Inhabit by Corcoran

“Luxury buyers were out in force across the Coastal Palm Beaches in the third quarter, and they weren’t just making headlines with a handful of blockbuster deals. Palm Beach saw six sales above $20 million and nearly triple the number of single-family closings compared to last year.

What stands out to me is the depth of demand. Even with listed inventory tightening, buyers are making moves, homes are selling faster, and we’re seeing strength across multiple markets and price points. From record prices on Jupiter Island to a growing appetite for luxury townhouses, it’s clear that buyers who see value in South Florida real estate aren’t sitting on the sidelines.”

– Pamela Liebman, Corcoran’s President & CEO

Palm Beach single-family sales nearly tripled, concentrated in the North End.

• Single-family closings jumped 190% to 29, the strongest third quarter since 2021.
• The North End did the heavy lifting, with 16 sales versus 4 a year ago.
• Median price climbed 20% to $12.0M, with six sales above $20M, topped by $40M at 608 Island Drive.
• However, average price slipped 30% to $15.0M against a prior-year figure that included an $86.5M sale.
• Condo/co-op sales rose 19% to 75 closings. Pricing metrics declined annually due to a larger number of South End sales.
• Supply tightened: condo/co-op inventory fell for a fifth straight quarter (down 16% to 185), and single-family slipped 3% to 70.

Buyers stayed active across the rest of the region: sales rose in most markets, single-family prices climbed in three of four, and listings fell everywhere except the area from Hypoluxo Island to Highland Beach.

Jupiter Island to Singer Island sets a new single-family price record.

• Median price hit a record high of $2.2M, up 35%, and average price jumped 45% to $3.8M year-over-year.
• Big-ticket sales led the way: 12 closed at $5M+, nearly a quarter of the total versus 16% last year, topped by $27.5M at 11800 Turtle Beach Road.
• Condo/co-op sales saw a 40% jump to 109.
• Single-family supply dropped 35% year-over-year to 73 homes.

West Palm Beach to Lake Worth Beach: five straight quarters of rising sales.

• Single-family sales climbed 17% to 197, while condo/co-op closings held level at 108.
• Homes trading above $1M made up 39% of single-family sales, up from 28% a year ago, lifting median price 20% to $660K and average 37% to $1.5M.
• Condo/co-op prices dropped (median down 41% to $515K).
• Listings fell 19% for single-family homes and 29% for condo/co-op residences.

Hypoluxo Island to Highland Beach: sales surged annually.

• Single-family sales more than doubled year-over-year and condo/co-op rose 26%.
• Two Manalapan deals, at $83.2M and $36M, pushed single-family average price to a record high of $10.9M.
• Median price fell 43% to $4.1M, as more than half of sales closed under $5M.
• Condo/co-op median fell 24% to $740K, with $1M+ sales at 30% of closings versus 48% a year ago.
• Single-family listed inventory rose 51% to 68 homes; condo/co-op held at 202 listings.

Delray Beach: prices rose for both property types annually.

• Single-family sales rose 10% to 65, with median and average both up 14%, to $2.0M and $2.7M.
• Condo/co-op sales fell, but prices jumped: median up 32% to $615K and average up 44% to $681K, with seven of ten closings trading above $500K.
• Single-family listings fell 27% to 114 homes, the lowest third-quarter count since 2023, while condo/co-op inventory fell 17% to 65 listings.

Townhouses: more than half of sales closed above $1M, up from 29% a year ago.

• Sales rose 6% annually to 55 closings.
• Median price climbed 42% to $1.0M and average price rose 22% to $1.8M.
• The top sale, 2 Sloans Curve Drive at $17M, closed 70% above its previous 2023 sale price.
• Inventory fell 22% year-over-year to 106.

Read the latest full report