Palm Beach, FL Homes For Sale - Florida Real Estate | BEX Realty (2024)

FAQs

Are home prices dropping in Palm Beach County? ›

Palm Beach Housing Market Trends

In July 2024, Palm Beach home prices were down 25.7% compared to last year, selling for a median price of $1.3M. On average, homes in Palm Beach sell after 141 days on the market compared to 51 days last year. There were 18 homes sold in July this year, up from 11 last year.

As people became less tethered to offices and realized they could easily work from a sunny, resort-style setting as opposed to an inclement urban one, there was a massive exodus of New Yorkers to Palm Beach. Prices skyrocketed and new neighborhoods emerged.

Miami ranks no. 1 in annual home price appreciation in the U.S., according to the Miami Association of Realtors, citing real estate data. Sales of condominiums worth $1 million and up, total home transactions and single-family home sales in Miami-Dade County increased year-over-year in July 2024.

Palm Beach's cost of living is 97% higher than the Florida average, and median home prices in the area are $955,600. Meanwhile, West Palm Beach's cost of living is only 8% higher than the Florida average, with a median home price of only $198,100.

According to Zillow, home price appreciation is expected to slow down significantly in the coming years, with a predicted increase of only 3.4% for 2024. This could provide relief to buyers who have been priced out of the market in recent times.

More and more people who felt trapped in cities and stifled by high taxes in other states have opted for more attractive living options in this patch of Sunshine State paradise, with its stunning open spaces, and culinary and cultural choices.

Welcome to Billionaire's Row

Home to some of the most expensive and prestigious mansions in the world, this coveted enclave offers unparalleled luxury and privacy to its residents, as well as stunning ocean views and easy access to nearby amenities.

Q: What salary do you need to live in West Palm Beach? A: The salary needed to live in West Palm Beach for a single person is around $50,000 before taxes, according to MIT's Living Wage Calculator.

A swell of affluence in South Florida kept West Palm Beach and Palm Beach in a "Top 5" list of the fastest-growing cities nationwide for accumulating millionaire residents over the past decade, according to a wealth-tracking report released this month.

Where is the best place to invest in real estate in Florida in 2024? ›

Florida Housing Market Conditions

The current real estate market conditions in Florida are becoming favorable for home buyers. Here's how: Lower Mortgage Rates: The interest rates for home loans have decreased to 7.01%, marking a decline from approximately 8% in the preceding year of 2023.

For those looking to enjoy luxury retirement living, Florida's Palm Beach is the ideal place. According to Southern Living Magazine, this gorgeous coastal town has several golf courses, parks for hiking and biking, and superb shopping.

Think of West Palm Beach as the mainland, and just across the bridge is the island of Palm Beach, and yes, you can walk. So, now that we've established that Palm Beach is the island, and West Palm Beach is the city across the bridge…

Palm Beach Gardens

Suburb of Fort Lauderdale, FL, 118 Niche users give it an average review of 3.9 stars. Featured Review: Current Resident says Palm Beach Gardens area is overall peaceful when it comes to communities and public areas. Other than the occasional safety issue in some public plazas and open communities.

The Ramsey Solutions research shows that housing prices in Florida have gone up, especially when comparing the fourth quarters of 2022 and 2023, respectively. At the end of 2022, the median sales price of a Florida home was $401,990. One year later, it was $410,000 — a 2% increase.

West Palm Beach rent growth in 2024 pacing above last year

Eight months into the year, rents in West Palm Beach have fallen 1.9%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to August 2023 rents had decreased 3.7%.

Palm Beach County, Florida's estimated 2024 population is 1,547,735 with a growth rate of 0.91% in the past year according to the most recent United States census data. Palm Beach County, Florida is the 4th largest county in Florida. The 2010 population was 1,323,631 and has seen a growth of 16.93% since that time.

Following a hurricane, affected areas often experience a decrease in property values.