Palm Beach County Market Update

September 2024

The Palm Beach County real estate market saw notable changes in September 2024 for both single-family homes and townhouses/condos. Despite ongoing shifts in sales and inventory levels, buyers and sellers alike are finding opportunities in this dynamic market. Let’s dive into the details of the September trends, which reflect broader patterns in the local housing landscape.

Palm Beach County Single-Family Home

Closed Sales: 932, down 15% year-over-year
The decrease in closed sales suggests a cooling in buyer activity compared to last year, potentially due to economic factors or buyer hesitancy.
Median Sales Price: $615,000, up 2.5% year-over-year
The rise in median sales price indicates sustained demand in the single-family sector, reflecting the value and desirability of these homes even amid market adjustments.
Active Inventory: 5,424, up 44% year-over-year
The increase in active inventory signals a growing number of homes on the market, offering buyers more choices and reducing competition.
Months Supply of Inventory: 4.9 months, up from 3.3 months last year
The longer supply duration suggests a transition towards a more balanced market, as inventory levels gradually rise.
New Listings: 1,494, down 12% year-over-year
The decrease in new listings indicates that sellers may be taking a cautious approach, possibly waiting for better market conditions or holding onto their homes amid uncertainties.
New Pending Sales: 1,041, down 8% year-over-year
Fewer pending sales reflect moderated buyer activity, possibly influenced by higher interest rates or affordability challenges.

Palm Beach County – Townhouses and Condos

Closed Sales: 696, down 25% year-over-year
The significant drop in closed sales for townhouses and condos reflects a noticeable decline in buyer demand, potentially due to higher borrowing costs or buyer preferences shifting toward single-family homes.
Median Sales Price: $315,000, up 1.6% year-over-year
Despite lower sales volume, prices have continued to increase, indicating that demand for affordable housing options in the condo market remains.
Active Inventory: 6,604, up 75% year-over-year
A significant rise in active inventory points to more available options for condo buyers, increasing competition among sellers.
Months Supply of Inventory: 7.6 months, up from 3.8 months last year
The increased months supply reflects a move towards a buyer’s market, giving potential buyers more time to consider options.
New Listings: 1,441, up 4.2% year-over-year
The uptick in new listings shows that sellers are more confident about entering the market, even amid slower sales.
New Pending Sales: 699, down 24% year-over-year
The decline in new pending sales suggests a slower pace in buyer activity, potentially due to economic uncertainties or affordability issues.

In September 2024, Palm Beach County's real estate market exhibited signs of shifting dynamics. While sales activity has cooled, inventory levels have risen across both single-family homes and condos, pointing to a more balanced or even buyer-favorable market. This evolving landscape provides opportunities for both buyers seeking more choices and sellers aiming to leverage stable price growth.