Palm Beach (Proper), FL

Palm Beach

Palm Beach has always been one of the country’s quintessential luxury real estate markets. With average sales prices of top properties at $50.6M, Palm Beach doesn’t disappoint in 2024. Part of its growth is explained by a staggering $152M top transaction. Without this top transaction, the average sales price would have come in at ~$40M, still significantly higher than in 2023. Highlights

• A $152M transaction is amongst the highest in the country

• Palm Beach properties averaged 472 DOM

• Shorter lists sold at a higher percentage of listing price

A presidential place Palm Beach is as dynamic as it has ever been. Noteworthy, however, is that all top 10 transactions of 2024 were completed before the November election, so one might only speculate what 2025 holds in stock. 

Large transactions are not foreign to Palm Beach. 2021 saw two transactions top the $100M threshold, and the general trend certainly seems upward. Along with such high valuations comes a need for an even more select group of buyers and slower sales cycles as a result when they cannot be found. Properties sold in 2024 on average spent 472 days on market. Most properties sold in 2024 were already listed in 2022. For those looking to sell faster than that, it is important to realise that listing prices are typically somewhat inflated. The top transaction sold at a discount of $66M compared to its original listing price.