $793.5K | +5.7% |
| 5+ Bedrooms | $1.3M | $1.4M | +11.5% |
Summary: Palm Beach County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.3%, 2 bedroom homes increased by 3.7%, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 5.7%, and 5+ bedroom homes increased by 11.5%.
Median Sold Price Compared To Nearby Counties
| Broward County | $395.1K | $427.4K | +8.2% |
| Martin County | $439.9K | $474.8K | +7.9% |
| Hendry County | $288.4K | $310K | +7.5% |
| Palm Beach County | $444.6K | $476.9K | +7.3% |
| Okeechobee County | $260.7K | $250K | -4.1% |
Housing Supply in Palm Beach County, FL
How many homes are available in Palm Beach County, FL?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 14,050 | 15,333 | +9.1% |
Summary: The Palm Beach County real estate market had 15,333 homes for sale in March 2024, a 9.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1,192 | 1,337 | +12.2% |
| 2 Bedrooms | 5,244 | 5,810 | +10.8% |
| 3 Bedrooms | 4,572 | 4,896 | +7.1% |
| 4 Bedrooms | 1,809 | 1,943 | +7.4% |
| 5+ Bedrooms | 1,233 | 1,347 | +9.2% |
Summary: The Palm Beach County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.2%, 2 bedroom homes increased by 10.8%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 7.4%, and 5+ bedroom homes increased by 9.2%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1,643 | 1,814 | +10.4% |
Asking Price vs. Sold Price
1,417 Homes Were Sold
Under Asking
257 Homes Were Sold
At Asking
140 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. 78.1% of homes here sold below asking price last month.
Summary: A total of 1,814 homes were sold or pending in Palm Beach County in March 2024, up by 10.4% month-over-month. Of the 1,814 sold homes, 78% were sold under asking, 14% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 51 Days | 57 Days | +12.6% |
Summary: Homes in Palm Beach County had an average of 57 days on market in Mar 2024, up by 12.6% compared to last year.
Breakdown of Home Sale Times
870 Homes Were Sold
Under 30 Days
537 Homes Were Sold
In 30 - 90 Days
407 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 March 2024, 1814 homes were sold in Palm Beach County; 48% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.
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The data relating to real estate for sale on this website comes in part from the Southwest Florida Multiple Listing Service. The information being provided is for consumers` personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information has not been verified, is not guaranteed, and is subject to change. Real estate listings held by other brokerage firms other are marked with the IDX logo and detailed information about them includes the name of the listing brokers.