Palm Beach County home sales see higher prices in 2024 but market may be balancing

Palm Beach County’s housing market inched closer to putting buyers and sellers on a more equal footing last month with the number of existing homes for sale nearing pre-pandemic levels, but stubborn interest rates may dampen enthusiasm.

A report released Feb. 22 by the Broward, Palm Beaches and St. Lucie Realtors group found the months supply of inventory of single-family homes in January to be 4.2 months, which is 23.5% higher than in January 2023 and nearly the same as January 2020.

A balanced market where neither the buyer or seller has the advantage is considered a 5.5 to six months' supply.

With the sellers keeping the upper hand, median sale prices in January reached $615,000, an increase of 5.6% compared to the same time in 2023 and not far from the record June (2023) high of $625,000.