Market Report: North Palm Beach County, December 2024

Data courtesy of floridarealtors.org

North Palm Beach County

U.S. existing-home sales improved for the second consecutive month, rising 4.8% to a seasonally adjusted annual rate of 4.15 million units, an eight-month high, according to the National Association of REALTORS® (NAR). Sales were up 6.1% compared to the same time last year, marking the largest year-over-year increase since June 2021. Economists had forecast existing-home sales would come in at an annual rate of 4.07 million units for the month.

New Listings increased 12.4 percent for Single Family homes and 11.0 percent for Townhouse/Condo homes. Pending Sales increased 11.1 percent for Single Family homes but decreased 16.6 percent for Townhouse/Condo homes. Inventory increased 14.1 percent for Single Family homes and 42.9 percent for Townhouse/Condo homes.

Median Sales Price increased 7.6 percent to $699,500 for Single Family homes but decreased 2.9 percent to $340,000 for Townhouse/Condo homes. Median Time to Contract increased 59.3 percent for Single Family homes and 104.3 percent for Townhouse/Condo homes. Months Supply of Inventory increased 19.1 percent for Single Family homes and 68.0 percent for Townhouse/Condo homes.

Total housing inventory stood at 1.33 million units heading into December, a 2.9% decrease from the previous month but a 17.7% increase year-over- year, for a 3.8-month supply at the current sales pace. Inventory remains below the 5 – 6 months’ supply of a balanced market, and the limited number of homes for sale continues to put upward pressure on sales prices nationwide, with NAR reporting a median existing-home price of $406,100, a 4.7% increase from one year earlier.

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