Palm Beach is a town located along the Intracoastal Waterway. It's a modern, growing community that's home to about 10,000 people. However, this area is a valuable and impressive place to purchase real estate. It's location, climate, and overall affordability makes it the ideal spot to retire, buy a second home, or simply relocate. It's also a heavy tourism spot. Seasonally, the population rises to 30,000 people, making it a popular location for rental investments as well.
Current Market Trends in Palm Beach
As of December of 2015, Palm Beach real estate is trending upwards. Home prices are trending about 1.5 percent higher week over week. And, when considering home values in the fourth quarter of the year, you'll see home values up about 4.3 percent above prices from 2014.
There is a great deal of demand and a sizable inventory present in Palm Beach. With over 2,000 homes for sale, there are outstanding opportunities present in this market. In terms of foreclosures, the area saw a significant amount of foreclosure and short sale transactions a few years ago, but the market is improving. That's not to say, though, that you can't find a good deal here. Numerous opportunities exist for affordable Palm Beach real estate even right along the water.
Current Demands for Real Estate
Single-family homes remain one of the most popular options in sales demand in Palm Beach. However, the area does have a growing condo market as well. That can be a powerful investment for many people who want a second home overlooking the beautiful waterways. Another area that is growing in popularity is that of luxury real estate. In many areas, home prices are rising because of the demand for larger properties, waterfront properties, and those in exclusive condo developments.
For those considering an investment in Palm Beach real estate, it pays to work with a local professional that knows the region well enough to help you find the treasures located here.