Last year, the Village of Tequesta was in the runner up position but they slid back 1 position to 3rd place, after annual gains of only 2.3% which was the lowest of all cities in the survey. Tequesta’s median single family home price for 2017 was at $450,000 up from $440,000 in 2016.
Replacing Tequesta in the 2nd place position was Palm Beach Gardens where the median price increased 7% to $460,000. Boca Raton moved closer to the three leaders with an 8.8% increase to $435,000 with no other communities reaching the $400,000 benchmark.
The largest gains were in the cities where median prices are the lowest as the market remains starved for entry level opportunities. For the year, almost 16,000 single family homes sold through the real estate community in Palm Beach County with the median sales price of $350,000. In 2016 that median price sat at $325,000 so a very strong increase of 7.7%.
Now let’s see what happens in 2018..........