You Thought Palm Beach Real Estate Was Hot? West Palm Beach Isn't Too Far Behind

JAMES JACKMAN FOR THE WALL STREET JOURNAL

By E.B. Solomont, April 7, 2022 

The South Florida city is shedding its reputation as Palm Beach's little brother, as luxury prices skyrocket and homes trade for much more than they did just a few years ago.

Long dismissed as Palm Beach's less-fashionable neighbor, West Palm Beach is one of many areas of the country to see its luxury market skyrocket with the onset of Covid. An influx of buyers-some out-of-state transplants and others from Palm Beach-are flocking to now-popular West Palm Beach neighborhoods like El Cid, Prospect Park and SoSo, or South of Southern. Over the past year, single-family homes on the water have traded for multiples of their prior sale prices. Buyers are flipping contracts for a profit, investors are moving in and the skyline is dotted with cranes as developers forge ahead with luxury condominiums to meet demand.

During 2021's fourth quarter, the average luxury sales price for single-family homes in West Palm Beach jumped about 20% year-over-year, according to data from real estate appraisal firm Miller Samuel. For condos, the median sales price rose nearly 46% during the same time. Miller Samuel CEO Jonathan Miller said the increase is due in part to more new development units entering the market.

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