P
alm Beach County's residential market showed a year-over-year increase in January 2025, with total home and condo sales rising by 3.3% to 1,491 transactions. Single-family home sales increased by 4.81%, while condo transactions saw a modest 1.3% uptick.

    West Palm Beach stands out as the nation's leader in all-cash sales, indicating its market remains somewhat insulated from elevated mortgage rates. According to JTHS-MIAMI President Ginenne Boehm, this is due to the area's unique characteristics.

    Home prices continued to trend upward, with single-family home median sale prices rising 5.69% year-over-year to $650,000. Existing condo median prices saw a 1.54% increase, reaching $330,000 compared to last year.

    Inventory levels expanded significantly, with total active listings surging 32.5% year-over-year. The supply of single-family homes grew 25.22%, while condo inventory saw an even sharper increase of 38.69%.

    Market conditions varied across property types, with the months' supply of inventory for single-family homes indicating a seller's market and condominiums signaling a buyer's market.

    Total sales dollar volume surged 25.45% year-over-year to $1.6 billion in January 2025. Distressed sales remained minimal, making up only 1.2% of all closed residential transactions.

    Sellers received a strong return on their listings, with single-family homes selling at a median 94% of the original list price and condominiums at 91%. The median time from listing to contract for single-family homes extended slightly to 42 days, while condos experienced a more noticeable shift, with the median time from listing to contract jumping to 62 days.

    Cash transactions remained a dominant force in the market, accounting for 56.2% of all closed sales in January 2025, nearly double the national average of 29%.