November 2024
Palm Beach Gardens Market Stats
The Palm Beach Gardens housing market in November 2024 exhibited diverse trends, reflecting varying activity levels across single-family homes and townhouse/condo segments. Here’s a detailed breakdown to help you understand the latest market performance.
Palm Beach Gardens Single-Family Homes
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Closed Sales: 46 homes sold, marking a 16% decline from the same time last year.
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Median Sales Price: Increased by 22% to $1,162,500, showcasing higher property valuations.
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Active Inventory: Reached 314, an 11% rise compared to November 2023.
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Months Supply of Inventory: Now at 4.8 months, up 4.7% from last year, signaling a balanced market.
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New Listings: Declined by 3.1%, with 93 new properties listed for sale.
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New Pending Sales: Dropped significantly, down 29% to 45 transactions.
Palm Beach Gardens Townhouses and Condos
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Closed Sales: Dropped 41% to 36 units, reflecting a slower pace in transactions.
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Median Sales Price: Up by 14% to $410,000, emphasizing growing demand in this sector.
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Active Inventory: Increased 55% to 257 units, offering buyers more choices.
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Months Supply of Inventory: Now at 6.0 months, up from 3.4 months last year, indicating a shift towards a buyer’s market.
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New Listings: Fell 10%, with 63 properties entering the market.
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New Pending Sales: Rose significantly, up 40% to 56 agreements signed.
In November 2024, West Palm Beach’s real estate market showcased a mixed performance. Single-family homes experienced a drop in sales but a surge in prices and inventory, reflecting high-value opportunities. Meanwhile, the townhouse/condo market highlighted affordability with higher pending sales and inventory growth. Both segments indicate opportunities for buyers and sellers to engage strategically in this evolving landscape.
