Is West 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
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
$382,914
$266/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in West Palm Beach have sold for 0.9% more than they did a year ago.
Summary: The median home sold price in West Palm Beach was $382,914 in March 2024, up 0.9% from last year, and the median price per square foot was $266.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $165.4K | $128.8K | -22.1% |
| 2 Bedrooms | $289.4K | $277.9K | -4.0% |
| 3 Bedrooms | $455.3K | $460K | +1.0% |
| 4 Bedrooms | $620K | $653.9K | +5.5% |
| 5+ Bedrooms | $1.0M | $1.0M | -0.6% |
Summary: West Palm Beach housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 22.1%, 2 bedroom homes decreased by 4%, 3 bedroom homes increased by 1%, 4 bedroom homes increased by 5.5%, and 5+ bedroom homes decreased by 0.6%.
Median Sold Price Compared To Nearby Cities
| West Palm Beach | $379.3K | $382.9K | +0.9% |
| Riviera Beach | $415K | $390.6K | -5.9% |
| Palm Beach | $1.6M | $1.1M | -33.5% |
Housing Supply in West Palm Beach, FL
How many homes are available in West Palm Beach, FL?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 2,364 | 2,621 | +10.9% |
Summary: The West Palm Beach real estate market had 2,621 homes for sale in March 2024, a 10.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 409 | 445 | +8.8% |
| 2 Bedrooms | 848 | 963 | +13.6% |
| 3 Bedrooms | 652 | 725 | +11.2% |
| 4 Bedrooms | 293 | 313 | +6.8% |
| 5+ Bedrooms | 162 | 175 | +8.0% |
Summary: The West Palm Beach housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 8.8%, 2 bedroom homes increased by 13.6%, 3 bedroom homes increased by 11.2%, 4 bedroom homes increased by 6.8%, and 5+ bedroom homes increased by 8%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 256 | 284 | +10.9% |
Asking Price vs. Sold Price
220 Homes Were Sold
Under Asking
43 Homes Were Sold
At Asking
21 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in West Palm Beach, you may be able to get a good deal. 77.5% of homes here sold below asking price last month.
Summary: A total of 284 homes were sold or pending in West Palm Beach in March 2024, up by 10.9% month-over-month. Of the 284 sold homes, 77% were sold under asking, 15% were sold at asking, and 7% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 45 Days | 65 Days | +43.7% |
Summary: Homes in West Palm Beach had an average of 65 days on market in Mar 2024, up by 43.7% compared to last year.
Breakdown of Home Sale Times
136 Homes Were Sold
Under 30 Days
79 Homes Were Sold
In 30 - 90 Days
69 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in West Palm Beach are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 284 homes were sold in West Palm Beach; 48% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 24% of homes were sold over 90 days.
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