Palm Beach County Real Estate Market

Palm Beach County, one of the most picturesque regions of Florida, is known for its year-round warm weather, beautiful beaches, upscale shopping districts, and dynamic real estate market. But how did the Palm Beach County real estate market fare in the first quarter of 2023? Let's take a deep dive to understand the trends, forces, and numbers that have shaped this market segment.

A Dynamic Start to the Year

Despite the turbulence experienced in the real estate market in 2022 due to global economic uncertainties, the Palm Beach County market showed remarkable resilience. Entering 2023, the market showed a robust start with median home prices and sales volumes continuing their upward trajectory.

The first

Publix. Citrix. Office Depot. These are but a few of the largest and most recognizable companies that have called South Florida home for decades. Recently however, the corporate neighborhood has gotten a lot more crowded—and the momentum has only picked up. 

Over the past half-decade, the Palm Beach County Business Development Board has helped roll out the welcome mat to approximately 140 companies who have relocated or expanded their operations into the county. This has resulted in more than $1.12 billion in capital investment and over 13,000 direct jobs for locals.

It has also contributed to a still-booming residential and commercial market. Just over the past year, these companies have swallowed up more than 1.6 million square feet of

Florida seemingly continues to operate in its own world—at least when it comes to real estate. While signs indicating slowing momentum are popping up more and more throughout the nation, six of the top 25 overvalued home markets are right in our backyard, and several new studies indicate a prolonged period of unaffordability.

Florida Atlantic University, Florida International University, and the University of Alabama found that the current combination of high demand and low inventory that began at the start of the pandemic is likely to continue thanks in part to future population growth projections.

Which Florida Communities Are The Most Overvalued?

Of the six Sunshine State metro areas identified, Fort Myers topped the list. Typical buyers

South Florida 3rd Quarter Real Estate Market Report

How's the South Florida real estate market?

The Recipe for our 3rd Quarter 2021 Florida Housing Market

Here’s the Recipe for Our 3rd Quarter 2021 Florida Housing Market: Take one large housing-supply shortage; add a global pandemic, economic shutdown, and supply chain shortages; mix in rapid population growth, and you will yield today’s residential real estate market.

At a national level, we’re seeing record gaps in housing supply and demand. The US Census reveals 12.3 million households were established between January 2012 and June 2021. Compare this to the 7 million new single-family homes constructed during that time.

Florida Realtors reports a robust pace and high absorption rate

The intersection of Delray Beach’s Atlantic and Swinton Avenues is more than a vibrant city center;

it’s the beating heart of the world-renowned beachfront hideaway. Surrounding this small section of converging asphalt are the booming businesses, fashionable boutiques, and delectable dining fare that have made Delray Beach one of South Florida’s hidden gems.

Soon, at this very intersection, a revitalized landmark will reclaim its rightful space amid the scenery. Sundy Village is set to break ground in Q4 of 2021—and its combination of preservation and enlightenment will be unlike anything the city has seen before.

A New Twist On An Old Story

Sundy Village is set to personify the sublime mixture of leisure and luxury that Delray Beach

In the wake of the tragic collapse of the Champlain Towers South in Surfside, more questions and concerns regarding the safety of buildings throughout South Florida have emerged seemingly every day. Now, a coalition under Palm Beach County’s League of Cities has proposed an inspection of many condos, apartment buildings, hotels, and offices both east and west of I-95.

The proposal targets buildings a minimum of 25 years old east of the highway, and 35 years old on the western side, regardless of height. This surpasses the standard of 40 years of age in Miami-Dade and Broward counties. While one and two-family homes, government buildings, and schools are excluded, this would result in a massive undertaking, as 90% of the condominiums stretching from

It’s likely you grew up with at least one family member who wouldn’t stop talking about their dream to retire to Florida. Every holiday you’d be regaled with stories of green lawns, year-round sunshine, golf courses, beaches, and no state income taxes. In fact, that person might even be yourself!

Considering all that Florida has to offer, it’s little wonder why our home state is welcoming thousands of new residents every year. This makes for a diverse culture, incredible culinary options, and plenty of tourist-pleasing attractions; but that’s certainly not all! Here are several more reasons you should pursue that dream move:

Our Welcoming Weather

There are 365 days in one year—and in Florida more than 2/3 of them are bathed in sunshine. There

South Florida Real Estate Market Report

How's the South Florida real estate market?

Reflection...  Looking back and looking ahead

To sum up Florida’s real estate market for the first half of 2021, one word comes to mind: unexpected. Florida has long enjoyed an influx of residents migrating from across the country, and around the world, to call the Sunshine State home. With remote work becoming a permanent option, over 900 people per day are moving to Florida, according to the Palm Beach County Business Development Board. Reasons for this explosive growth in Florida can point to fair weather, a business-friendly climate, and the lack of state income and estate tax.

Low-interest rates continue to fuel affordability and drive high absorption

South Florida Real Estate Market Report

How's the South Florida real estate market?

Reflection...  Looking back and looking ahead

After wrapping up a year to remember in 2020, Compass is proud to share our first Florida market report of the year, showcasing data from Q1 for South Florida, North Florida, Southwest Florida, Central Florida, and the Greater Tampa Bay. While not all facets of life have returned to prepandemic norms, especially as it relates to the international travel that injects additional movement in the housing market, real estate nationwide has benefited from signs of recovery including an increase in consumer expenditure, vaccination distribution, a decrease in unemployment from 14.7% to 6% (BLS.GOV), and an acceleration of

South Florida Real Estate Market Report

How's the South Florida real estate market?

As we enter 2021, we’re taking a moment to reflect on a quarter that closed out one of the most unique years of our lives.

Last year taught us that home is so much more than the place where you sleep at night. As the lines in our lives began to blur, so did the way we experienced home. A formal dining table that was once merely for show moonlighted as our childrens’ desks as they navigated a new world of virtual learning. Kitchens previously used for an occasional dinner were enhanced with new gadgets and recipe books, as millions of US residents tried their hands at bread-making, cocktail-mixing, and getting that restaurant-worthy recipe “just right”. Living