T
he Palm Beach real estate market remained solid in 2024, with strong prices fetched for premium properties, including new or renovated homes and those facing the ocean or Intracoastal Waterway. The town saw 10 sales with recorded prices of $49 million or more, led by a $150 million sale on Tarpon Island and a $148 million sale of an oceanfront estate.

    However, the condominium and co-operative market struggled, with some aging multifamily buildings facing challenges in sales due to tougher state regulations, volatile interest rates, rising insurance premiums, and hefty assessments for owners. The number of condo sales fell sharply year-over-year, with apartments on the South End faring the worst.

    The median sale price for single-family homes rose in the fourth quarter from $8.75 million in 2023 to $10.88 million in 2024, while the top 10% of sales saw a significant increase in median price, from about $15.38 million to about $34.4 million. The increased inventory led to more price discovery, with buyers making offers below the last asking price and acceptance rates often coming in 20-25% below the original asking price.

    Despite the challenges in the condo market, analysts see signs of a resurgence, with both the average and median sale prices increasing in the fourth quarter. The overall numbers for condos and co-ops were down, but the market may be picking up, according to Brown Harris Stevens' Ava Van de Water.