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2024 Real Estate Market Reports

Palm Beach County, Florida February 22, 2024 Update
Real Estate Market Report with January 2024 Stats

Video of Current Housing Market Update

Video by BeachesMLS and Realtors Association of the Palm Beaches

Palm Beach County Housing Market At A Glance

February 2024 Report Compares the Stats of January 2024 with January 2023

Homes

Sales:  +2.1%

Median Price:   +5.6%

Months Inventory:   +23.5%

Condos

Sales:   -8.8%

Median Price:   +8.7%

Months Inventory:   +65.7%

Beaches MLS Real Estate Market Snapshot

Palm Beach County – Updated Monthly
February 2024 Report with January 2024 Stats
01-2024 Palm Beach County Snapshot

How these reports are made: Statistics are compiled by Realtors Association of the Palm Beaches using the BeachesMLS from the FULL previous month of properties. The sold data is released around the 21st of each month. Therefore, the latest Market Report released is for the current month of February 2024 and shows the data and stats from the previous full month of January 2024.

To request a market report for a specific city, please text or call 561-339-1779 or email FLPalmBeach.com/Request-Market-Report

Scroll down to view several different reports with images and charts.

Current Real Estate Market Summary

Palm Beach County Florida January Report Released on February 22, 2024

Palm Beach County Real Estate Market Update

Inventory is the number of property listings that are active at the end of the month. Meanwhile, months’ supply of inventory is an estimate of the number of months it will take to deplete the current inventory given recent sales rates.

Median Supply of Inventory is a useful indicator of market conditions. The benchmark for a balanced market (favoring neither buyer nor seller) is about 5.5 months of inventory. Anything higher is traditionally a buyer’s market, and anything lower is a seller’s market. Therefore, a 3.9 months supply of listings means we are still in a strong seller’s market, yet gradually going slightly closer to a buyers market.

Contact a REALTOR® to help you navigate the current marketplace when buying or selling real estate. Text or call 561-339-1779 to schedule a complimentary consultation with Doug or Jason Martin. Or if you would rather, you can Email the Martin Group.

Freddy Mac Historical Interest Rates Chart

Mortgage Rates today are LOWER than in 1971!!

Lowest Mortgage Rate was 2.79% on Jan 14, 2021

Highest Mortgage Rate was 18.39% on October 21, 1981

30Y FRM = 30 Year Fixed Rate Mortgage

Freddie Mac Historical Mortgage Rates from April 1, 1971 to February 16, 2023

Source: https://www.freddiemac.com/pmms 

What the Real Estate Market Means For You

Sales⬇️  Prices⬆️  Inventory⬆️

Quick Summary of Palm Beach County’s Sold Homes

The Martin Group of Realtors® can help you sell/ buy a home with numbers that work for you fulfilling your real estate needs. Text or call our office: 561-339-1779 for more info.

How’s the Real Estate Market in My Community?

Graphics below give a quick visual and answer the question of “How’s the Market?” by comparing the rate of sales versus inventory. The examples are for Palm Beach Gardens over a 20 month time period… gradually going from a very strong point of the seller’s market in June 22, 2022 (highest point in the last 2 years for Palm Beach Gardens) to a very slight seller’s market on February 22, 2024, down 24 points.

2022 June 22 Palm Beach Gardens FL Sellers Market Infograph
Palm Beach Gardens Market Altos

Slight Buyer’s Market Feb 22, 2024 Palm Beach Gardens, FL

The number of sales in the Palm Beach Gardens real estate market has been cooling off a bit in January 2024, as home prices have increased, fewer number of homes have sold, and less buyers in the market… plus taking longer to sell. Inventory has increased since last month.

However, the market is only slightly in the Buyer’s zone and two points lower than last month’s report. It may take a few more weeks or months of less demand of homes for sold prices to begin dropping lower with any significance.

Inventory and sales are the key indicators! This month’s inventory of listings increased and closed sales decreased. Watch for a persistent up-turn in Market Action to signal prices rising again. Get the Housing Market Action Index for your city or zip code below.`

 

City Market Report

February 2024 Report with January 2024 Stats

SOLD PRICES in Palm Beach County Have Increased 11%-29% in 2023!

01-2024 Palm Beach Gardens Local Market Update

What Do You Think Your Home Is Worth Now in 2024?

Monthly Market Details by Florida Realtors®

February 2024 Report with January 2024 Stats - Palm Beach County, Florida

Single Family Homes

01-2024 Palm Beach Gardens Monthly Market Detail Single Family Homes

Condos & Townhouses

Search Condos & Homes in SE Florida

The Martin Group of Realtors®

Helping you reach your real estate goals

Local Expertise Global Reach

Doug Martin

Realtor® Emeritus Broker
561-339-3299
Email Me

Jason Martin

Realtor® Residential Agent
561-624-4544
Email Me

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