If you want to buy a home in Palm Beach County, be prepared to shell out some serious cash.
Home prices hit record highs in February, according to a report issued Monday by the Broward, Palm Beaches & St. Lucie Realtors.
The median price in February for a single family residence in Palm Beach County was $450,000, representing a 24% increase over Feb. 2020. For condos and townhomes, the median price was $236,000, representing a 24.9% increase over last year.
The average sale price of a single family residence was $845,677, and while the number sold decreased by 1.8%, the sales price represents a 38.9% increase over the same time last year.
Condominium and townhome average sale prices increased by 31.1% to $435,929, the report showed, and the volume increased by 9.1%.
“The market is hot, it’s on fire,” said Linda Gary, owner of Linda A. Gary Real Estate and resident of Palm Beach for more than 40 years. “We’ve never seen it like this.”