Tim Hammesfhar and Megan Breen discuss the current state of the sales and rental market in Palm Beach County and Martin County, Florida.
Palm Beach County, FL Housing Market in January 2023
- $510,000 median listing home price in Palm Beach County, FL
- Trending up 20% year-over-year.
- $306 median listing home price per square foot
In the Fall of 2022, there was a shift from a sellers’ market to a buyer’s market. Homes are selling for under listing price which means that the supply of homes is greater than the demand for homes in the area.
Martin County, FL Housing Market in January 2023
- $495,000 median listing home price in Palm Beach County, FL
- $290 median listing home price per square foot
We see a similar trend from a seller’s market to a buyer’s market in Martin County in January 2023.
Shift in Median Days on Market for Sales
Right now, we are at 80 days on the market in Palm Beach County and 82 in Martin County. That is up from the 50-60 days we saw last year.
Palm Beach Gardens, FL Rental Market
The rental market is mirroring the sales market with a slight delay. Days on market are slightly increasing, and we are currently at about 30 days on market for rental properties in the area. Rent you can expect to receive has dropped by about $250-$300 year-over-year.
We are seeing 99.4% of properties that are listed for rent being rented quickly. Ninety-five percent transacted at their original price, so the rental market is still very strong.
“Starting back in this business in 2017, our annual increases for rent were around $100. They were like that for a few years. Once the pandemic hit, we saw our average annual rent increases were around $600.” – Megan Breen
The rent reduction we are currently seeing is just leveling us back down to normal rent rates for our area.
Typically, over the winter holidays and the beginning of the year we don’t see a lot of demand for housing because people don’t like to move at this time of the year. However, this year we had about 20 homes come on the market in January, and most of them were filled with a quality tenant by the end of the month. With an average of 30 days on market, we still have a healthy rental market in the area.
Did I miss my opportunity to sell?
No, you didn’t. If you are thinking about putting your home on the market but are going to have a hard time waiting 80 days, we suggest you list it for sell as well as for rent and see which one works out first. In this current market, we would expect you to be able to rent the property quicker than selling it.
At Home Property Management, we have experience selling homes with tenants occupying them. We have several property management plans to choose from. We have been in business since 1985 and are happy to share our knowledge on the real estate market in the Palm Beach County and Martin County area.
Contact us today to discuss your selling vs. renting options at 561-508-8111.