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Real Estate Market Update for Palm Beach Gardens in October 2024

Real Estate Market Update for Palm Beach Gardens in October 2024

October 2024

Palm Beach Gardens Market Stats

The Palm Beach Gardens real estate market in October 2024 saw a blend of stability and significant fluctuations across single-family homes and townhouses/condos. Here's an in-depth look at the latest market trends for this vibrant South Florida community.

Palm Beach Gardens Single-Family Homes 

In October 2024, single-family homes in Palm Beach Gardens experienced a mixed market:

  • Closed Sales: Down 1.6% from last year, with 60 transactions.

  • Median Sales Price: Up 17%, reaching $1,070,000.

  • Active Inventory: Increased by 9.3%, with 281 homes available.

  • Months Supply of Inventory: Remained unchanged at 4.3 months.

  • New Listings: Declined 15%, with 83 properties entering the market.

  • New Pending Sales: Down 19%, with 47 homes under contract.

These shifts indicate stronger price growth despite reduced activity in new listings and pending sales, reflecting a competitive market for high-value properties.

Palm Beach Gardens Townhouses and Condos 

The townhouse/condo market saw significant growth in certain areas:

  • Closed Sales: Increased by 33%, totaling 57 transactions.

  • Median Sales Price: Rose by 8.4% to $450,000.

  • Active Inventory: Skyrocketed 82%, with 255 units available.

  • Months Supply of Inventory: Climbed from 3.0 to 5.6 months.

  • New Listings: Grew by 9%, with 73 properties listed.

  • New Pending Sales: Declined by 24%, with 42 contracts signed.

This data reveals increased inventory and sales, with more choices for buyers and steadier price growth for townhouses and condos.

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