Will sunny Palm Beach County remain a bright spot for real estate in 2024?
The county’s red-hot real estate market is expected to remain steady next year, but one sector already is showing signs of cooling off, at least looking ahead for the next few months.
While high interest rates have hurt housing prices in some major cities, the migration of people to southeast Florida during and after the pandemic continues to fuel demand for homes, shops and offices. However, the frenzy for office space has waned during the past year, prompting business leaders to predict that demand for space will continue in 2024 but at a slower pace.
On the housing front, Palm Beach County continues to see strong demand, albeit with thin supply.
Median prices for existing single-family houses in Palm Beach County even inched up a bit in September to hit $600,000. Interest rates and skyrocketing insurance premiums are keeping price increases at bay, experts said, but a change in either one could trigger greater buyer interest, pushing home prices even higher.
