November 2024
North Palm Beach Market Stats
In November 2024, North Palm Beach’s real estate market painted a vivid picture of evolving trends across both single-family homes and townhouses/condos. Let’s dive into the highlights of the month and see how the market is shaping up for buyers and sellers alike.
North Palm Beach Single-Family Home
The single-family home market in North Palm Beach demonstrated contrasting trends in activity and pricing:
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Closed Sales: Only 2 homes closed, marking a steep 82% decrease from November 2023.
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Median Sales Price: Reaching $1,712,500, this represents a remarkable 73% increase compared to the previous year.
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Active Inventory: With 47 homes available, the inventory climbed 68% year-over-year.
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Months Supply of Inventory: Increased to 5.6 months, reflecting a 3.6-month rise from last year, signaling a move toward a more balanced market.
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New Listings: The market welcomed 17 new listings, a staggering 113% jump from a year ago.
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New Pending Sales: Only 4 homes went under contract, a significant 56% drop from last year.
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North Palm Beach Townhouses and Condos
The townhouse and condo segment also saw diverse activity levels, underscoring unique opportunities:
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Closed Sales: Totaled 13 transactions, a 7.1% decline from November 2023.
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Median Sales Price: Dropped to $298,500, reflecting a 22% decrease year-over-year.
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Active Inventory: Rose to 149 units, a 17% increase compared to last year.
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Months Supply of Inventory: Extended to 7.9 months, up from 6.3 months a year ago, highlighting a growing inventory.
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New Listings: Decreased by 29% to 32 units.
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New Pending Sales: Fell to 10 units, marking a 41% decline year-over-year.
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November 2024 brought significant market movements in North Palm Beach. While single-family homes experienced fewer sales but soaring prices, the townhouse/condo market reflected softer pricing and expanded inventory. Whether buying or selling, understanding these dynamics is key to making informed decisions.
