P
alm Beach and West Palm Beach are experiencing a highly active real estate market, driven by new development and a surge in demand. Located on a barrier island and across the Lake Worth Lagoon, respectively, both places have seen significant growth in recent years.

    According to reports from Broward, Palm Beaches and St. Lucies Realtors, Palm Beach County saw over 13,300 single-family home sales transactions and 9,900 condo and townhouse deals close in 2024. Douglas Elliman sales associate John Wilson notes that the area has "bunches of new development" and is extremely active, particularly in West Palm Beach.

    New signed contracts for single-family homes worth at least $1 million in Palm Beach County rose to 138 in January, up from 90 in the same month last year. The luxury real estate markets in both cities have been flourishing, with a boom in high-end sales and new developments.

    Wilson attributes the demand to people wanting to live in the area, citing the rediscovery of Palm Beach Island during the pandemic and the subsequent influx of new residents. He also notes that young families are moving to the area due to new development and the presence of hedge funds and financial services.

    West Palm Beach is seeing a surge in luxury condo developments, while Palm Beach has a strong single-family home market with no new development buildings. The median listing price for homes in Palm Beach was $3 million in January, compared to $374,200 in West Palm Beach.

    Wilson is bullish about the future of the real estate markets in both cities, predicting continued growth driven by demand from people moving from the Northeast and California. He notes that the market has been growing for "a few years now" and expects it to continue driving higher over the next two to three to five years.