Illustrated Properties Luxury Report

PALM BEACH COUNTY FLORIDA’S PLAYGROUND FOR THE WEALTHY

Palm Beach County had no shortage of luxury residential activity in 2024, as it continues to attract relocation activity from wealthy individuals in high-tax states. The county posted a 10.5% year-over-year gain in high-end single-family sales, from 3,154 to 3,484. The average luxury single-family sales price climbed 7.8% year-over-year to $2.81 million. On the high-end condo front, Palm Beach County could not avoid a moderate slowdown in transactions and pricing. The county’s 967 $1 million-and-up condo sales represented a 4.4% year-over-year decline, while the average luxury sales price dropped 7.7% year-over- year to $2.22 million. The county’s biggest luxury single-family gainers included West Palm Beach (34.8% year-over-year), Palm Beach Island (11.2%) and Boca Raton/Delray Beach (11%). The Boca Raton/Delray Beach submarket continues to be the focal point of high-end condo activity in the county, and it had a 13.2% jump in total sales to 361.

Single Family Homes

% CHANGE (1 YEAR)

SINGLE FAMILY Number of Sales

2023

2024 3484

3154

▲10.5%

Average Sales Price

$2,604,794

$2,807,525

▲7.8%

Median Sales Price

$1,600,000

$1,661,250

▲3.8%

Average Square Footage

3,568

3,609

▲1.2%

Price Per Square Foot

$689

$723

▲4.9%

Average DOM

74

88

▲19.0%

Sales Sold at Original List Price

327

292

▼10.7%

Top Sale Price

$63,431,750

$51,250,000

▼19.2%

Total Sale Volume

$8,215,518,979 $9,781,417,903 ▲19.1%

Condos & Townhomes

% CHANGE (1 YEAR)

CONDO/CO-OP/TOWNHOME

2023

2024

Number of Sales

1012

967

▼4.4%

Average Sales Price

$2,400,505

$2,215,688

▼7.7%

Median Sales Price

$1,817,750

$1,665,000

▼8.4%

Average Square Footage

2,328

2,291

▼1.6%

Price Per Square Foot

$1,004

$953

▼5.1%

Average DOM

76

82

▲8.0%

Sales Sold at Original List Price

216

144

▼33.3%

Top Sale Price

$21,000,000

$27,988,425

▲33.3%

Total Sale Volume

$2,429,310,745 $2,142,570,705 ▼11.8%

LUXURY REPORT

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