It’s been a while since Palm Beach County has topped San Francisco or Denver on any measure of price appreciation or housing hotness. But there we are at No. 4 in Ten-X‘s ranking of the nation’s hottest housing markets.
Here’s how Ten-X (formerly Auction.com) describes the housing picture:
Palm Beach County
Though its pace has slowed slightly from its 2014 run-up, the Palm Beach economy keeps improving with seasonally adjusted employment increasing 2.5 percent from a year ago, and its professional/businesses services sector catching fire as payrolls rose 6.7 percent. The outsized financial services sector, however, took a nosedive in 2015 as payrolls declined 4.5 percent, and the equally important leisure/hospitality sector saw its year-over-year growth cool by 2.1% amid job losses. Still, the Palm Beach housing market is hitting its stride as home prices netted a 14.1 percent year-over-year gain, the second highest among major U.S. metros in the fourth quarter. The fact that single-family affordability outweighs local apartment rentals should maintain a healthy demand, and seasonally adjusted median home sale prices of nearly $247,000—about 18 percent below their prior peak—bode well for future growth.