Median single family home prices stay above $500,000 thanks Tequesta
There really aren’t too many places in South Florida that enjoy the high quality of life that we do here in the Northern Palm Beaches. It’s a special place, and home prices reflect that demand, with the median single family home price sitting at $500,000 as of September 1st.
That is a decline of $10,000 over the past 30 days and there is only one reason they did not slip further. Tequesta. While small in size, home prices in Tequesta play an important role in why the region’s prices are still above $500,000.
So far this year, the median single family home price in Tequesta sits at $582,000, which is up 22.5% and it’s all because of demand. In Jupiter, by comparison, median single family home prices this year are up barely 3%. Prices up 22.5% in Tequesta, and virtually across the street, prices in Jupiter are up 3%. If we take Tequesta numbers out of the Northern Palm Beach County figures, the median price today would only be $490,000. This little village is making a big impact on regional home prices.
The population of Tequesta is not even 10% of Jupiter’s, and this year, single family home prices have soared. People want to live in Tequesta for the laid back, old Florida, lifestyle this village by the sea offers. With Jupiter allowing more and more development that ignores existing density, parking and traffic rules they are making a home in quiet, little Tequesta even more desirable. It’s a trend that is likely to continue.
Single family home sales fell over 20% in August and were 12% below last year’s figures. Median prices fell to the lowest levels we have seen since March. Thanks to Tequesta they did not fall further.
If you are looking to get your best deal on a Tequesta home you might think about getting in touch with Paradise Sharks as we give every one of our buyer clients a substantial credit at closing. Tell us you want to be a part of our Be a Star program, and we will donate 50% of any commission we earn to the relief efforts for our neighbors in the Bahamas who are suffering greatly because of last weeks life changing storm. Paradise Sharks is super easy to reach at 561.308.0175 or firstname.lastname@example.org and we would love to interview for your business and show you what real estate, without a middleman, looks like.