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 January 2023, residential housing continues to slow with overall home sale transactions in Palm Beach County declining by 36% (year-over-year) with new pending sales also declining by 26%.
The median sale price, however, continued to climb with an increase of 12% (year-over-year) to $435,000. With active inventory levels up by 142%, we anticipate that the rate of sale price growth will slow considerable for the remainder of 2023.
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 January 2023) 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 32.9% and condominiums & townhomes down by 34.1%. Single-family and condominium / townhome median prices increased by 33.1% and 6.5%, respectively.
Active inventory levels were mixed with single family homes up 102.4% while condominiums & townhomes were up by 93.9%.
Boynton Beach
Existing-home sale transactions in Boynton Beach declined as single-family home sale transactions were down by 37.5% and condominiums & townhome transactions were down by 44.4%. Single-family and condominium / townhome median prices increased by 9.8% and 36.9%, respectively.
Active inventory levels improved with single family homes increasing by 121.9% while condominiums & townhomes increased by 164%.
Delray Beach
Existing-home sale transactions in Delray Beach declined as single-family home sale transactions were down by 44.8% and condominiums & townhome transactions were down by 46.4%. Single-family and condominium / townhome median prices increased by 59.1% and 45.9%, respectively.
Active inventory levels improved with single family homes increasing by 92.5% while condominiums & townhomes increased by 117.7%.
Jupiter
Existing-home sale transactions in the Town of Jupiter declined as single-family home sale transactions were down by 6.9% and condominiums & townhome transactions were down by 40.4%. Single-family median prices declined by 6.6% while condominium / townhome prices rose by 12.6%.
Active inventory levels improved with single family homes increasing by 95.2% while condominiums & townhomes increased by 278.7%.
North Palm Beach
Existing-home sale transactions in the Village of North Palm Beach declined as single-family home sale transactions were down by 50% and condominiums & townhome transactions were also down by 50%. Single-family median prices declined by 47.2% while the median condominium / townhome price rose by 6.2%.
Active inventory levels improved with single family homes increasing by 144.4% while condominiums & townhomes increased by 60.8%.
Palm Beach
Existing-home sale transactions in the Town of Palm Beach declined as single-family home sale transactions were down by 25% and condominiums & townhome transactions were down by 57.1%. Single-family median prices declined by 26.7% while the value of condominiums & townhomes rose by 78.4%
Active inventory levels improved with single family homes increasing by 45.9% while condominiums & townhomes increasing by 139.3%.
Palm Beach Gardens
Existing-home sale transactions in the City of Palm Beach Gardens declined as single-family home sale transactions were down by 34.7% and condominiums & townhome transactions were down by 22.2%. Single-family median prices increased by 4.9% while condominium / townhome prices declined by 4.8%.
Active inventory levels were mixed with single family homes increasing by 217.8% while condominiums & townhomes increased by 166.0%.
Tequesta
Existing-home sale transactions in the Village of Tequesta declined as single-family home sale transactions were down by 27.3% and condominiums & townhome remaining unchanged. Single-family median prices rose by 28.2% and condominium / townhome median prices declined by 38.6%.
Active inventory levels improved with single family homes increasing by 64.7% while condominiums & townhomes increased by 416.7%.
Wellington
Single-family existing-home sale transactions in the Village of Wellington declined by 29.5% while condominiums & townhome transactions dropped by 63.2%. Single-family median prices declined by 5.7% while condominium / townhome prices rose by 16.3%.
Active inventory levels of single family homes increased by 27.9% with condominiums & townhome inventory increasing by 37.9%.
West Palm Beach
Existing-home sale transactions in the City of West Palm Beach declined as single-family home sale transactions were down by 30.8% and condominiums & townhome transactions were down by 33.2%. Single-family and condominium / townhome median prices increased by 42.5% and 21.9%, respectively.
Active inventory levels increased with single family home listings up 66.8% while condominiums & townhomes increased by 69.2%.
