Palm Beach County SFH February 2023 Market Update

Overall, the Palm Beach County real estate market remains strong, with a steady demand for both residential and commercial properties. Prices have continued to rise, albeit at a slower pace than in recent years, and there are still plenty of opportunities for buyers and sellers alike.

Residential Real Estate Market:

The residential real estate market in Palm Beach County has shifted into a buyer's market. With higher inventory levels and less demand due to interest rate increases, buyers have the upper hand.

This is a great time to buy! While others buyers are sitting on the sidelines waiting for the rate to drop, you can get a home for a good price because you have something buyers have not had in recent months; negotiation power! Once the rate drops, buyers are going to flood the market again and prices are likely to take a slight uptick.

Something to remember is: You can’t change the price you agree to pay for a home, but you can change your rate, and most mortgages allow buyers to refinance within 6 months!

Commercial Real Estate Market:

The commercial real estate market in Palm Beach County is also showing signs of strength, with new developments and construction projects underway throughout the area. Office space and retail properties remain in high demand, with businesses looking to expand and relocate to the area. Additionally, the industrial market is experiencing growth, with a high demand for warehouse and distribution space.

Looking Ahead:

As we move further into 2023, we expect the real estate market in Palm Beach County to continue to show signs of strength. While we may see some slight increases in interest rates, they are expected to remain low by historical standards, which will continue to support buyer demand. However, as always, it is important to stay up-to-date with market trends and work with a trusted real estate professional when buying or selling.

If you have any questions about the state of the real estate market in Palm Beach County or if you are considering buying or selling a property, please don't hesitate to reach out. I am always available to assist you with your real estate needs.

561.389.2082

JWelch@qproperties.co