West Palm Beach Real Estate Market Report | August 2022

Are we still in seller’s market? West Palm Beach real estate market have been in the eye of many people. Specially those that have been wanting to sell their property and were worried about finding another property to purchase. The real estate market report in the month of August demonstrated that living in West Palm Beach was still very challenging for people looking to rent since prices in rental properties have been increasing compared to last year. As a government tactic to control inflation we keep seeing mortgage interest rates between 6% and 7%. Now more than ever is a good time for cash buyers. If you are considering selling, make sure you have a strong marketing plan that attracts those cash buyers.

In this article we will go over, based on single family homes figures. Closed sales were down from 193 (2021) to 116 (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 August, 2022 are: 203 homes for sale in West Palm Beach. Compared to August 2021, there were 211 homes for sale in West Palm Beach.

In the chart below we see that there is currently 3.1 months of inventory available. The time from when the property goes to the market, to when they are going under contract has been 29 days.

I personally think that if you are considering about selling is now or never as we are starting to see a slow down on buyer’s demand, however if you are considering about purchasing a home, now would be a good time for cash buyers. We do not know the future, however monitoring the real estate market is the best way to know what to do next.

Want to know the Real Estate Market in your current neighborhood? CLICK HERE.

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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