2024 Market Report

South Florida continues to be one of the most sought-after luxury real estate markets in the country, with demand for high-end properties showing resilience despite economic shifts. The ONE Sotheby’s 2024 Annual Trends Market Report provides in-depth insights into the performance of Florida’s East Coast real estate market, from Miami to Amelia Island, highlighting key trends for buyers, sellers, and investors.

Luxury Market Resilience in South Florida

High-net-worth buyers continue to view South Florida as a prime destination for real estate investment. The market remains strong, particularly in the ultra-luxury sector, with sales of properties priced above $5 million increasing by 33% year-over-year. The combination of tax advantages, desirable lifestyle amenities, and continued migration of affluent buyers from the Northeast and California continues to fuel demand.

As we move into 2025, the Florida East Coast real estate market continues to evolve, with Palm Beach County remaining a key player in the luxury housing sector. According to the newly released ONE Sotheby’s 2024 Annual Trends Market Report, demand for high-end properties is holding strong, particularly in the ultra-luxury sector.

Luxury Homes

One of the standout trends in Palm Beach County is the surge in high-end single-family home sales. Properties priced above $5 million saw a 33% increase in transactions last year, with pricing gains across all luxury price tiers above $1 million. Key metrics from the report include:

Median Sales Price: $1.7M (up 3%)

Average Days on Market: 82 (up 17%)

Median Price Per Square Foot (PPSF): $540

Active Listings: 2,064 (up 6%)

Sold Listings: 3,091 (up 10%)

With inventory levels expected to rise in 2025, buyers will have more opportunities to enter the luxury market, while sellers may need to adjust pricing strategies to remain competitive.

Condominium Market 

Unlike the surge in single-family luxury homes, the Palm Beach County condo market experienced a 10% year-over-year decline in median pricing, with total sales dipping by 1%. The key condo market stats include:

Median Sales Price: $1.7M

Average Days on Market: 78

Median PPSF: $836

Active Listings: 1,013

Sold Listings: 894

This slowdown reflects shifting buyer preferences, increased inventory, and the impact of rising interest rates on financing options. However, prime waterfront locations and new construction developments continue to attract demand.