• Reports  • Coastal Palm Beaches & Barrier Islands Market Report: 4Q 2024

Coastal Palm Beaches & Barrier Islands Market Report: 4Q 2024

“Palm Beach showed its resilience at the end of 2024 – there were significant gains in single-family home values, with median price up 38% and a 74% surge in median condo/co-op prices. This quarter’s rise in ultra-luxury transactions highlights the area’s enduring appeal to high-end buyers.

And while pricing and sales metrics were mixed across Palm Beach’s adjacent markets, the strength of the supply, which has steadily increased quarter over quarter, means that there is even more opportunity in the year ahead for buyers looking for their piece of this endlessly desirable market.”

Pamela Liebman, Corcoran’s President & CEO

Palm Beach Highlights

As 2024 came to a close, the Town of Palm Beach experienced a dynamic real estate market with steady single-family home sales, a notable rise across all pricing metrics, and a significant shift in condo/co-op transactions at the high-end, despite a decline in overall closings.

  • The double-digit decline in condo/co-op sales was due to an almost 40% drop in sales in the South End. In town, condo/co-op sales actually increased versus 2023.
  • Single-family pricing saw strong annual gains, with average price up 38% and median price rising 14%, driven by a tripling of ultra-luxury sales over $30M — and because half the sales this quarter achieved sales prices over $10M.
  • Pricing for condos/co-ops saw double-digit annual gains, with median price surging 74% to $1.2M because of the increase in market share of sales over $1M.

Listed inventory was up 35% annually for condos/co-ops, with 310 reported listings available at the end of the quarter.

  • 75% of condo/co-op listed inventory was in the South End.
  • Single-family active listings fell a minimal 3% YOY. With 90 listings reported in December, this was still a 30% increase versus the previous quarter.
  • Days on market for both product types by double-digits, up 67% for single-family homes, and 21% for condos/co-ops.

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 increase 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, single-family home sales remained flat while and condo/co-op declined 46%.

  • Average price for single-family homes increased 23% annually to $3.1M as closings over $10M tripled YOY.
  • Condo/co-op prices were mixed this quarter with average price down 10% YOY and median price rising 16% to a record-high $1.1M.
  • Inventory across both product types displayed double-digit annual gains, with condo/co-op listings up 25% YOY to 436 available residences and single-family listed inventory up 26% annually with 115 available homes on the market as of the end of the quarter.

In the area from West Palm Beach to Lake Worth, pricing metrics diverged between product types this quarter, with the average and median prices for single-family homes experiencing annual gains, while condo/co-op pricing metrics declined versus a year ago.

  • Single-family median and average price increased YOY thanks to a 6% annual drop in the market share of homes priced below $1M.
  • Closings were down across both product types this quarter, as sales of single-family homes were down 10% annually, while condo/co-op sales fell 42% year over year.
  • As of the end of 2024, single-family inventory rose by 5% year-over-year to 345 available listings, while condo/co-op inventory rose 21% to 356 available listings.
  • Listed inventory has increased YOY every quarter for both product types since 2022.

The area from Hypoluxo Island to Highland Beach saw single-family home sales up 29% YOY, but condo/co-op sales down 23% versus 2023.

  • The median sales price for single-family homes fell significantly, by 58% YOY, due to a decline in luxury transactions above $3M, and double the amount of transactions under $3M versus a year ago. Average price was less impacted by the shift in sales, down only 1% annually, multiple transactions above $10M.
  • Condo/co-op pricing metrics both increased by double-digits YOY, due to a combination of fewer transactions under $1M compared to last year, and a $10.8M oceanfront closing.
  • At the end of December, single-family inventory fell 14% YOY to 82 available homes, while condo/co-op rose 20% YOY, and surpassed 150 available residences for the fifth consecutive quarter.

Delray Beach saw single-family home sales were down 8% YOY, while condo/co-op transactions fell 36% to 18 closings, the second consecutive quarter with an annual percentage decline greater than 30%.

  • Single-family median price shrunk 50% YOY due to a strong uptick in the market share of closings under $2M compared to last year.
  • Condo/co-op median and average price fell double-digits annually with 25% and 33% drops, respectively, marking the sixth consecutive quarter of annual declines.
  • Inventory was essentially level for single-family homes with one additional active listing versus 2023. Condo/co-op inventory fell annually for the first time since 3Q 2023, down 9% to 69 listings.

Townhouse sales overall fell by 33% year-over-year, to 39 closings across all submarkets.

  • Average sale price increased 4% YOY, and median price was up 19% YOY, due to an increase in the market share of closings over $1M compared to last year.
  • At the end of 2024, prospective buyers had a selection of 186 available homes representing a 45% annual increase.