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 January 2023

Since last year, West Palm Beach has remained a Buyer'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

$378,676

$263/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2023

-$2,762(-0.7%)

Key Takeaway

Homes in West Palm Beach have sold for 0.7% less than they did a year ago.

Summary: The median home sold price in West Palm Beach was $378,676 in January 2024, down 0.7% from last year, and the median price per square foot was $263.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 $199.6K$129.3K
-35.2%
2 $295K$274.7K
-6.9%
3 $460K$456.9K
-0.7%
4 $650K$642.5K
-1.2%
5+ $1.1M$1.0M
-7.7%

Summary: West Palm Beach housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 35.2%, 2 bedroom homes decreased by 6.9%, 3 bedroom homes decreased by 0.7%, 4 bedroom homes decreased by 1.2%, and 5+ bedroom homes decreased by 7.7%.

Median Sold Price Compared To Nearby Cities

West Palm Beach
-0.7%
Riviera Beach
-6.1%
Palm Beach
-40.0%

Housing Supply in West Palm Beach, FL

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

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
1,9232,276+18.4%

Summary: The West Palm Beach real estate market had 2,276 homes for sale in January 2024, a 18.4% increase compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 300392
+30.7%
2 683796
+16.5%
3 556634
+14.0%
4 255290
+13.7%
5+ 129164
+27.1%

Summary: The West Palm Beach housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 30.7%, 2 bedroom homes increased by 16.5%, 3 bedroom homes increased by 14%, 4 bedroom homes increased by 13.7%, and 5+ bedroom homes increased by 27.1%.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
262206-21.4%

Asking Price vs. Sold Price

154 Homes Were Sold
Under Asking

35 Homes Were Sold
At Asking

17 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. 74.8% of homes here sold below asking price last month.

Summary: A total of 206 homes were sold or pending in West Palm Beach in January 2024, down by 21.4% month-over-month. Of the 206 sold homes, 75% were sold under asking, 17% were sold at asking, and 8% 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

Jan 2023Jan 2024CHANGE
49 Days54 Days+9.4%

Summary: Homes in West Palm Beach had an average of 54 days on market in Jan 2024, up by 9.4% compared to last year.

Breakdown of Home Sale Times

96 Homes Were Sold
Under 30 Days

74 Homes Were Sold
In 30 - 90 Days

36 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 January 2024, 206 homes were sold in West Palm Beach; 47% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 17% 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 25 Days Ago

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