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 March 2023
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 in Royal Palm Beach, FL
How much do homes in Royal Palm Beach, FL cost?
Median Sold Price
$484,966
$250/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Royal Palm Beach have sold for 5.4% more than they did a year ago.
Summary: The median home sold price in Royal Palm Beach was $484,966 in March 2024, up 5.4% from last year, and the median price per square foot was $250.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $116.5K | $139K | +19.3% |
| 2 Bedrooms | $271K | $270K | -0.4% |
| 3 Bedrooms | $455K | $475K | +4.4% |
| 4 Bedrooms | $568K | $610K | +7.4% |
| 5+ Bedrooms | $645.5K | $710K | +10.0% |
Summary: Royal Palm Beach housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.3%, 2 bedroom homes decreased by 0.4%, 3 bedroom homes increased by 4.4%, 4 bedroom homes increased by 7.4%, and 5+ bedroom homes increased by 10%.
Median Sold Price Compared To Nearby Cities
| Royal Palm Beach-West Jupiter | $534.4K | $589.5K | +10.3% |
| Royal Palm Beach | $459.9K | $484.9K | +5.4% |
| Loxahatchee | $638.5K | $668.1K | +4.6% |
| Wellington | $680.8K | $695K | +2.1% |
| Loxahatchee Groves | $774.9K | $777.5K | 0.3% |
Housing Supply in Royal Palm Beach, FL
How many homes are available in Royal Palm Beach, FL?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 216 | 239 | +10.6% |
Summary: The Royal Palm Beach real estate market had 239 homes for sale in March 2024, a 10.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 4 | 0.0% |
| 2 Bedrooms | 46 | 50 | +8.7% |
| 3 Bedrooms | 90 | 102 | +13.3% |
| 4 Bedrooms | 50 | 53 | +6.0% |
| 5+ Bedrooms | 26 | 30 | +15.4% |
Summary: The Royal Palm Beach housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 8.7%, 3 bedroom homes increased by 13.3%, 4 bedroom homes increased by 6%, and 5+ bedroom homes increased by 15.4%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 36 | 42 | +16.7% |
Asking Price vs. Sold Price
29 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
5 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. 69% of homes here sold below asking price last month.
Summary: A total of 42 homes were sold or pending in Royal Palm Beach in March 2024, up by 16.7% month-over-month. Of the 42 sold homes, 69% were sold under asking, 19% were sold at asking, and 12% were sold over asking.
Days on Market for Royal Palm Beach, FL
How long does it take to sell a home in Royal Palm Beach, FL?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 41 Days | 33 Days | -19.9% |
Summary: Homes in Royal Palm Beach had an average of 33 days on market in Mar 2024, down by 19.9% compared to last year.
Breakdown of Home Sale Times
27 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
4 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 March 2024, 42 homes were sold in Royal Palm Beach; 64% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
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