Video of Current Housing Market Update
Palm Beach County, Florida November 21, 2024 Update Report with October, 2024 Stats
Video by BeachesMLS and Realtors Association of the Palm Beaches
South Florida Palm Beaches Real Estate
LOCAL EXPERTISE GLOBAL REACH
Martin Group of Realtors®
+1-561-339-1779
2024 Real Estate Market Reports Palm Beaches
Palm Beach County, Florida November 2024 Report
Scroll down to view several different images, reports, and a video.
Beaches MLS Real Estate Market Snapshot
Summary of Single Family Homes' Report
The changing seasons in south Florida is bringing unusual seasonal opportunities for buyers due to falling mortgage rates and increased inventory. In Palm Beach County, the months supply of inventory currently sits at 5.0 months, a 38.9% increase from this time last year with 5,568 active listings.
Palm Beach County closed 1,052 sales in Octboer, with the median time to contract being 45 days as buyers sift through options. More listings are hitting the market each month. The median sale price stayed fairly consistent with this time last year at $621,500.
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 was released November 21, 2024 and shows the data and stats from the previous full month of October.
Palm Beaches Market Stats by Type of Home
Now lets view the stats of Palm Beach County by separating the Single Family Homes from the Condos and Townhouses.
Single Family Homes
Palm Beach County Single Family Detached Homes November 2024 Report with October Data.
Condos, Townhomes, and Villas Combined
Palm Beach County Condos, Townhouses, and Villas November 2024 Report with October Data.
Freddy Mac Current + Historical Interest Rates Chart
April 1, 1971 to November 21, 2024 – Mortgage Rates today are LOWER than in 1981
Lowest Mortgage Rate was 2.65% on Jan 6, 2021
Highest Mortgage Rate was 18.63% on October 8, 1981
The chart is based on a 30Y FRM = 30 Year Fixed Rate Mortgage
Mortgage Rate averaged at 6.84% on November 21, 2024.
To view the latest update on mortgage rates and to see the 30 year chart, go to:
Freddie Mac Primary Mortgage Market Rates.
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 November 21, 2024, down 22 points.
Housing Market Action Index for Palm Beach Gardens
Slight Seller’s Market November 21, 2024 Palm Beach Gardens, FL
This week the median list price for Palm Beach Gardens, FL is $1,237,500 with the market action index hovering around 32. This is an increase over last month’s market action index of 31. Inventory has increased.
Inventory and sales are the key indicators! The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone.
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.
What Do You Think Your Home Is Worth Now in 2024?
Example of a City Market Report
November, 2024 Report with October, 2024 Stats
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
Ready to Buy, Sell, or Rent a Home or Condo?
Let’s talk!
We’ll share some tips based on our 40+ years of experience as Realtors® & Custom Home Builders.