MIAMI — Palm Beach County single-family home sales climbed year-over-year in March 2025, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
Palm Beach County single-family home sales increased 2.4% year-over-year in March 2025, from 1,226 to 1,255.
“Palm Beach County continues to attract buyers from high-taxed, high-density states,” 2025 JTHS-MIAMI President Ginenne Boehm said. “Supply is lagging demand, especially for single-family homes.”
South Florida real estate is high cash, high equity and high demand:
- Miami ranks No. 5 in the world For Most Millionaire Growth via 2025 Henley & Partners World’s Wealthiest Cities Report. Miami millionaires have grown 94%, from 2014 to 2024.
- Miami ranked No. 3 Top Buyer’s Market in the U.S. via April 2025 Zillow Market Heat Index
- Palm Beach ranked No. 2; Miami No. 4 among Top 10 global markets for five-year growth via new Knight Frank The Wealth Report 2025
Palm Beach County Condominium Sale Prices Have Appreciated 125.9% in the Last 10 Years
Palm Beach County condo prices have risen 125.9% from March 2015 to March 2025, from $137,250 to $310,000.
Existing condo median prices decreased 6.1% year-over-year in March 2025, from $330,000 to $310,000.
Palm Beach County single-family home median sale prices decreased 2.3% year-over-year in March 2025, increasing from $640,000 to $625,000.
Palm Beach County single-family prices have risen 127.3% from March 2015 to March 2025, from $275,000 to $625,000.
South Florida Real Estate Home Equity & Appreciation is Nearly 2X the National Figure
South Florida home equity gains are nearly two times the national figure. Home equity gains on a single-family home purchased, for instance, in Q3 2009 and sold in Q3 2024 are: Miami-Dade County at $542,175 versus the U.S. average at $310,232, according to new MIAMI REALTORS® Research.
Florida’s Live Local Act, which was passed in 2023 and amended in May 2024, is encouraging developers to build more affordable housing. The Live Local Act gives developers the highest density allowed in a local area if they allocate 40% of its units for affordable housing. The state law defines an affordable unit as being at or below 120% of an area’s median income.
Miami remains a bargain for prime property ($1M and up) compared to other global cities, according to the 2025 Knight Frank Wealth Report. For $1M, homebuyers can purchase 58 square meters of prime property in Miami. That is almost four times more than Monaco (19 square meters), nearly two times more than New York (34) and London (34) and more than Paris, Sydney, Tokyo and more.
Palm Beach County Single-Family Home Sales Rise
Palm Beach County single-family home sales increased 2.4% year-over-year in March 2025, from 1,226 to 1,255.
Palm Beach County total sales decreased 0.6% year-over-year in March 2025, from 2,223 to 2,209. Macroeconomic reasons out of South Florida’s control such as elevated mortgage rates, a slumping stock market, lack of condo financing and lack of inventory at key price points are reasons for the decline.
Palm Beach County Condo Sales Remain on Pace with State, Nation
Palm Beach County total existing condo sales, which are on pace with the state and nation, decreased 4.3% year-over-year in March 2025, from 997 to 954. The statistics would be much stronger if they included South Florida’s robust developer new construction market and volume. The decline is due to lack of condo financing and inventory at key price points.
The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening. Of the 2,397 condominium buildings in Miami-Dade, Broward and Palm Beach counties, only 21 are approved for FHA loans, according to statistics from the U.S. Department of Housing and Urban Development.
Just 0.9% of South Florida condo buildings are approved for FHA loans. Florida is the only state in the U.S. that requires a client to put down 25% for a limited review if the condo building doesn’t have enough in reserves. The requirement for every other state is 10%.
As a leader in advocacy, MIAMI REALTORS® is working with the Legislature to support our market. MIAMI brought together lawmakers, top experts and more for a sold-out Condo Summit on Feb. 14 that empowered REALTORS® with the latest knowledge and tools.
Mortgage Rates Remain Volatile as Fed Keeps Rates Steady
The Fed is holding rates steady with concerns about inflation and stock market volatility.
“Niche luxury markets like Miami Beach, Wilton Manors, and Palm Beach saw higher sales, an indication that lifestyle more than price is driving demand,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “In most areas, affordability is the key demand driver, with sales up in areas like Miami Gardens (Miami-Dade County), Lauderhill (Broward County), Riviera Beach (Palm Beach), Jensen Beach (Martin County) and Port St. Lucie (St. Lucie County).”
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.83% as of April 17. That’s up from 6.62% one week before but down from 7.1% one year ago.
Palm Beach Inventory Below March 2008
Total Palm Beach inventory (14,958) is 57.1% below March 2008 inventory (34,860).
Total active listings at the end of March 2025 increased 29.4% year-over-year, from 11,562 to 14,958, but not enough to make up for the lack of inventory.
Inventory of single-family homes increased 28% year-over-year in March 2025 from 5,066 active listings last year to 6,487 last month.
Condominium inventory increased 30.4% year-over-year in March 2025, from 6,496 to 8,471 listings during the same period in 2024, but the total is still significantly below pre-pandemic. Current Palm Beach County condo inventory (8,471) is 53.1% below March 2008 pre-pandemic inventory (18,049).
Months’ supply of inventory for single-family homes is 5.8 months, which indicates a balanced market. Inventory for existing condominiums is 10.3 months, which indicates a buyer’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Nationally, total housing inventory registered at the end of March was 1.33 million units, up 8.1% from February and 19.8% from one year ago (1.11 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, up from 3.5 months in February and 3.2 months in March 2024.
Palm Beach County Economic Impact is $284 Million
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).
The total economic impact of a typical Florida home sale is $129,000, according to NAR. Palm Beach County sold 2,209 homes in March 2025 for a local economic impact of $284.9 million.
Palm Beach County total dollar volume decreased 7.4% year-over-year in March 2025, from $1.9 billion to $1.85 billion.
Single-family home dollar volume decreased 10.28% year-over-year to $1.3 billion. Condo dollar volume increased 0.9% year-over-year to $532 million.
Palm Beach County Distressed Sales Remain Low, Reflecting Healthy Market
Only 2.7% of all closed residential sales in Palm Beach County were distressed last month, including REO (bank-owned properties) and short sales, versus 1.3% in March 2024.
Short sales and REOs accounted for 0% and 0.3%, respectively, of total Palm Beach County sales in March 2025.
Palm Beach County’s percentage of distressed sales are less than the national figure. Nationally, distressed sales represented 3% of sales in March 2025, up from 2% the previous year.
South Florida Price Appreciation Outperforming Nation, State
In Florida, closed sales of single-family homes statewide totaled 23,128 in March 2025, down 1.3% year-over-year, while existing condo-townhouse sales totaled 8,414, down 9.8%.
Nationally, total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops – fell 5.9% from February to a seasonally adjusted annual rate of 4.02 million in March. Year-over-year, sales drew back 2.4% (down from 4.12 million in March 2024).
The statewide median sales price for single-family existing homes was $412,500, even from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $315,000, down 4.5% vs. last year. The median is the midpoint; half the homes sold for more, half for less.
Nationally, the median existing-home price for all housing types in March was $403,700, up 2.7% from one year ago ($392,900). All four U.S. regions registered price increases.
Palm Beach County Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 94% in March 2025. The median percent of original list price received for existing condominiums was 91.4%.
The median number of days between listing and contract dates for Palm Beach County single-family home sales was 43 days, up from 35 days last year. The median time to sale for single-family homes was 83 days, up from 76 days last year.
The median number of days between the listing date and contract date for condos was 64 days, up from 41 days. The median number of days to sale for condos was 100 days, up from 77 days.
Palm Beach County Cash Sales More than National Figure
Cash sales represented 52.9% of Palm Beach County closed sales in March 2025, compared to 54.3% in March 2024. About 26% of U.S. home sales are made in cash, according to the latest NAR statistics.
Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects South Florida’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.
Cash sales accounted for 64.5% of all Palm Beach County existing condo sales and 44% of single-family transactions.
To access March 2025 Palm Beach County Statistical Reports, visit http://www.SFMarketIntel.com
Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of Realtors®
The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 105 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 281 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com
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