MIAMI — Palm Beach County single-family home dollar volume rose year-over-year in November 2024, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
Palm Beach County single-family home dollar volume increased 6.9% year-over-year in November 2024 to $905.7 million.
“Palm Beach County has become a premier destination for out-of-state and global buyers, offering year-round sunshine, world-class marinas, extensive waterways, and the advantage of no state income tax,” JTHS-MIAMI President Courtney Smitheman said.
Realtor.com recently ranked Miami-Fort Lauderdale-Pompano Beach, FL as the No. 2 Top Housing Market in the U.S. for 2025, forecasting a 24% year-over-year increase in sales and a 9% increase in median sale prices. Miami ranks No. 2 in the U.S. in home-price appreciation, according to the December 2024 CoreLogic Home Price Index.
Palm Beach County Real Estate Price Appreciation
Existing condo median prices increased 0.5% year-over-year in November 2024, from $308,500 to $310,000.
Palm Beach County single-family home median sale prices stayed even in November 2024 at $600,000.
South Florida Real Estate Home Equity & Appreciation is Nearly 2X the National Figure
Home equity gains on a single-family home purchased in Q3 2009 and sold in Q3 2024 are: Miami-Dade County ($542,175); Broward County ($488,755); Palm Beach County ($477,883); Martin ($457,272) versus the U.S. average at $310,232, according to new MIAMI REALTORS® Research.
Florida’s Live Local Act, which was passed in 2023 and amended in May 2024, is encouraging developers to build more affordable housing. The Live Local Act gives developers the highest density allowed in a local area if they allocate 40% of its units for affordable housing. The state law defines an affordable unit as being at or below 120% of an area’s median income.
Despite the increase in prices, the greater Miami region including Palm Beach County remains a value in comparison to other global cities. In Miami, $1M nets you at least 60 square meters of prime property, according to the 2024 Knight Frank The Wealth Report. This is much higher than other global cities: Sydney, Australia ($1M only purchases 43 square meters), Shanghai (42), Paris (40), Los Angeles (38), New York (34), Geneva (34), London (33), Singapore (32), Hong Kong (22) and Monaco (16).
Palm Beach County Home Sales
Palm Beach County single-family home sales decreased 8% year-over-year in November 2024, from 914 to 841.
Palm Beach County condo sales decreased 25.2% year-over-year, from 781 to 584. Palm Beach County total sales decreased 15.9% year-over-year, from 1,695 to 1,425. The decline is due to a 1% recent rise in mortgage rates to near 7%, lack of inventory at key price points and more.
The statistics would be much stronger if they included South Florida’s robust developer new construction market and volume.
The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening. Of the 2,397 condominium buildings in Miami-Dade, Broward and Palm Beach counties, only 21 are approved for FHA loans, according to statistics from the U.S. Department of Housing and Urban Development.
Just 0.9% of South Florida condo buildings are approved for FHA loans.
Mortgage Rates Stay Elevated Despite Fed Cut
Mortgage rates have increased since the Fed’s first rate cut in four years in September.
“High-income buyers, particularly in the million-dollar market, have been the lifeblood of the housing market in 2024,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “I think we’ll see this trend continuing in 2025 with mortgage rates remaining elevated in 2025. However, we should see interest rate-sensitive buyers jumping in and perking up sales as mortgage rates start to decline in the second half of the year towards the mid- 6%.”
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.6% as of December 12. That’s down from 6.69% one week ago and 6.95% one year ago.
Palm Beach County Total Listings
Total active listings at the end of November increased 42% year-over-year, from 9,304 to 13,213.
Inventory of single-family homes increased 27.6% year-over-year in November 2024 from 4,568 active listings last year to 5,828 last month.
Condominium inventory increased 55.9% year-over-year from 4,736 to 7,385listings during the same period in 2023.
Months’ supply of inventory for single-family homes is 5.3 months, which indicates a buyer’s market. Inventory for existing condominiums is 8.8 months, which also indicates a balanced market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Nationally, total housing inventory registered at the end of November was 1.33 million units, down 2.9% from October but up 17.7% from one year ago (1.13 million). Unsold inventory sits at a 3.8-month supply at the current sales pace, down from 4.2 months in October but up from 3.5 months in November 2023.
Palm Beach County Real Estate Posts $175 Million Local Economic Impact in November 2024
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).
The total economic impact of a typical Florida home sale is $123,000, according to NAR. Palm Beach County sold 1,623 homes in November 2024 for a local economic impact of $175 million.
Palm Beach County total dollar volume totaled $1.2 billion in November 2024. Single-family home dollar volume increased 6.94% year-over-year to $905 million. Condo dollar volume decreased 25.31% year-over-year to $294 million.
Palm Beach County Distressed Sales Remain Low, Reflecting Healthy Market
Only 0.9% of all closed residential sales in Palm Beach County were distressed last month, including REO (bank-owned properties) and short sales, compared to 0.6% in November 2023.
Short sales and REOs accounted for 0.07% and 0.9%, respectively, of total Palm Beach County sales in November 2024.
Palm Beach County’s percentage of distressed sales less than the national figure. Nationally, distressed sales represented 2% of sales in November 2024, virtually unchanged from last month and the prior year.
State and National Statistics
In Florida, closed sales of single-family homes statewide totaled 17,095 in November 2024, down 3.5% year-over-year, while existing condo-townhouse sales totaled 6,002, down 15.6%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
Nationally, total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops – improved 4.8% from October to a seasonally adjusted annual rate of 4.15 million in November. Year-over-year, sales bounced 6.1% (up from 3.91 million in November 2023).
The statewide median sales price for single-family existing homes was $410,700, down 0.6% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $311,000, down 5.8% vs. last year. The median is the midpoint; half the homes sold for more, half for less.
Nationally, the median existing-home price for all housing types in November was $406,100, up 4.7% from one year ago ($387,800). All four U.S. regions posted price increases.
Palm Beach County Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 94.6% in November 2024. The median percent of original list price received for existing condominiums was 93%.
The median number of days between listing and contract dates for Palm Beach County single-family home sales was 37 days, up from 24 days last year. The median time to sale for single-family homes was 82 days, up from 64 days last year.
The median number of days between the listing date and contract date for condos was 52 days, up from 34 days. The median number of days to sale for condos was 90 days, up from 73 days.
Palm Beach County Cash Sales Nearly Double National Figure
Cash sales represented 45.7% of Palm Beach County closed sales in November 2024, compared to 54.4% in November 2023. About 25% of U.S. home sales are made in cash, according to the latest NAR statistics.
Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects South Florida’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.
Cash sales accounted for 57% of all Palm Beach County existing condo sales and 37.9% of single-family transactions.
To access November 2024 Palm Beach County Statistical Reports, visit http://www.SFMarketIntel.com
Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of Realtors®
The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 104 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 279 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com
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