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
- 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 35.3% and condominiums & townhomes down by 30.7%. Single-family and condominium / townhome median prices increased by 15.2% and 31.5%, respectively.
Active inventory levels were mixed with single family homes up 53.5% while condominiums & townhomes were up by just 22.1%.
Boynton Beach
Existing-home sale transactions in Boynton Beach declined as single-family home sale transactions were down by 31.4% and condominiums & townhome transactions were down by 36.2%. Single-family and condominium / townhome median prices increased by 17.5% and 23.8%, respectively.
Active inventory levels improved with single family homes increasing by 118.1% while condominiums & townhomes increased by 53.4%.
Delray Beach
Existing-home sale transactions in Delray Beach declined as single-family home sale transactions were down by 6% and condominiums & townhome transactions were down by 45.4%. Single-family and condominium / townhome median prices increased by 38.8% and 25.8%, respectively.
Active inventory levels improved with single family homes increasing by 39.2% while condominiums & townhomes increased by 54.3%.
Jupiter
Existing-home sale transactions in the Town of Jupiter declined as single-family home sale transactions were down by 11.6% and condominiums & townhome transactions were down by 36.6%. Single-family and condominium / townhome median prices increased by 30.4% and 75%, respectively.
Active inventory levels improved with single family homes increasing by 56.8% while condominiums & townhomes increased by 136.2%.
North Palm Beach
Existing-home sale transactions in the Village of North Palm Beach declined as single-family home sale transactions were down by 56.3% and condominiums & townhome transactions were down by 52.8%. Single-family median prices increased by 1.2% while the median condominium / townhome price declined by 3.4%.
Active inventory levels improved with single family homes increasing by 104.5% while condominiums & townhomes increased by 29.8%.
Palm Beach
Existing-home sale transactions in the Town of Palm Beach declined as single-family home sale transactions were down by 66.7% and condominiums & townhome transactions were down by 55.6%. Single-family median prices rose by 24% while the value of condominiums & townhomes rose by 166.2%
Active inventory levels improved with single family homes declined by 5.6% while condominiums & townhomes increased by 27.2%.
Palm Beach Gardens
Existing-home sale transactions in the City of Palm Beach Gardens declined as single-family home sale transactions were down by 26.1% and condominiums & townhome transactions were down by 36.1%. Single-family and condominium / townhome median prices increased by 35.4% and 3.8%, respectively.
Active inventory levels were mixed with single family homes increasing by 14.4% while condominiums & townhomes increased by 82.9%.
Tequesta
Existing-home sale transactions in the Village of Tequesta declined as single-family home sale transactions were down by 63.2% and condominiums & townhome transactions were down by 30%. Single-family median prices rose by 10% and and condominium / townhome median prices increased by 29.2%.
Active inventory levels improved with single family homes increasing by 161.5% while condominiums & townhomes increased by 137.5%.
Wellington
Single-family existing-home sale transactions in the Village of Wellington declined by 52.1% while condominiums & townhome transactions dropped by 44.4%. Both single-family and condominium / townhome median prices increased by 40.1% and 19.1%, respectively.
Active inventory levels of single family homes increased by 18.8 % while condominiums & townhome inventory declined by 10.8%.
West Palm Beach
Existing-home sale transactions in the City of West Palm Beach declined as single-family home sale transactions were down by 38.5% and condominiums & townhome transactions were down by 31%. Single-family and condominium / townhome median prices increased by 22.2% and 28.9%, respectively.
Active inventory levels increased with single family home listing up 50.1% while condominiums & townhomes increasing by 5.8%.
