Millionaire Cities in Palm Beach County
Bottom Line: The housing market may not be as hot as it used to be in Palm Beach County, but we remain as desirable as ever. In a recent study of the top thirty housing markets in the country, 27 had begun posting declining prices, with only three still seeing price increases. All three were in Florida and the West Palm Beach metro was one of them. With record demand and record high housing prices we have another new record. The number of communities in which the average home price is now over $1 million. A new Zillow analysis has coined these communities “millionaire communities”. And in Palm Beach County we have six:
- Golf – where the average home price is now $2.4 million
- Gulf Stream – with an average price of $2.5 million
- Jupiter Inlet Colony – with prices now averaging $3.4 million
- Manalapan – with the average home priced at $3.9 million
- Ocean Ridge – where the average price is now $1.4 million
- Palm Beach – with the average home valued at $1.8 million
Across all property types and in all locations Zillow’s analysis shows a peak for prices having occurred last July, however select communities are continuing to maintain record prices from last year. Luxury properties, and specifically those in South Florida, have been among the most likely to do so.