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2022 Year-End Annual Real Estate Market Report

Scroll down the page to view several different types of reports for today’s real estate market with images, charts & video. 

End of Year 2022 ANNUAL Real Estate Market Report

In the 2022 Annual Real Estate Market Report, the Median Sale Price for the full year soared to $571,000, up 20.2% from 2021 for single family homes. Scroll down to view the Palm Beach County  Market Snapshot or the Market Video.

Inventory continued to rise in 2022, with the year-over-year supply of inventory reaching 3.2 months to close out the year at the end of December, up a whopping 190.9% compared to 2021. 

The number of Closed Sales was 15,118 which is down 22.5% for 2022 compared to 2021. The market is shifting very slightly toward a buyers market. And buyers are taking a longer time to sift through the rising inventory to find their dream home. 

2022 Annual Real Estate Market Snapshot

 Report Compares Full Year of 2022 with 2021
2022 Annual Real Estate Market Report FLPalmBeach Martin Group 1000x1100

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 22nd of each month. Therefore, the CURRENT December 2022 Market Report shows stats from the previous full month of November 2022 data.

Inventory is an Important Keyword

There’s no doubt inventory has been the keyword in 2022 for South Florida’s real estate market! Single Family Housing inventory (number of active listings) has increased for the seventh straight month in Palm Beach County. With growing inventory and new construction rising, buyers undoubtedly have more options. Watch the inventory and see if it is a Seller’s or Buyer’s Market.

Median Supply of Inventory is a useful indicator of market conditions. The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory. Anything higher is traditionally a buyer’s market, and anything lower is a seller’s market. Therefore, a 3.2 months supply of listings means we are still in a seller’s market, yet gradually going slightly closer to a buyers market.
 

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.

2022 Palm Beach County Housing Market Summary

Year-End Real Estate Market Report Compares FULL Year of 2022 with 2021 

Single Family Homes

  • Closed Sales:  -22.5%
  • Median Price:  +20.2%
  • Months Inventory:  +190.7% 

Condos Townhouses

  • Sales:  -23.6%
  • Median Price:  +20.8%
  • Months Inventory:   +158.3%  

What This Means For You

Palm Beach County is one of the most sought after regions to purchase real estate in the United States. The best beaches, nice weather (especially during winter), lots of great shopping areas, great restaurants/cafes, plus close to two interstates and a nice airport are features that make this area very popular. All of these contribute to making this a wonderful place to live year-round or seasonally, plus vacation here, even the internationals. So owning property here is a great asset!

What this means for Sellers: Those who have been waiting on the fence for the opportune time to list their property should speak to one of our Realtor® team members today to get tips about selling in today’s market.

What this means for Buyers: Those, who waited in the past, have more opportunities today for purchasing a home, since the number of listings is higher and the inventory is at above 3.2 months supply. Now also is a good time to purchase, as interest rates recently dropped some (and before they increase again).

Buyers and sellers both can text or call 561-339-1779 to schedule an appointment with Doug and Jason Martin or you can email the Martin Group.

Today's Real Estate Market in Palm Beach County

Listings Today = “NEW” Listings Today & Is Updated Through-Out the Day

To see Average Sale Price, Recently Sold, or to change location, click on “View Market Report”.
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Video of 2022 Year-End Real Estate Market Report

 Video Compares Full Year of 2022 with the Full Year of 2021

Freddie Mac 50+ Years Historical Mortgage Rates Chart

Interest Rates from April 2, 1971 (7.33%) to December 29, 2022 (6.42%)

>> Interest Rates Are Lower NOW Than at the Beginning in 1971 <<

Freddie Mac Historical 30 Year Mortgage Rates 4-2-71 to 12-29-22 Chart

How Does This Matter?

Sales▼ Prices▲ Inventory▲

ALL Zip Codes of Palm Beach County Are Combined

Palm Beach County’s Median Sold Price of HOMES in Full Year of 2022 was $571,000

The inventory of homes and condos listed in the Beaches MLS continued to rise last year in Palm Beach County! Inventory levels have improved, maybe because of inflation and interest rates.

Inventory is the number of property listings that are active at the end of the month. The months’ supply of inventory is an estimate of the number of months it will take to deplete the current inventory based on recent sale rates.

More listings are entering the real estate market, but there is still competition among buyers for the available listings without the bidding wars we had earlier. Sellers, don’t let the rising inventory of homes listed for sale stop you from listing your property. Buyers are even more active now looking at the current listings!

Even though interest rates have risen slightly, we are currently still in a slight seller’s market. The Martin Group of Realtors® is here to help you sell or buy a home with numbers that work for you and fulfill your real estate needs. Text or call our office: 561-339-1779.

How’s the Real Estate Market in My Community?

SOLD PRICES in Palm Beach County Have Increased 20.2% overall in 2022!

How much did your home’s market value increase?

2022 Yearly Market Details by Florida Realtors®

ALL Zip Codes are Combined in These Palm Beach County Reports.

FULL Year of 2022 Compared with FULL Year of 2021

Single Family Homes Stats

2022 Annual Palm Beach County Single Family Homes Report

Condos & Townhouses Stats

Search Condos & Homes For Sale in SE Florida

Get Current Market Value of Your Home

SOLD Home Values have gone up 11%-29% in 2022 (different percentages for each area in Palm Beach County). Curious as to what your home’s current value might be? Just insert a home’s address and get a quick estimate of its value in the current real estate market.

 

 

The Martin Group of Realtors®

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Doug Martin

Realtor® Emeritus Broker
561-339-3299
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Jason Martin Realtor Real Estate

Jason Martin

Realtor® Residential Agent
561-624-4544
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