“The Palm Beach real estate market continues demonstrating strong growth and resilience. In the First Quarter of 2025, we witnessed renewed strength in the single-family home market, with a 68% year-over-year surge in sales and a median price increase of 11%. Condo/co-op sales also achieved new pricing highs this quarter, underscoring the ongoing demand for ultra-luxury properties.

Additionally, the Palm Beach adjacent markets continued to evolve this quarter, with the expanded inventory offering buyers a wealth of options. Single-family listings rose 9% year over year, led by a notable 43% surge in the North End. Condo/co-op inventory also saw impressive growth, increasing by 30% annually, ensuring ample opportunities for buyers interested in this highly sought-after market.”

– Pamela Liebman, Corcoran’s President & CEO

Palm Beach Highlights

Palm Beach experienced a strong start to the year, with most metrics seeing annual gains for both product types — except for condo/co-op sales, which were down 10% annually.

• Sales for single-family homes were up 68% year-over-year, the third consecutive quarter of growth.
• Median and average price for condo/co-ops reached new highs this quarter, surpassing the previous records set in 2Q 2023, due to the highest market share of closings over $5M on record.
• Single-family median price rose 11% YOY to $13.9M as there was a tripling of sales over $15M.
• Average sale price rose 7% year-over-year to $16.7M. The highest priced transaction this quarter was an off-market waterfront sale for $73M.

Inventory continues to rise in the Town of Palm Beach, with both property types displaying YOY gains.

• Single-family inventory rose 9% YOY to 105, with the North End experiencing the largest annual increase of 43%.
• Condo/co-op inventory grew by 30% YOY to 388.
• Days on market for diverged across product types, with single-family DOM declining 7% to 150 and condo/co-op DOM up 7% to 117.

Outside Palm Beach

Sales were down across both product types in all but two of Palm Beach’s adjacent markets in 4Q 2024, with only single-family sales in the area from Hypoluxo Island to Highland Beach increasing 29% annually. Price metrics were mixed across the markets, with only Jupiter Island to Singer Island seeing increases in median price for single-family homes and condos/co-ops. In contrast, Delray Beach saw prices decline across the board. Inventory, however, was predominately up across all areas, with the most significant rise in available townhomes, with 186 homes – an increase of 45%. As inventory has continued to climb quarter after quarter, buyers have many more options to claim their piece of this coveted coast.

In the area from Jupiter Island to Singer Island, both single-family home sales and condo/co-op sales declined, 29% and 28% respectively.

• Condo/co-op average price rose 17% YOY to $1.1M because of a tripling in the number of sales over $4M compared to last year.
• Single-family median price increased 11% YOY to $1.3M, due to an increase in the market share of closings over $3M versus 1Q 2024.
• Inventory across both product types displayed double-digit annual gains, with condo/co-op listings up 36% YOY to 564 available residences and single-family listed inventory up 18% annually with 145 available homes on the market as of the end of the quarter.

In the area from West Palm Beach to Lake Worth, pricing trends diverged between product types this quarter, with median price for single-family homes up double-digits YOY, hitting a new record high of $825K while average price fell 3% annually.

• Condo/co-ops experienced double digit increases for both metrics with average price jumping 47% YOY and median price rising 17% YOY.
• Closings were down across both product types this quarter: single-family home sales were down 13%, while there was just one fewer condo/co-op closing YOY.
• As of the end of March, single-family inventory rose 20% YOY to 369 available listings, and condo/co-op inventory rose 6% annually to 375 available listings.

In the area from Hypoluxo Island to Highland Beach, both product types saw notable double-digit annual declines in sales.

• Median price for single-family homes rose 3% and average price increased 15% YOY. These gains were due to a 10% YOY increase in the market share of closings over $5M.
• Condo/co-op pricing metrics were mixed in 1Q 2025, with median price increasing 36% annually to a record high of $1.1M, but average price down 12% YOY.
• At the end of the quarter, condo/co-op listed inventory increased 37% YOY to 277 available homes and single-family inventory rose 3% YOY to 90 available homes.

Delray Beach saw single-family home sales experienced a slight 3% YOY decline, while condo/co-op sales fell 30% annually.

• Single-family median price saw a3% annual decline attributed to a higher market share of closings under $2M compared to 1Q 2024.
• Condo/co-op pricing metrics increased by double-digits annually due to a doubling of the number of closings over $750K as compared to last year.
• Inventory for both product types grew up by double-digits, as condo/co-op inventory increased 24% to 82 available residences. With the 30% increase in single-family home available listings, 1Q 2025 marks the fourth consecutive quarter that inventory has exceeded one hundred homes.

Townhouse sales across all submarkets decline 29% YOY to the lowest first quarter level since 2018.

• Closed sales volume increased 23% to $115M, even with fewer sales, due to a rise in sales over $5M versus a year ago.
• Median sale price jumped 68% annually to a record high of $1.2M, while average price increased 75% YOY.
• At the end of the quarter, there was a selection of 214 homes available, up 35% from a year ago.

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