The Booming West Palm Beach Real Estate Market: What You Need to Know

The Booming West Palm Beach Real Estate Market: What You Need to Know

  • Drahan Keiser Team
  • 07/5/23

While the housing market remains unsteady nationwide, West Palm Beach holds its place as one of the nation’s most popular places for relocating. The city is experiencing remarkable growth with the construction of new buildings and parks, infrastructure upgrades, and millions of dollars in investments. West Palm Beach is not only a beautiful place to live, but it is also a growing business-friendly location.

Seller’s market

While much of the country is either neutral or heading toward a buyer’s market, West Palm Beach is still very much a seller’s market. A six-month supply of housing inventory constitutes a shortage, so the West Palm Beach housing supply is considered low, with only a 3.4 months supply. When supply is short, sellers can ask for higher prices and have more leverage in negotiations.

Potential buyers in the West Palm Beach market may face bidding wars for homes they are interested in. This may be challenging for buyers who must go through several showings and endure multiple rejections. Sellers, on the other hand, may find that they can negotiate prices above their asking prices. With so much at stake, it is wise to enlist the help of a buyer’s agent or qualified realtor to work for each side.

Investment opportunities

Experienced real estate investors may find this an auspicious time to sell off any unprofitable properties. They might even renovate existing properties and raise rent prices for a profit. With the inventory of houses so low, the cost of rent is driven up as people search for condominiums, rental homes, and apartments.

West Palm Beach remains a highly desired living locale. Housing prices are soaring, and values have appreciated almost 8% this past year alone. Some property values have increased even more than that.

Growth spurt

The city of West Palm Beach, like its real estate market, is booming. Businesses are relocating from major cities like New York, new office buildings are being constructed, and it has won awards for its managed economic growth and livability.

With so many accolades, it is no wonder this city keeps growing. As people continue to flock to West Palm Beach, more investors commit to its continued economic growth, and as career opportunities continue to grow, the real estate market sizzles. Whether investing in properties or buying or selling a home in this hot spot, choosing a capable and experienced realtor will help you navigate the West Palm Beach real estate market.

West Palm Beach real estate market trends

Single-family homes

Single-family homes have a median sales price is $267,108. Of course, there are varying cost factors, such as the number of bedrooms and bathrooms, neighborhood location, and square footage of space. Single-family homes are on the market for an average of 47 days.

Of the community’s residents, 49% own their homes. Most homeowners describe their homes' interior and exterior quality as good or excellent. Buying a home in West Palm Beach is likely to end in the buyer’s satisfaction.

Condominiums and townhouses

The median listing price of condominiums and townhouses is $279,900. As with single-family homes, the number of bedrooms and bathrooms, the location, and the area in square footage all impact the price. Compared to single-family homes, townhouses and condominiums only spend an average of 27 days on the market.

Rentals

Since 51% of West Palm Beach residents rent, it is important to consider rental properties as well as owned properties. Rented properties include both single-family and multi-family units. Condominiums and townhouses may be purchased or rented, while apartments are primarily rented.

The median monthly rent in West Palm Beach is $2,214, with the average space size being 953 square feet. The price varies depending on the number of bedrooms and bathrooms, what type of rental it is — condominium, townhome, single-family home, or apartment — and where it is located. Renting is an excellent option for people who are moving to West Palm Beach but cannot yet buy a home.

Luxury properties

When looking at luxury properties, there are often niche neighborhoods in which to buy. For instance, while some think about waterfront property, others may choose golf or equestrian communities. Several luxury properties, including mansions, are for sale in West Palm Beach. However, it is difficult to calculate a number since many may be off-market listings. Prices are variable as well.

Why buy in West Palm Beach?

Why are so many people, both within the United States and internationally, moving to West Palm Beach? There are several factors, but many people cite the gorgeous weather as a top reason. With a tropical rainforest climate, miles of white and golden sand, and beautiful crystal-clear water, living in West Palm Beach is like being on a perpetual vacation.

There are also economic reasons that make living in West Palm Beach so desirable. The community has a strong job market. As more businesses move to this Florida paradise, more jobs become available. The average household income is $82,613, and the cost of living and taxes are low. A 39.4 percent job growth is expected over the next 10 years, with many careers available in technology, the luxury tourism industry, and manufacturing.

West Palm Beach has an exciting nightlife for the party set. At the same time, there are family-friendly activities, recreational opportunities, world-class golf, and many art and cultural venues and festivals. The education system is exceptional. The teacher-to-student ratio is lower than most, a rarity in today's overcrowded classrooms. All of these assets make West Palm Beach a highly desirable relocating destination.

What you need to know

The West Palm Beach real estate market is still a seller's market. If you are looking for a home in this community, you will have to be patient. You could be waiting for a little while because of the lower housing inventory. In the meantime, there are attractive rental options available. The exceptional weather, plentiful job opportunities, active lifestyle, and the city's growth make any potential wait worthwhile.

Partner with an expert

If you are ready to make a move to West Palm Beach, the accomplished realtors at The Drahan-Keiser Team will guide you smoothly through the home buying process. With an abundance of experience behind them and their extensive knowledge of the West Palm Beach real estate market, Jennifer and Betsy can help you find your dream home.



Work With Us

Can't find something you like in this red-hot market? Some of the best properties aren't listed and we have access through our exclusive network to help you find the right home. If you're in the market for Wellington, Ocala, or Palm Beach County property, contact us today.

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