Palm Beach County housing market shifts as homes stay on the market longer
Writer: Pablo Marquez
April 2025 — Florida’s real estate market has experienced significant growth in recent years. But while home prices are expected to rise modestly across the U.S. this year, some Florida cities may face a decline.
“For years, Florida has been the darling of the U.S. real estate market,” said Marco Santarelli, writer and investor at Norada Real Estate Investments. “But as someone who’s been watching the housing market closely for a while now, I can tell you that what goes up must sometimes adjust, and Florida seems to be hitting that point in certain areas.”
According to Realtor.com, West Palm Beach is one of three Florida cities considered to have a 70% chance — or a very high risk — of home prices declining.
As of February 2025, the median sale price in West Palm Beach surged to $535,000 — up 25.1% year over year. Homes are taking longer to sell, however, averaging 112 days on the market compared to 88 days the year before. 135 homes were sold in February, a 10.6% decrease compared to the previous year.
In Palm Beach County, homebuyers are benefiting from increased inventory and greater flexibility in price negotiations as the single-family housing market begins to stabilize. According to some realtors, buyers currently have the upper hand, with sellers often willing to lower prices or offer concessions to close deals.
“Now is the time to be a buyer here. I have active listings, and buyers are shuffling through, but the houses are just still sitting,” said Angela Yungk, a real estate broker for Arterra, in a conversation with the Palm Beach Post.
Palm Beach County currently favors buyers, with homes typically remaining on the market longer and selling for reduced prices. In March 2025, the median home sale price was $504,446 — a 5.8% increase from March 2024 — while the median price per square foot reached $300. Notably, 82.3% of homes sold last month went for below the asking price. Overall, 1,776 homes were for sale in March, up 11.9% from February.
“Palm Beach is certainly a different market than it was in 2021–2023. There are more listings, and buyers are definitely being more deliberate when looking to purchase real estate. I don’t think anyone would disagree that it’s a buyer’s market. There are great opportunities for buyers at the moment. We are seeing ‘good deals’ on entry-level and mid-level price points. The high-end and trophy properties are still commanding record prices. Overall, Palm Beach remains strong. There is no shortage of buyers wanting to come to Palm Beach; the quality of life here is second to none,” said Michael Costello, principal at The Costello-Deitz Group.
In terms of migration, Redfin data shows that from Jan. 25 to March 25, 71% of Palm Beach homebuyers sought to stay within the local metro area, while 29% considered moving elsewhere. Nationally, 3% of homebuyers looking to move to Palm Beach came from outside metropolitan areas, with the highest interest coming from New York, followed by San Francisco and Washington. Among those leaving Palm Beach, Cape Coral was the top relocation choice, followed by Orlando and Sarasota.
For more information visit:
https://www.noradarealestate.com/
https://www.arterrarealty.com/
https://costellodeitzgroup.com/
