PALM BEACH MEDIAN PRICE HITS $622,500 AS INVENTORY RISES YEAR-OVER-YEAR

Just in! May 2023 reports have been released from Florida Realtors® detailing recent real estate activity in Palm Beach County. The reports compare year-over-year data. Here are statistics on single-family homes.

Palm Beach County continues to see year-over-year increases in inventory with 3,529 active listings, a 34.1% increase from 2022. The county’s supply of inventory stayed at 3.0 months compared to 1.7 months in 2022 – a 76.5% increase.

“Palm Beach County’s median sale price reached $622,500 in May with inventory rising year-over-year,” says Chris Krzemien, president of Broward, Palm Beaches & St. Lucie Realtors®. “With South Florida experiencing an increase of people moving to the Sunshine State, it’s important to contact a Realtor® who understands that each transaction is a unique consumer experience that needs to be navigated with different levels of support, complexity and expertise.”

Palm Beach County’s median time to contract has increased 145.5% since 2022. This is typically a sign of longer closing times and/or declining numbers of cash sales. 

Contact a local Realtor® Anna Zukowski today — Realtors® are the market experts and your advocates in the home buying or selling process.