Palm Beach County Home Sales Surge in April 2024: Key Insights and Trends

New data reveals an upward trend in home sale prices in Palm Beach County for April 2024, signaling a vibrant real estate market. Recent figures from Realtor.com report that the median home price in the region reached $500,000, marking a 4.2% increase compared to March’s median of $480,066.

Year-over-Year Price Comparison

• The median home sales price in April 2024 was up 2% from the $490,283 recorded in April 2023.
• This growth illustrates a resilient market despite some fluctuations in overall sales figures.

Breakdown of Median Sale Prices

Single-Family Homes

• The median price for single-family homes hit $652,937, a 3.6% rise from March’s $630,000.
• Year-over-year, prices for single-family homes are down 4.5% from $683,509 in April 2023.
• 373 single-family homes sold for $1 million or more in April, compared to 407 such transactions the previous year.

Condominiums and Townhomes

• Condominiums and townhomes experienced a 4.7% increase in sales price, climbing to a median of $324,500, up from $310,000 in March.
• However, this represents a decline of 1.7% from April 2023’s $330,000.
• Notably, 201 condos or townhomes sold for at least $1 million, an increase from 160 in April 2023.

Overall Market Activity

In April, the number of recorded home sales in Palm Beach County fell by 3.3% compared to April 2023, decreasing from 2,978 to 2,881. The total value of home sales in the area reached approximately $2.6 billion.

Statewide Trends in Florida

• Across Florida, home sales recorded a median price of $380,298 in April, slightly down from $380,563 in March.
• Total recorded sales in the state fell by 15.3% from 42,340 in April 2024 to 35,857 this year.

Key Highlights from the State

• The overall value of recorded residential sales in Florida decreased by 10.1%, from $24.9 billion in March to $22.4 billion in April.
• 9.14% of homes sold for at least $1 million in April, down from 10.12% in April 2023.
• The median sales price for single-family homes across Florida dropped to $400,000, a decline of 3.2% from $413,277 in April 2023.

Why Focus on Median Sales Price?

The median sales price offers a clearer snapshot of market trends compared to the average sales price, which can be skewed by extreme highs or lows. The median ensures that the midpoint reflects a more accurate representation of the current real estate landscape.

Conclusion

The April 2024 real estate statistics for Palm Beach County reveal a market that remains robust in the face of various economic pressures. With inventory and buyer demand fluctuating, potential buyers and sellers are encouraged to stay updated on local market trends.

For more detailed information regarding your local housing market, visit Palm Beach Post Data.

For further insight on housing markets or statistics related to real estate, keep exploring Realtor.com.