Luxury home sales in West Palm Beach, Fla., surged 116 percent year-over-year in the fourth quarter, according to a new report from Redfin. This represents a bigger gain than any other major U.S. metro and the largest increase since at least 2013, when Redfin began tracking this data. By comparison, sales of affordable homes in West Palm Beach grew just 10 percent.
The report is based on an analysis that divided all U.S. residential properties into five price tiers based on Redfin Estimates of the homes’ market values.
The median sale price of luxury homes in West Palm Beach rose 14 percent year-over-year to $1.8 million in the fourth quarter — the biggest jump since 2018. That compares with 9 percent growth in the affordable price tiers.
West Palm Beach’s high-end housing market has experienced explosive growth as affluent New Yorkers have flocked to the sunny city in search of more space and lower taxes while working remotely during the pandemic. More th
