Market Report: North Palm Beach County, October 2024

Data courtesy of floridarealtors.org

North Palm Beach County

U.S. existing-home sales unexpectedly slipped 1.0% month-over-month and 3.5% year-over-year to a seasonally adjusted annual rate of 3.84 million, the lowest level in more than a decade, according to the National Association of REALTORS® (NAR). Prospective buyers have pulled back in recent months, despite lower mortgage rates and more home choices compared to the same time last year.

New Listings decreased 10.6 percent for Single Family homes and 2.5 percent for Townhouse/Condo homes. Pending Sales decreased 11.5 percent for Single Family homes and 20.5 percent for Townhouse/Condo homes. Inventory increased 14.0 percent for Single Family homes and 49.9 percent for Townhouse/Condo homes.

Median Sales Price increased 6.0 percent to $710,000 for Single Family homes and 2.1 percent to $344,000 for Townhouse/Condo homes. Median Time to Contract increased 130.0 percent for Single Family homes and 64.0 percent for Townhouse/Condo homes.

There were 1.39 million homes for sale heading into October, a 1.5% increase from the previous month and a 23% increase from the same period last year, for a 4.3-month supply at the current sales pace, according to NAR. Even with improving supply and the slower sales pace, home prices have continued to rise nationwide, with NAR reporting a median existing-home price of $404,500 as of last measure, a 3% increase from one year ago.

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Jupiter Dream Life
Heather E Towe, PA
Assistant Broker, REALTOR®, CRS®, CLHMS®, e-PRO®, PSA®

Real Estate Services
Residential real estate representation in Palm Beach County and surrounding areas.

(561) 247-4474
hello@jupiterdreamlife.com

Licensed to sell real estate in Florida
Paradise Real Estate International