Palm Beach Real Estate Market Trends October 2023

Real Estate Market Trends Palm Beach - Cenege Real Estate Group

Palm Beach County’s housing market is currently a buyer’s market, meanwhile at the same time last year it was a seller’s market. This means that home prices tend to be lower and homes stay on the market longer. In October 2023, Palm Beach County home prices were up 10.6% compared to last year, selling for a median price of $470K. On average, homes in Palm Beach County sell after 56 days on the market compared to 58 days last year  According to Redfin

Palm Beach County stands out as an exceptional destination for year-round living and property ownership, ranking among the most coveted regions for real estate investment in the United States. The area boasts attractive features such as stunning beaches, pleasant year-round weather (particularly in winter), an abundance of excellent shopping opportunities, upscale dining experiences, and convenient proximity to two interstates, a well-appointed airport, and cruise ship terminals.

 

South Florida real estate, Palm Beach County has demonstrated remarkable resilience and strength. Total home sales in Palm Beach County experienced a year-over-year increase, showcasing the region’s consistent outperformance compared to the national market. Despite elevated mortgage rates, the Palm Beach Florida real estate market trends remains robust. Median prices for single-family homes in Palm Beach County have seen an upward trajectory. Notably, distressed sales in Palm Beach remain low, reflecting the overall health and stability of the market.

 Current Real Estate Market Trends Palm Beach

The Palm Beach real estate market is currently experiencing a slight cooldown after strong growth in 2021 and 2022. While median home prices are still up by 5.1% compared to last year, the rate of growth has significantly slowed. Factors contributing to this slowdown include rising interest rates, inflation concerns, and the possibility of a recession.

Key Trends in Palm Beach Real Estate:

  1. Median Home Prices:
    • Prices have increased by 5.1% from last year but at a decelerated rate.
    • Median home price is $1.9 million, up from $1.8 million a year ago.
    • Growth rates were 28.5% in 2021, 18.6% in 2022, and 5.1% in 2023.
  2. Inventory:
    • Inventory has increased but remains relatively low.
    • In October 2023, there were 306 homes for sale, up from 287 a year ago.
    • Inventory is below the 5-year average of 440 homes.
  3. Days on Market:
    • Homes are spending more time on the market.
    • In October 2023, the average was 120 days, up from 99 days a year ago.

Additional Insights:

  • Luxury homes continue to be in high demand, with a median sale price of $4.2 million, up from $3.8 million a year ago.
  • Waterfront properties are increasingly sought after, with a median sale price of $6.2 million, up from $5.8 million a year ago.
  • Investors remain active, particularly in properties suitable for short-term rentals.

“Explore the robust real estate market trends in Palm Beach County, showcasing resilience and strength amid challenging conditions. From surging home sales to increased median prices and low distressed sales, Palm Beach stands as a beacon of stability. For personalized insights and expert guidance, contact seasoned real estate professional Ernst Cenege. Unlock the potential of your Palm Beach real estate journey with informed decisions. Call today for tailored solutions and navigate the thriving market landscape with confidence.”

The Palm Beach real estate market is currently experiencing a slight cooldown after a period of strong growth in 2021 and 2022. Median home prices are still up compared to last year, but the rate of growth has slowed. This is due to a number of factors, including rising interest rates, inflation, and concerns about a potential recession.

Here are some of the key trends in the Palm Beach real estate market:

  • Median home prices are up 5.1% from last year, but the rate of growth has slowed. The median home price in Palm Beach is now $1.9 million, up from $1.8 million a year ago. However, the rate of growth has slowed significantly in recent months. In 2021, median home prices increased by 28.5%. In 2022, the rate of growth was still strong, at 18.6%. However, in 2023, the rate of growth has slowed to just 5.1%.
  • Inventory is up, but it is still relatively low. The number of homes for sale in Palm Beach is up from a year ago, but it is still relatively low compared to historical levels. In October 2023, there were 306 homes for sale in Palm Beach, up from 287 a year ago. However, the inventory level is still well below the 5-year average of 440 homes.
  • Days on market are up from a year ago. The number of days homes are on the market in Palm Beach is up from a year ago. In October 2023, homes in Palm Beach were on the market for an average of 120 days, up from 99 days a year ago. This suggests that buyers have more bargaining power than they did a year ago.

Overall, the Palm Beach real estate market is still strong, but it is showing signs of cooling. Median home prices are still up, but the rate of growth has slowed. Inventory is up, but it is still relatively low. Days on market are up from a year ago. These trends suggest that buyers have more bargaining power than they did a year ago.

Here are some additional insights into the Palm Beach real estate market:

  • Luxury homes are still in high demand. Luxury homes in Palm Beach are still in high demand, and prices are continuing to rise. The median sale price for a luxury home in Palm Beach is now $4.2 million, up from $3.8 million a year ago.
  • Buyers are increasingly interested in waterfront properties. Buyers are increasingly interested in waterfront properties in Palm Beach. The median sale price for a waterfront property in Palm Beach is now $6.2 million, up from $5.8 million a year ago.
  • Investors are still active in the Palm Beach real estate market. Investors are still active in the Palm Beach real estate market, and they are increasingly looking for properties that can be rented out as short-term rentals.

 

 

Here’s a table comparing real estate prices in Palm Beach for the years 2022 and 2023, along with information on rent prices in the United States:

Category Metric 2022 2023 Change (%)
Real Estate (Palm Beach) Median Home Price $1.8 million $1.9 million +5.1%
Real Estate (Palm Beach) Growth Rate 18.6% 5.1% Decreased Growth
Real Estate (Palm Beach) Inventory (October) 287 homes 306 homes Increased Inventory
Real Estate (Palm Beach) Days on Market (October) 99 days 120 days Increased Days on Market
Real Estate (Luxury – Palm Beach) Median Sale Price $3.8 million $4.2 million +10.5%
Real Estate (Waterfront – Palm Beach) Median Sale Price $5.8 million $6.2 million +6.9%
Rent Prices (United States) Annual Increase (April 2022 to April 2023) N/A 11.6% Largest Increase on Record
Rent Prices (United States) Affordability 52% of renters paying >30% of income N/A N/A

Note:

  1. The real estate prices and trends are specific to Palm Beach.
  2. The rent prices and trends are indicative of the United States as a whole.

These figures provide a snapshot of the changes in real estate prices in Palm Beach from 2022 to 2023 and highlight the significant increase in rent prices across the United States during the same period. The decrease in the growth rate of real estate prices in Palm Beach suggests a cooling market.

 

Feel free to text or call 561-618-9984 to set up a complimentary consultation with either Ernst Cenege, catering to both buyers and sellers.

 

In the dynamic landscape of South Florida real estate, Palm Beach County has once again asserted its prominence by not just weathering, but thriving. Demonstrating remarkable resilience, total home sales in Palm Beach County have witnessed a noteworthy year-over-year surge. This upward trend not only underscores the region’s consistency but also highlights its continuous outperformance when compared to the national real estate market. Despite the challenges posed by elevated mortgage rates, Palm Beach’s real estate sector has stood strong, showcasing its ability to navigate and excel in changing economic climates.

Adding to the narrative of Palm Beach’s real estate fortitude is the substantial increase in median prices for single-family homes in Palm Beach County. This uptick in pricing signifies not only sustained demand but also an appreciation in the intrinsic value of residential properties. In the face of a dynamic and evolving market, Palm Beach County’s real estate market remains a testament to the enduring appeal of the region.

Moreover, the health of the Palm Beach real estate market is further exemplified by the consistently low numbers of distressed sales. This trend reflects a market that is not just stable but also characterized by a healthy balance between supply and demand. As distressed sales remain minimal, it points to a resilient and well-supported real estate environment, making Palm Beach a compelling destination for both buyers and sellers alike.

 

Inventory refers to the active property listings available at the close of each month, while the months’ supply of inventory estimates how long it would take to exhaust the current inventory based on recent sales rates.

The Median Supply of Inventory serves as a valuable gauge of market conditions. A balanced market, favoring neither buyers nor sellers of months of inventory. Anything exceeding this benchmark traditionally leans towards a buyer’s market, while anything below indicates a seller’s market. Consequently, a 2.9 months supply of listings signifies a robust seller’s market, although it is gradually inching closer to a balanced or buyer’s market.

As the moving season approaches and Florida sees an influx of new residents, there has never been a more crucial time to connect with a REALTOR® who can adeptly guide you through the current marketplace dynamics.

 

The real estate market trends in Palm Beach County paint a picture of resilience, strength, and sustained growth. Despite the challenges posed by elevated mortgage rates, the region has experienced a notable surge in total home sales, showcasing its consistent outperformance compared to the national market. The substantial increase in median prices for single-family homes further underscores the enduring appeal of Palm Beach County’s real estate sector.

As distressed sales remain low, reflecting a healthy market with a balanced supply-demand dynamic, Palm Beach emerges as a compelling destination for both prospective buyers and sellers. Whether you are looking to make a property investment or explore the possibilities of selling, now is an opportune time to engage with the market.

For personalized insights and guidance tailored to your real estate goals in Palm Beach, I encourage you to take the next step. Call Ernst Cenege, a seasoned real estate professional with a deep understanding of the local market trends. By reaching out to Ernst, you’ll gain access to expert advice and strategic solutions to navigate the dynamic Palm Beach real estate landscape. Don’t miss the chance to make informed decisions and capitalize on the opportunities that this thriving market has to offer.

Call Ernst Cenege today and unlock the potential of your Palm Beach real estate journey.

 

Agent: Ernst Cenege

Phone :561-618-9984

Email: info@cenegerealestategroup.com

Office: 2424 N Federal Highway, Suite 150

            Boca Raton, FL 33436

Areas Served

Atlantis, Boca Raton, Boca Grande, Boynton Beach, Briny Breezes, Deerfield Beach, Delray Beach, Greenacres, Gulf Breeze, Gulf Stream, Haverhill, Highland Beach, Hillsboro Beach, Hypoluxo, Juno Beach, Jupiter, Jupiter Inlet Colony, Lake Clarke Shores, Lake Worth, Lantana, Manalapan, Ocean Ridge, Palm Beach, Palm Beach Gardens, Lighthouse Point, Palm Beach Shores, Loxahatchee, Royal Palm Beach, South Florida, South Palm Beach, West Delray Beach, West Palm Beach, Pompano Beach, Port Saint Lucie, Saint Lucie West

Join The Discussion

Compare listings

Compare