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 October 2022, residential housing continues to slow with overall home sale transactions in Palm Beach County declining by 31% (year-over-year) with new pending sales also declining by 44%.
The median sale price, however, continued to climb with an increase of 13% (year-over-year) to $425,000. With active inventory levels up by 77%, we anticipate that the rate of sale price growth will slow considerable for the remainder of 2022 and into 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 October 2022) provide an update on the state of housing in the following Palm Beach County local area communities:
- Boca Raton
- Boynton Beach
- Delray Beach
- North Palm Beach
- Palm Beach
- Palm Beach Gardens
- West Palm Beach