Palm Beach’s Luxury Real Estate Market is Booming
Balmy Palm Beach is on Fire
Palm Beach is on fire — especially when it comes to high-end real estate. Since Donald Trump’s second presidential win in November, the ultra-wealthy have flocked to the exclusive enclave, driving home sales to record levels — while Miami and Broward struggle to keep up. Palm Beach, of course, has long been home to the president’s Mar-a-Lago property.
High-End Sales Soar
In January alone, sales of single-family homes priced at $5 million or more in Palm Beach tripled from the previous year, according to data from Douglas Elliman.
Deals for all single-family homes in Palm Beach County also soared, up 41% year-over-year. But the real action is in the ultra-luxury tier.
Ultra-Luxury Sales Skyrocket
Thirteen contracts were signed for properties worth $10 million or more last month — up from just three in January 2024. That follows a massive jump in November and December, when 19 such deals were made, more than triple the previous year’s total.
President Donald Trump at his Mar-a-Lago estate ahead of his inauguration in January. AP
The Trump Bump
Much of this buying frenzy is centered around Palm Beach’s most famous resident. “We have undoubtedly seen a huge bump after the election,” Margit Brandt of Premier Estate Properties, whose sales include properties within the Mar-a-Lago security zone, told Mansion Global. “Some international buyers now have their sights set on Palm Beach, so we’ve expanded the buyer pool majorly. Palm Beach is on the world stage now; it’s the center of the universe.”
International Buyers Flock to Palm Beach
International buyers have shown increased interest, expanding the market near Trump’s Mar-a-Lago. “The Trump bump supercharged Palm Beach’s luxury real estate market,” Brandt said. “This home at 142 Aia Palma is currently on the market for $19 million.” Margit Brandt/Premier Estate Properties
Notable Sales
Among the high-profile transactions, Fox News host Sean Hannity recently snapped up a $14.9 million townhouse, while a spec home directly across from Mar-a-Lago sold for $19.5 million — less than half its original $45 million asking price.
Condo Market Struggles
While Palm Beach thrives, Miami-Dade and Broward counties are feeling the chill. Luxury contracts in Miami-Dade, which once rivaled Palm Beach’s market, have been cut in half, dropping to just 10 in January. Broward saw only two deals above $5 million, up by just one from the previous year. The condo market isn’t faring much better.
Conclusions
The Palm Beach luxury real estate market is experiencing unprecedented growth, driven by the Trump bump and increased international interest. With record-breaking sales and a surge in inventory, Palm Beach is solidifying its position as the center of the universe for high-end real estate.
FAQs
* What is driving the surge in Palm Beach’s luxury real estate market?
+ The Trump bump and increased international interest in the area.
* What is the current state of the condo market in Palm Beach?
+ Inventory is up 32% in Palm Beach, while Broward saw a 22% drop.
* What are some notable sales in the Palm Beach luxury real estate market?
+ Fox News host Sean Hannity’s $14.9 million townhouse and a spec home near Trump’s resort for $19.5 million.
