Palm Beach County Housing Market Continues to Rise
Palm Beach, FL's housing market is still on the rise with sellers driving most of the market. It's yet another area of the country where inventory is struggling, which gives sellers the ability to make a decent profit on their home.
"The median price of single-family houses sold by Realtors last month was $341,500," according to National Mortgage News.
"That was up 8 percent from a year ago but down from the June 2017 peak of $345,000, the Florida Realtors said. The number of sales was 1,387, down 2% from a year ago."
Palm Beach isn't exactly the first place you would think of for first-time homebuyers, however, if there are any looking at the area to settle down in, the market is pretty scary.
Difficulty in finding affordable housing in a prime area often known for vacation homes will not be easy.
"Meanwhile, Palm Beach County's market activity has been shifting to higher-priced homes," according to the report.
"The number of sales of houses priced at less than $250,000 plunged by double digits from December 2016 to December 2017 — and the number of sales of houses priced at $400,000 or more jumped by double digits."
To learn more about the Palm Beach housing market, as well as trends that may continue in 2018, click on the image above.