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 within Palm Beach County in South Florida, these areas have seen significant growth in recent years. According to a report 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.

    The luxury markets in Palm Beach and West Palm Beach have been particularly thriving, with a significant increase in new signed contracts for single-family homes priced at $10 million or more. Douglas Elliman sales associate John Wilson attributes this growth to the area's appeal, saying "People want to be here." He notes that the pandemic helped rediscover Palm Beach Island, attracting a new group of residents who then shared their experiences with friends and family.

    New development in West Palm Beach has also played a role in driving demand, particularly among young families. The area is home to over 300 hedge funds, private equity firms, and financial services, earning it the nickname "Wall Street South." Wilson suggests that buyers can find more affordable options in West Palm Beach while still being close to the island's amenities.

    The median listing price for homes in Palm Beach was $3 million in January, while in West Palm Beach it was $374,200. Despite the high prices on the island, Wilson remains bullish about the future of the real estate market in both areas, predicting continued growth over the next two to three years due to demand from buyers from the Northeast and California.