West Palm Beach Real Estate Market Report | June 2022
Wao! The West Palm Beach real estate market has changed significantly. Inventory levels keep rising and home prices remain higher than usual. The real estate market report in the month of June demonstrated that living in West Palm Beach was still very challenging for people looking to rent since the price per rental properties have been higher than usual. As a government tactic to control inflation we keep seeing mortgage interest rates climb. For sure now is a good time for cash purchases. If you are considering selling, make sure you have a strong marketing plan that attracts those cash buyers.
If you want to know how much your property is worth CLICK HERE.
June 2022 | West Palm Beach Fl Single Family Homes
The Median Sales Price in West Palm Beach increased from $425,000 to $494,950. The Average Sales Price in West Palm beach fl increased from $651,379 (June 2021) to $757,920 (June 2022). In the charts below we go over the figures for the real estate market in West Palm Beach area only; however we see this same increased in the Palm Beach County real estate market trends. What is the difference between Median and Average real estate reports?
Closed sales and Programs Available in the current Real Estate market.
In this article we will go over based on single family homes figures. Closed sales were down from 247 (2021) to 152 (2022). We understand that inventory levels are starting to increase as houses are staying longer in the market.
Many people take advantage about the Knock Home Swap program, that allows you to purchase a property without having to sell the current property first. Want to learn more? CLICK HERE.
Real Estate Inventory in West Palm Beach
Total amount of new listings this month of June, 2022 are: 265 homes for sale in West Palm Beach. Compared to June 2021, there were 250 homes for sale in West Palm Beach.
In the chart below we see that there is currently 2 months and a few days of inventory available. The time from when the property goes to the market, to when they are going under contract has been 18 days.
If you are in the market to either sale or buy, make sure you go over our list of articles: Palm Beach county real estate news.
West Palm Beach is a city in and the county seat of Palm Beach County, Florida, United States. It is located immediately to the west of the adjacent Palm Beach, which is situated on a barrier island across the Lake Worth Lagoon. The population was 117,415 at the 2020 census. West Palm Beach is a principal city of the Miami metropolitan area, which was home to 6,138,333 people in 2020. It is the oldest incorporated municipality in the South Florida area, incorporated as a city two years before Miami in November 1894. West Palm Beach is located approximately 68 miles (109 km) north of Downtown Miami.
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