November 2024
Palm Beach County Market Update
The Palm Beach County housing market in November 2024 continues to evolve with distinct trends in both single-family homes and townhouses/condos. Active inventory has expanded significantly, while closed sales reflect a slower pace compared to the previous year. Let’s dive into the details.
Palm Beach County Single-Family Home
In November, the single-family home market highlights a balance between steady pricing and shifting inventory levels:
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Closed Sales: 841 (down 8.0% year-over-year)
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Median Sales Price: $600,000 (unchanged year-over-year)
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Active Inventory: 5,828 (up 28% year-over-year)
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Months Supply of Inventory: 5.3 (up 3.9 months year-over-year)
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New Listings: 1,610 (up 5.2% year-over-year)
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New Pending Sales: 1,008 (up 4.0% year-over-year)
Palm Beach County – Townhouses and Condos
Contrasting patterns emerge in the townhouse and condo market, where rising inventory meets slower sales:
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Closed Sales: 584 (down 25% year-over-year)
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Median Sales Price: $310,000 (up 0.5% year-over-year)
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Active Inventory: 7,385 (up 56% year-over-year)
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Months Supply of Inventory: 8.8 (up from 4.7 months year-over-year)
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New Listings: 1,700 (up 11% year-over-year)
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New Pending Sales: 679 (down 13% year-over-year)
The November 2024 market data underscores a shifting landscape for Palm Beach County real estate. Rising inventory levels indicate more options for buyers, yet the dip in closed sales suggests cautious market activity. Stable pricing in the single-family home sector and modest growth in townhouse/condo prices highlight opportunities for both buyers and sellers to navigate the changing market with strategic decisions.
