With a population of approximately 1.5 million residents, Palm Beach County has one of the most active residential real estate markets throughout the state. Since the onset of the pandemic, Palm Beach County has experienced a substantial acceleration in its growth rate driven by out-of-state residents and companies relocating to the area.
During the month of August 2022, residential housing continues to slow with overall home sale transactions in Palm Beach County declining by 24% (year-over-year) with pending inventory also declining by 23%.
The median sale price, however, continued it’s climb to $430,000, an increase of 17% (year-over-year). With inventory levels up by 46%, we anticipate that the rate of sale price growth will slow considerable for the remainder of 2022.
The housing market across the communities with Palm Beach County is diverse, ranging from traditional suburban neighborhoods to golf course communities, oceanfront condominiums and a vibrant downtown core in the heart of the county. The county is home to a number of high end communities like the Town of Palm which has some of the most expensive housing not only in Florida but throughout the world.
The following market reports (as of August 2022) provide an update on the state of housing in the following Palm Beach County local area communities:
- Boca Raton
- Boynton Beach
- Delray Beach
- Jupiter
- North Palm Beach
- Palm Beach
- Palm Beach Gardens
- Tequesta
- Wellington
- West Palm Beach
Boca Raton
Existing-home sale transactions in City of Boca Raton declined with single-family home sale transactions down by 29.4% and condominiums & townhomes down by 36.6%. Single-family and condominium / townhome median prices increased by 31.3% and 17.5%, respectively.
Active inventory levels were mixed with single family homes up 44.2% while condominiums & townhomes were down by 10.8%.
Boynton Beach
Existing-home sale transactions in Boynton Beach declined as single-family home sale transactions were down by 7.1% and condominiums & townhome transactions were down by 33.5%. Single-family and condominium / townhome median prices increased by 22.5% and 31.2%, respectively.
Active inventory levels improved with single family homes increasing by 53% while condominiums & townhomes increased by 12.2%.
Delray Beach
Existing-home sale transactions in Delray Beach declined as single-family home sale transactions were down by 40.7% and condominiums & townhome transactions were down by 34.4%. Single-family and condominium / townhome median prices increased by 9.1% and 45.1%, respectively.
Active inventory levels improved with single family homes increasing by 22.6% while condominiums & townhomes increased by 18.4%.
Jupiter
Existing-home sale transactions in the Town of Jupiter declined as single-family home sale transactions were down by 9% and condominiums & townhome transactions were down by 39.2%. Single-family and condominium / townhome median prices increased by 23.7% and 8.8%, respectively.
Active inventory levels improved with single family homes increasing by 47.9% while condominiums & townhomes increased by 75.8%.
North Palm Beach
Existing-home sale transactions in the Village of North Palm Beach declined as single-family home sale transactions were down by 18.2% and condominiums & townhome transactions were down by 29%. Single-family and condominium / townhome median prices increased by 65.2% and 59.1%, respectively.
Active inventory levels improved with single family homes increasing by 2.9% while condominiums & townhomes increased by 10.7%.
Palm Beach
Existing-home sale transactions in the Town of Palm Beach declined as single-family home sale transactions were down by 55.6% and condominiums & townhome transactions were down by 18.5%. Single-family and condominium / townhome median prices increased by 65.8% and 215.4%, respectively.
Active inventory levels improved with single family homes increasing by 16.7% while condominiums & townhomes increased by 44.9%.
Palm Beach Gardens
Existing-home sale transactions in the City of Palm Beach Gardens declined as single-family home sale transactions were down by 16.3% and condominiums & townhome transactions were down by 26.3%. Single-family and condominium / townhome median prices increased by 1.0% and 21.5%, respectively.
Active inventory levels were mixed with single family homes increasing by 38.2% while condominiums & townhomes increased by 28.2%.
Tequesta
Existing-home sale transactions in the Village of Tequesta declined as single-family home sale transactions were down by 50% and condominiums & townhome transactions were down by 57.1%. Single-family median prices declined by 27.1% and and condominium / townhome median prices rose 52%.
Active inventory levels improved with single family homes increasing by 15.8% while condominiums & townhomes increased by 133.3%.
Wellington
Existing-home sale transactions in the Village of Wellington declined as single-family home sale transactions were down by 24.7% and condominiums & townhome transactions were down by 25%. Single-family and condominium / townhome median prices increased by 33.7% and 27.1%, respectively.
Active inventory levels of single family homes declined by 22.3% while condominiums & townhome inventory declined by 38%.
West Palm Beach
Existing-home sale transactions in the City of West Palm Beach declined as single-family home sale transactions were down by 39.9% and condominiums & townhome transactions were down by 34%. Single-family and condominium / townhome median prices increased by 24.2% and 21.9%, respectively.
Active inventory levels were mixed with single family homes up 25.1% while condominiums & townhomes were down by 6.8%.
