The West Palm Beach, FL metro area housing market in January 2025 presents a complex landscape with varied trends across different metrics. The Median Sales Price for homes in the region stands at $520,000, reflecting a year-over-year increase of 3.6%. This upward trend in sales prices indicates a continued demand for properties, albeit at a moderated pace compared to previous years.

In terms of listing prices, the Median List Price is $525,000, marking a 2.9% increase from the previous year. The median Price Per Square Foot has risen to $304.51, showing a modest year-over-year growth of 1.1%. Meanwhile, the Median List Price per square foot is $321.34, up by 3.0% from last year. These figures suggest that while prices are climbing, the rate of increase is slowing, potentially signaling a stabilization in the market.

Sales activity has experienced a decline, with 1,501 Homes Sold, representing a 2.9% decrease year-over-year. Pending Sales have also dropped significantly by 8.6%, totaling 2,293. New Listings have decreased slightly by 1.0%, with 4,000 new properties entering the market. Despite the decrease in sales and New Listings, inventory has surged by 19.3%, reaching 14,373 homes. This increase in inventory has contributed to a substantial rise in the Months of Supply, now at 9.6 months, a dramatic 180.0% increase from the previous year.

The Median Days on Market for homes have increased to 87 days, a 17.0% rise year-over-year, indicating that properties are taking longer to sell. The average sale to list ratio has slightly decreased to 94.6%, down by 0.5% from last year, suggesting that buyers are negotiating more aggressively. The percentage of Homes Sold above list price has also declined to 5.5%, a decrease of 1.5% year-over-year.

Price reductions are becoming more common, with 29.9% of listings experiencing Price Drops, a 1.2% increase from the previous year. Additionally, the percentage of homes going off the market within two weeks has decreased by 8.2%, now at 16.5%, indicating a slower pace in the market.

Overall, the West Palm Beach housing market in January 2025 is characterized by rising prices and increased inventory, coupled with a slowdown in sales activity and longer time on the market. These trends suggest a shift towards a more balanced market, where buyers may have more negotiating power and sellers may need to adjust expectations accordingly.