Palm Beach’s mean price and number of luxury homes sold increase during Q4
Provided by the Palm Beach real estate lawyers at Rabideau Klein
Key Points
- The 2024 Q4 median price of luxury single-family homes in Palm Beach increased 11%.
- The number of luxury homes in the $1 million plus category also rose, by 18%.
- Per the larger construction permits issued by the town, most of the last quarter’s permits were for improvements on existing buildings.
The niche real estate market of luxury residences of $1 million or more faired very well during Q4, 2024 in Palm Beach. Both single-family home prices and the number of homes sold saw increases, specifically, the median price of detached homes increased 11% and there were 17% more homes sold.
These reports show that there were 36 large construction permits issued with the majority for residential and commercial alterations and interior modifications, versus new building construction.