We’re pleased to present this week’s edition of Coastal Confidential, providing you with the latest insights and contract activity across the barrier islands and premier coastal communities of Palm Beach County, from Jupiter to Boca Raton. This update is also available on Corcoran.com.
This past week, 47 contracts were signed across the region, reflecting a 2% increase from the previous week and a striking 114% increase compared to the same period last year. This marks the largest year-over-year percentage gain we’ve seen since 2023, pointing to a continued surge in buyer activity and confidence. Compared to 2024, properties asking under $1 million saw a 77% increase in contracts, while those asking over $1 million jumped an even more impressive 167%.
Among the submarkets, Jupiter Island stood out with the greatest nominal increase in contract activity for homes priced above $1 million. On the higher end, the most expensive property to go under contract last week was 100 Royal Palm Way #A2, a beautifully appointed three-bedroom oceanfront condo in the Town of Palm Beach, listed at $6.495 million.
One of the most interesting stories this month is the growing momentum on Hypoluxo Island, which is experiencing a noticeable uptick in demand. Over the past five weeks, five properties have gone under contract, including two notable off-market deals. Interestingly, both off-market buyers were from New York City and made no secret of their motivations—they cited the upcoming mayoral election and a shift in the city’s governance as key reasons for choosing to establish permanent residence in South Florida. Among these deals, 1099 South Atlantic Drive is now under contract and is expected to become the first off-market home sale on the island to trade at or above the $3 million mark. Looking ahead, the market on Hypoluxo Island is set to gain further traction, with three new spec homes set to come online within the next year. Each is projected to be priced between $4 million and $5 million, signaling continued upward pressure on pricing and long-term growth for this niche but increasingly sought-after area.
More broadly, the fundamentals behind Palm Beach County’s growth remain extremely strong—especially in the luxury and coastal markets. For years, the region has been referred to as the “Wall Street of the South,” but the shift has accelerated faster than many anticipated. Today, Palm Beach County ranks number one in the U.S. for attracting and retaining young, wealthy residents. The appeal is multi-faceted: no state income tax, an elevated coastal lifestyle, access to world-class schools and amenities, and an increasing supply of high-quality Class A office space—available at roughly half the cost of New York City.
This migration isn’t just anecdotal. Of Palm Beach County’s 73,000 companies, roughly 40% are now in business and financial services. Over 300 hedge funds and private equity firms currently operate here, including major players like Citadel, BlackRock, Goldman Sachs, Elliott Management, and Bessemer Trust. In just the last few years, more than 120 financial firms have relocated to the county, bringing talent, capital, and consistent demand for top-tier housing.
As a result, long-term demand for luxury real estate across the coastal markets—especially oceanfront and waterfront properties—continues to rise. Whether in Palm Beach, Delray Beach, Gulf Stream, or Jupiter Inlet Colony, buyers are prioritizing privacy, value retention, and quality of life. With limited inventory and ongoing buyer migration from the Northeast, we anticipate continued competition for well-located properties in the months ahead.
Thank you for reading this edition of Coastal Confidential. If you're considering a move, investment, or sale along South Florida’s coast, our team is ready to offer unmatched insight and representation in these dynamic and evolving markets.
