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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing South Palm Beach is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, South Palm Beach was a Seller's Market.

Key Takeaway

South Palm Beach is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in South Palm Beach, FL

How much do homes in South Palm Beach, FL cost?

Median Sold Price

$455,000

$390/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$14,500(+3.3%)

Key Takeaway

Homes in South Palm Beach have sold for 3.3% more than they did a year ago.

Summary: The median home sold price in South Palm Beach was $455,000 in February 2024, up 3.3% from last year, and the median price per square foot was $390.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $310K$300K
-3.2%
2 $440K$475K
+8.0%
3 $1.0M$1.1M
+4.8%
4 --
N/A
5+ --
N/A

Summary: South Palm Beach housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.2%, 2 bedroom homes increased by 8%, 3 bedroom homes increased by 4.8%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Lantana
+10.9%
South Palm Beach
+3.3%
Palm Beach
-36.7%

Housing Supply in South Palm Beach, FL

How many homes are available in South Palm Beach, FL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
95118+24.2%

Summary: The South Palm Beach real estate market had 118 homes for sale in February 2024, a 24.2% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 2327
+17.4%
2 6177
+26.2%
3 1114
+27.3%
4 00
0.0%
5+ 00
0.0%

Summary: The South Palm Beach housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 17.4%, 2 bedroom homes increased by 26.2%, 3 bedroom homes increased by 27.3%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
35+66.7%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in South Palm Beach, you may be able to get a good deal. 60% of homes here sold below asking price last month.

Summary: A total of 5 homes were sold or pending in South Palm Beach in February 2024, up by 66.7% month-over-month. Of the 5 sold homes, 60% were sold under asking, 20% were sold at asking, and 20% were sold over asking.

Days on Market for South Palm Beach, FL

How long does it take to sell a home in South Palm Beach, FL?

Average Sale Time

Feb 2023Feb 2024CHANGE
42 Days99 Days+137.1%

Summary: Homes in South Palm Beach had an average of 99 days on market in Feb 2024, up by 137.1% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in South Palm Beach are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 5 homes were sold in South Palm Beach; 40% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 40% 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 27 Days Ago

Newest Listings in South Palm Beach, FL

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