MIAMI — Palm Beach County single-family home sales increased year-over-year in December 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 sales rose 6.5% year-over-year, from 969 to 1,032.
“Palm Beach County continues to be a low-supply, high-demand market,” 2025 JTHS-MIAMI President Ginenne Boehm said.
Realtor.com 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 for 2025. Miami also ranks No. 2 in the U.S. in home-price appreciation, according to the January 2025 CoreLogic U.S. Home Price Insights.
Palm Beach County Price Appreciation Continues
Existing condo median prices increased 4.1% year-over-year in December 2024, from $305,000 to $317,500.
Palm Beach County single-family home median sale prices increased 7.3% year-over-year in December 2024, increasing from $580,000 to $622,500.
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, South Florida 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 Single-Family Home Sales Surge in December 2024
Palm Beach County single-family home sales rose 6.5% year-over-year, from 969 to 1,032.
Palm Beach County condo transactions decreased 18.4% year-over-year in December 2024, from 801 to 654. Total sales declined 4.7%, from 1,770 to 1,686. The statistics would be much stronger if they included South Florida’s robust developer new construction market and volume. The decline is due to lack of condo financing and inventory at key price points.
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
Mortgage rates have only increased since the first fed cut in September 2024.
“Southeast Florida’s single-family market ended the year on a remarkable upswing, with sales up in all counties, prices rising at a broad level, and inventory still below 6 months’ supply,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “Rising mortgage rates are still a major headwind in the first half of the 2025, but we’ll likely see a vigorous upswing in sales and prices in 2025 particularly in the second half of the year as mortgage rates fall to the mid 6%.”
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.96% as of January 23. That’s down from 7.04% one week ago but up from 6.69% one year ago.
Palm Beach County Listings Still Below Pre-Pandemic
Total active listings at the end of December increased 35.8% year-over-year, from 9,515 to 12,924, but not enough to make up for the lack of inventory.
Inventory of single-family homes increased 23.2% year-over-year in December 2024 from 4,575 active listings last year to 5,637 last month.
Condominium inventory increased 47.5% year-over-year from 4,940 to 7,287 listings during the same period in 2023, but the total is still below pre-pandemic.
Months’ supply of inventory for single-family homes is 5.1 months, which indicates a seller’s market. Inventory for existing condominiums is 8.8 months, which indicates a buyer’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Nationally, total housing inventory registered at the end of December was 1.15 million units, down 13.5% from November but up 16.2% from one year ago (990,000). Unsold inventory sits at a 3.3-month supply at the current sales pace, down from 3.8 months in November but up from 3.1 months in December 2023.
Palm Beach County Total Dollar Volume Rises 7.52% Year-over-Year
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 1,886 homes in December 2024 for a local economic impact of $231 million.
Palm Beach County total dollar volume totaled $1.4 billion in December 2024, up 7.52% vs. December 2023. Single-family home dollar volume increased 22.06% year-over-year to $1.1 billion. Condo dollar volume decreased 24.14% year-over-year to $309 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, versus 0.7% December 2023.
Short sales and REOs accounted for 0.8% and 0.1%, respectively, of total Palm Beach County sales in December 2024.
Palm Beach County’s percentage of distressed sales are less than the national figure. Nationally, distressed sales represented 2% of sales in December 2024, virtually unchanged from last month and the prior year.
South Florida Price Appreciation Outperforming Nation, State
In Florida, closed sales of single-family homes statewide totaled 20,784 in December 2024, up 12.8% year-over-year, while existing condo-townhouse sales totaled 7,169, down 0.5%.
Nationally, total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops – elevated 2.2% from November to a seasonally adjusted annual rate of 4.24 million in December. Year-over-year, sales swelled 9.3% (up from 3.88 million in December 2023).
The statewide median sales price for single-family existing homes was $415,000, up 1.2% 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 $315,000, down 4.5% 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 December was $404,400, up 6.0% from one year ago ($381,400). 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 94.2% in December 2024. The median percent of original list price received for existing condominiums was 92.5%.
The median number of days between listing and contract dates for Palm Beach County single-family home sales was 41 days, up from 29 days last year. The median time to sale for single-family homes was 83 days, up from 68 days last year.
The median number of days between the listing date and contract date for condos was 55 days, up from 31 days. The median number of days to sale for condos was 91 days, up from 70 days.
Palm Beach County Cash Sales 76.8% More than National Figure
Cash sales represented 49.5% of Palm Beach County closed sales in December 2024, compared to 53.6% in December 2023. About 28% 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 59.1% of all Palm Beach County existing condo sales and 43.4% of single-family transactions.
To access December 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 105 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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