Palm Beach Market Heating Up, Median Price Continues to Rise
Just in! Newly released market reports from Florida Realtors® detailing recent real estate activity in the Palm Beaches. The reports compare year-over-year data for August. Here are statistics on single family homes.
“Summer may be coming to an end, but the Palm Beach housing market is heating up! Median sale price continues to rise – up 12.4% to $399,000 – while closed sales increased 15.8% to 1,814, year-over-year,” said Jarrod Lowe, President of Broward, Palm Beaches & St. Lucie Realtors®.
Median sale price is our preferred summary statistic for price activity because, unlike average sale price, median sale price is not sensitive to high sale prices for small numbers of homes that may not be characteristic of the market area.
“The 2020 trend of low interest rates and low inventory is igniting the value of Palm Beach County homes. It’s a great time to list as buyers are eager to take advantage of these record low rates. If you have any questions about the home buying or selling process, be sure to contact a local Realtor® for their expertise,” continues Lowe.
As of Monday, September 21, 2020, the mortgage rate for a 30-year fixed loan was 3.01 percent with an APR of 3.22 percent, according to Bank Rate's latest survey of the nation’s largest mortgage lenders.
Market Reports: Palm Beach Single Family | Palm Beach Townhouses/Condos
Broward, Palm Beaches & St. Lucie Realtors® is the 3rd largest local Realtor® association in the country, representing 33,000 Realtors®, 35,000 MLS subscribers, and 5 regional boards across South Florida & the Treasure Coast. For more info, visit Rworld.com or contact Communications@rworld.com.