West Palm Beach Real Estate Market Report | October 2022
Wondering how the West palm Beach real estate market have been acting in the month of October 2022? Let’s take a close look at the West Palm Beach Real Estate Market Report. Did the time for selling a property have past? Should we buy a property in the current market or should we wait? This are most of the common questions that we get from customers all around the nation that are considering West palm Beach as their new home. We usually tell everyone that instead of just assuming based on what people are talking, let’s go over it based on data. The real estate market report in the month of October 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, although much affordable than Miami.
If you want to know how much your property is worth CLICK HERE.
West Palm Beach Fl Single Family Homes | October 2022 – Compared to the previous month.
The Median Sales Price in West Palm Beach increased from $452,500 to $495,000.
The Average Sales Price in West Palm beach fl increased from $708,643 to 810,797.
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 Home Sales in West Palm Beach FL and Programs Available in the current Real Estate market.
In this article we will go over, based on single family homes figures only. Closed sales compared to the previous month were up from 102 (September, 2022) to 118 (October, 2022). This proves that houses are still selling even with current market conditions.
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 October’s new listings: 179 homes for sale in West Palm Beach.
Previous month of new listings in September was 216 homes for sale in West Palm Beach
Based on this data we see a decrease in inventory levels. The time from when the property goes on the market, to when they are going under contract have increased from 28 days to 39 days to contract.
In the chart below we see that there is currently 3.7 months of real estate inventory available compared to the previous month that was 3.4 months of inventory available.
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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