Palm Beach Real Estate & Homes for Sale

In November 2024, the median home price in Palm Beach soared to $3.9 million, a dramatic 143.8% increase compared to last year, highlighting a significant rise in luxury property sales or demand for high-end homes. Homes are selling a bit faster, with an average of 95 days on the market, down from 124 days last year, indicating slightly quicker buyer decisions. However, fewer homes were sold this November, with only 15 sales compared to 19 last year. This could suggest limited inventory or a smaller pool of buyers in this high-priced market, even as demand for luxury properties drives up prices.

The Palm Beach housing market is not very competitive, with homes typically taking around 120 days to sell. Multiple offers are uncommon, and most homes sell for about 10% below the list price, going under contract in approximately 120 days. Even "hot homes," which attract more interest, usually sell for about 3% below the list price and go pending in around 54 days. This slower pace and price flexibility make Palm Beach an appealing market for buyers who have time to explore options and negotiate favorable deals.

In November 2024, Palm Beach, FL, was a buyer's market, meaning there were more homes available for sale than buyers actively looking to purchase. This gives buyers an advantage, offering them more choices and the opportunity to negotiate better prices or terms. For those considering buying in Palm Beach, the increased supply creates a favorable environment to find the right property at a potentially lower cost.