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 September 2022, residential housing continues to slow with overall home sale transactions in Palm Beach County declining by 25% (year-over-year) with new pending sales also declining by 33%.
The median sale price, however, continued to climb with an increase of 18% (year-over-year) to $430,000. With active inventory levels up by 53%, 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 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 15.3% and condominiums & townhomes down by 26.7%. Single-family and condominium / townhome median prices increased by 16% and 18.2%, respectively.
Active inventory levels were mixed with single family homes up 39% while condominiums & townhomes were up by just 0.2%.
Boynton Beach
Existing-home sale transactions in Boynton Beach declined as single-family home sale transactions were down by 15.6% and condominiums & townhome transactions were down by 19.9%. Single-family and condominium / townhome median prices increased by 18.5% and 28.7%, respectively.
Active inventory levels improved with single family homes increasing by 72.8% while condominiums & townhomes increased by 38.6%.
Delray Beach
Existing-home sale transactions in Delray Beach declined as single-family home sale transactions were down by 20.3% and condominiums & townhome transactions were down by 35%. Single-family and condominium / townhome median prices increased by 27.7% and 14.6%, respectively.
Active inventory levels improved with single family homes increasing by 22.9% while condominiums & townhomes increased by 25.2%.
Jupiter
Existing-home sale transactions in the Town of Jupiter declined as single-family home sale transactions were down by 25.3% and condominiums & townhome transactions were down by 25%. Single-family and condominium / townhome median prices increased by 42.9% and 53.4%, respectively.
Active inventory levels improved with single family homes increasing by 44.3% while condominiums & townhomes increased by 85.7%.
North Palm Beach
Existing-home sale transactions in the Village of North Palm Beach declined as single-family home sale transactions were down by 47.4% and condominiums & townhome transactions were down by 8.7%. Single-family median prices increased by 61.7% while the median condominium / townhome price declined by 15.6%.
Active inventory levels improved with single family homes increasing by 57.7% while condominiums & townhomes increased by 16.1%.
Palm Beach
Existing-home sale transactions in the Town of Palm Beach declined as single-family home sale transactions were down by 33.3% and condominiums & townhome transactions were down by 60.7%. Single-family median prices declined 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 23.1% and condominiums & townhome transactions were down by 49.4%. Single-family and condominium / townhome median prices increased by 22.4% and 25.5%, respectively.
Active inventory levels were mixed with single family homes increasing by 36.4% while condominiums & townhomes increased by 37.9%.
Tequesta
Existing-home sale transactions in the Village of Tequesta declined as single-family home sale transactions were down by 23.1% and condominiums & townhome transactions were down by 63.6%. Single-family median prices declined by 115.8% and and condominium / townhome median prices rose 49.1%.
Active inventory levels improved with single family homes increasing by 50% while condominiums & townhomes increased by 100%.
Wellington
Single-family existing-home sale transactions in the Village of Wellington declined by 10.6% while condominiums & townhome transactions improved by 9.1%. Both single-family and condominium / townhome median prices increased by 14.4% and 4.9%, respectively.
Active inventory levels of single family homes increased by 5.8 % while condominiums & townhome inventory declined by 43.8%.
West Palm Beach
Existing-home sale transactions in the City of West Palm Beach declined as single-family home sale transactions were down by 37.4% and condominiums & townhome transactions were down by 36.1%. Single-family and condominium / townhome median prices increased by 12.6% and 17.6%, respectively.
Active inventory levels were mixed with single family homes up 34.1% while condominiums & townhomes were down by 9.1%.
