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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing West Palm Beach is a buyer's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in West Palm Beach, FL

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

Median Sold Price

$394,656

$270/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$34,466(+9.6%)

Key Takeaway

Homes in West Palm Beach have sold for 9.6% more than they did a year ago.

Summary: The median home sold price in West Palm Beach was $394,656 in May 2024, up 9.6% from last year, and the median price per square foot was $270.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $129.8K$130K
0.1%
2 $274.9K$279.8K
+1.8%
3 $443.8K$478.4K
+7.8%
4 $610K$674K
+10.5%
5+ $950K$1.0M
+13.2%

Summary: West Palm Beach housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.1%, 2 bedroom homes increased by 1.8%, 3 bedroom homes increased by 7.8%, 4 bedroom homes increased by 10.5%, and 5+ bedroom homes increased by 13.2%.

Median Sold Price Compared To Nearby Cities

West Palm Beach
+9.6%
Riviera Beach
-3.9%
Palm Beach
-26.5%

Housing Supply in West Palm Beach, FL

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

Number of Homes For Sale

Apr 2024May 2024CHANGE
2,4972,605+4.3%

Summary: The West Palm Beach real estate market had 2,605 homes for sale in May 2024, a 4.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 421451
+7.1%
2 930985
+5.9%
3 705715
+1.4%
4 289299
+3.5%
5+ 152155
+2.0%

Summary: The West Palm Beach housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 7.1%, 2 bedroom homes increased by 5.9%, 3 bedroom homes increased by 1.4%, 4 bedroom homes increased by 3.5%, and 5+ bedroom homes increased by 2%.

Number of Homes Sold

Apr 2024May 2024CHANGE
391320-18.2%

Asking Price vs. Sold Price

234 Homes Were Sold
Under Asking

46 Homes Were Sold
At Asking

40 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in West Palm Beach, you may be able to get a good deal. 73.1% of homes here sold below asking price last month.

Summary: A total of 320 homes were sold or pending in West Palm Beach in May 2024, down by 18.2% month-over-month. Of the 320 sold homes, 73% were sold under asking, 14% were sold at asking, and 13% were sold over asking.

Days on Market for West Palm Beach, FL

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

Average Sale Time

May 2023May 2024CHANGE
48 Days60 Days+24.6%

Summary: Homes in West Palm Beach had an average of 60 days on market in May 2024, up by 24.6% compared to last year.

Breakdown of Home Sale Times

151 Homes Were Sold
Under 30 Days

100 Homes Were Sold
In 30 - 90 Days

69 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 320 homes were sold in West Palm Beach; 47% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 22% 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 16 Days Ago

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