Home prices in Florida’s Palm Beach County continued their upward trend in May, reaching another post-crash high.
The median price of a single-family home sold in Palm Beach County in May rose to $335,000, a 7.9 percent increase from a year ago and up slightly from April’s $327,000, according to the Realtors Association of the Palm Beaches.
Drastic year-over- year increases in home sales were of particular interest; 45.1% increase in the sale of homes between $600,000 – $999,999, 19.8% increase in homes over one million dollars and 18.6% increase in homes between $400,000 – $599,999. Additionally, there was a 4.3% year-over- year increase in closed sales to 1,768 with a 14.3% increase in cash sales.
“Statistics for May reflect double digit increases in closed sales above $300,000 which contributed to the rise in our median sale price,” said Jeffrey Levine, President-Elect of the Realtors® Association of the Palm Beaches (RAPB). “Meanwhile, we ended May with 4.9 months’ of inventory, the same as last year.”
Palm Beach County has long been one of the most sought-after places to own real estate in the country. The county is home to a broad range of boldface names including pop star Ariana Grande, Microsoft founder Bill Gates, and basketball legend Michael Jordan. President Donald Trump’s Mar-a-Lago estate is also in Palm Beach.
The town — located on a 16-mile-long barrier island — has long ranked near the top of quality-of-life surveys thanks to an abundance of natural beauty and an upscale lifestyle and social scene.
In winter, the calendar of social engagements rivals New York’s Hamptons in summer, with polo and equestrian events sprinkled among dozens of glitzy fundraisers and art fairs. Palm Beach County has more than 140 golf courses — more than any other county in the US.
There is also no individual income taxes, no estate taxes and no capital gains taxes, which offers moneyed retirees an alluring measure of wealth protection. Just over half of the town’s population (55.8 per cent) are aged 65 or older, according to the US Census. That ranks the town of more than 8,500 inhabitants among the most densely populated locations for retirement-age individuals in the country.
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