West Palm Beach, FL housing market

Is it a buyer’s or seller’s market in West Palm Beach, FL?

It is considered a buyer’s market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 6.9%, making the average house payment $3,191, which is $588 higher than a year before.

Total months of housing supply available for sale is 9.8 months, up 60.7% from 6.1 month(s) in October 2023.

Months of Supply

The Months of Supply housing metric is an estimate of how long it would take to sell all the homes for sale relative to the number of homes sold each month. Historically, 5 to 6 months is the average. You may also hear this metric referred to as the "absorption rate."

Lower months of housing supply typically signal a seller’s market whereas when months of supply is greater than 6 months typically signal a buyer’s market.

Sales to Listing Ratio

Sales to Listing Ratios are an indicator of supply and demand. It is all the completed sales in the past month divided by the total number of active listings.

In a balanced real estate market, the total number of home sales to active listings ratio is between 0.12 and 0.2 while markets with a ratio higher than 0.2 favors seller’s, as homes are selling fast and there is limited inventory, while markets below 0.12 favor home buyers because there is a larger supply of homes to purchase.

Selling a house in West Palm Beach, FL

Home values have increased by 8.9% since last year, and the number of days it takes to sell a home has increased from 57 days in October 2023 to 88 days in October 2024.

The best time to sell your home in West Palm Beach is in November, when homes sell fastest and for the most money.

Sellers typically pay the commission of both the listing and buyer’s agents, which typically total 5-6% of the home sale price. That’s $25,650 paid in commission to the real estate agents. You’d also need to factor in closing costs, plus other fees and your mortgage payoff amount, to calculate the net proceeds from your home sale.

Buying a house in West Palm Beach, FL

Homes in West Palm Beach have a median price of $427,500, which means you’ll need $42,750 for a 10% down payment. Housing costs have increased 8.9% in the past year. When you’re several months out and have your down payment saved, make sure to get pre-approved for a mortgage and find a real estate agent.

Home values are only one part of the home affordability equation. When buying a house in West Palm Beach, don’t forget to also account for closing costs, which are typically 3-4% of the home cost. In addition to a down payment of $42,750 you should have $17,100 as well as budget for cash reserves, moving expenses and ongoing homeownership costs for home maintenance and repairs or HOA fees.

West Palm Beach home values are 301.2% cheaper than Palm Beach and 4% more expensive than the state median home value.

West Palm Beach, FL housing market FAQs

• Are West Palm Beach home prices dropping or rising?

  Home prices in West Palm Beach are rising overall. Median home prices are up 8.9% since October 2023 and up 36.6% in the past 3 years.

• Is West Palm Beach a seller’s market in October 2024?

  The West Palm Beach housing market is not a seller’s market, it’s considered a buyer’s market. Homes in West Palm Beach stayed on the market for 88 days in October 2024.

• Is West Palm Beach a buyer’s market in October 2024?

  The West Palm Beach housing market is is a buyer’s market. Homes in West Palm Beach stayed on the market for 88 days in October 2024, slower than 57 days a year prior.

• When is the best time to buy a house in West Palm Beach?

  The best time to buy a house in West Palm Beach is in January when homes sell for 93.8% of the list price.

• When is the best time to sell a house in West Palm Beach?

  The best time to sell a house in West Palm Beach is in November when homes sell for 95.7% of the list price and go pending in 65 days.