Is Royal Palm Beach, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2022
Since last year, Royal Palm Beach has remained a Seller's Market.
Key Takeaway
Royal Palm Beach is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices
How much do homes in Royal Palm Beach, FL cost?
Median Sold Price
$472,442
$245/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2022
Key Takeaway
Homes in Royal Palm Beach have sold for 7.4% more than they did a year ago.
Summary: The median home sold price in Royal Palm Beach was $472,442 in October 2023, up 7.4% from last year, and the median price per square foot was $245.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2022 | Oct 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $115K | $130.5K | +13.5% |
| 2 Bedrooms | $255K | $285K | +11.8% |
| 3 Bedrooms | $435K | $457.5K | +5.2% |
| 4 Bedrooms | $560K | $601K | +7.3% |
| 5+ Bedrooms | $645K | $680K | +5.4% |
Summary: Royal Palm Beach housing prices by bedroom type for October 2023 compared to the previous year: The home price of 1 bedroom homes increased by 13.5%, 2 bedroom homes increased by 11.8%, 3 bedroom homes increased by 5.2%, 4 bedroom homes increased by 7.3%, and 5+ bedroom homes increased by 5.4%.
Median Sold Price Compared To Nearby Cities
| Royal Palm Beach-West Jupiter | $506.2K | $563.5K | +11.3% |
| Royal Palm Beach | $440K | $472.4K | +7.4% |
| Loxahatchee | $620K | $650K | +4.8% |
| Wellington | $665.2K | $668K | 0.4% |
| Loxahatchee Groves | $810K | $774.9K | -4.3% |
Housing Supply
How many homes are available in Royal Palm Beach, FL?
Number of Homes For Sale
| Sep 2023 | Oct 2023 | CHANGE |
|---|---|---|
| 164 | 176 | +7.3% |
Summary: The Royal Palm Beach real estate market had 176 homes for sale in October 2023, a 7.3% increase compared to September 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2023 | Oct 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 4 | +100.0% |
| 2 Bedrooms | 29 | 36 | +24.1% |
| 3 Bedrooms | 68 | 68 | 0.0% |
| 4 Bedrooms | 41 | 42 | +2.4% |
| 5+ Bedrooms | 24 | 26 | +8.3% |
Summary: The Royal Palm Beach housing inventory by bedroom type for October 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 24.1%, 3 bedroom homes remained the same, 4 bedroom homes increased by 2.4%, and 5+ bedroom homes increased by 8.3%.
Number of Homes Sold
| Sep 2023 | Oct 2023 | CHANGE |
|---|---|---|
| 47 | 37 | -21.3% |
Asking Price vs. Sold Price
28 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Royal Palm Beach, you may be able to get a good deal. 75.7% of homes here sold below asking price last month.
Summary: A total of 37 homes were sold or pending in Royal Palm Beach in October 2023, down by 21.3% month-over-month. Of the 37 sold homes, 76% were sold under asking, 5% were sold at asking, and 19% were sold over asking.
Days on Market
How long does it take to sell a home in Royal Palm Beach, FL?
Average Sale Time
| Oct 2022 | Oct 2023 | CHANGE |
|---|---|---|
| 27 Days | 27 Days | 0.1% |
Summary: Homes in Royal Palm Beach had an average of 27 days on market in Oct 2023, up by 0.1% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Royal Palm Beach are selling fast, if you're buying plan to act quickly.
Summary: During October 2023, 37 homes were sold in Royal Palm Beach; 70% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
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