Palm Beach Median Home Price Hits $541,000
Just in! March 2022 released from Florida Realtors® detailing recent real estate activity in Palm Beach County. The reports compare year-over-year data. Here are statistics on single family homes.
“Palm Beach County’s median home price hit $541,000 in March! This is the highest price we’ve seen this year as prospective buyers from all over the world continue to demand housing in Palm Beach County. Homes are selling at an astonishing rate, sitting roughly 10 days on the market before going under contract," said Carlos A. Melendez, 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.
"Meanwhile, inventory continues to dip. The number of listings decreased 31.2 percent to 1,869, bringing our months' supply of inventory down to 1.2 months. If you’re thinking about buying a home, start a conversation with a local Realtor® today. It’s no secret that interest rates are starting to rise, but that doesn't necessarily mean homeownership is out of reach. Realtors® are here to help you find your dream home at a number that works for you,” continues Melendez.
Median Supply of Inventory is a useful indicator of market conditions. The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory. Anything higher is traditionally a buyers' market, and anything lower is a seller's market.
March Market Reports: Single Family | Townhouses/Condos
Broward, Palm Beaches & St. Lucie Realtors® is the 3rd largest local Realtor® association in the nation, representing over 40,000 Realtors®, 41,000 MLS subscribers, and 5 regional boards across South Florida & the Treasure Coast. For more info, visit Rworld.com or contact Communications@rworld.com.