Jupiter Real Estate Market Update (Single Family Homes) January 2025

Jupiter Real Estate Market Update (Single Family Homes) January 2025

Welcome to the January 2025 Jupiter Real Estate Market report for single family home sales where I try to answer the question, is the Jupiter Real Estate Market heading for a crash in home prices.

The median price of a single family home in Jupiter Florida is now $930,000. This is up from $775,000 year over year.

My name is Casey Prindle your Jupiter Realtor. If you’re looking at buying or selling real estate in Jupiter go ahead and call, text or email me!  My phone number is below, it’s (786)443-7203. Don’t be shy, I’m reasonably entertaining to talk to.

Data typically runs 30 days behind the date of this Jupiter real estate market report. Stick around to the end of the video where I’ll share some of my thoughts on the overall market.

Median Sold Price of single family homes in Jupiter Florida:

As I said at the top the median home price in Jupiter Florida is now $930,000. How much stock do I put in this number? Not a whole lot.  Many people like to fixate on median pricing, I do not.  Given the smaller sample size of the Jupiter single family home market I don’t find it that useful as a month over month stat. The takeaway here should be that in general median pricing has risen over the last several years, just look back here at 2021.

Total number of homes sold in Jupiter Florida:

Up from 47 to 70 homes sold year over year.  We’re still at the bottom half of this chart.  This is important for both Buyer and Sellers.  What really matters more than how many homes are selling? Really nothing.  You can place all the contextual stats you want around it, but the actual number of sales, and market breath is really what it all comes down to. A lower number of sales favors Buyers vs Sellers in negotiations right? We can look into my often broken crystal ball at the end of this to see if I think sales will increase.   

List to sales price:

For those of you knew to this analysis, list to sales price is the percentage of original listing price properties are selling for.  A higher number favors sellers, a lower number favors Buyers as it shows more room for negotiation and price reductions are happening. Buyers are pricing in downside with offers. If I’m a Buyer that’s what I’d do. I know Sellers aren’t seeing many offers.  I’ve said this in the past, different price points have different spreads.  For the most part the lower the price point the smaller spread you should be seeing between list and sales price, unless the seller/ agent were way off on their pricing.  Lowest end of the market is the most liquid.  I bring this up only to once again stress to people, use these numbers as a guide but if you want to get serious about buying or selling you need to call me so we can adjust these numbers to the price bracket you’re looking in.

If you’re looking to purchase a home in Jupiter, please do one of the following. Give me a call or text at (786)443-7203, and tell me where you are in your home search and what you’re looking for. If you don’t want to call me because I somehow scare you, email me at caseyprindle@gmail.com and tell me what you’re looking for.

Days on market:

The days of market are going to be the number of days a home is actively listed before going to pending sale.  This is not how long it takes to close, just to go from active to pending.  If you’re a Seller you don’t want to see this number rising.  But here we go, on the rise. From 41 days to 51 days year over year.  I use this a lot to set expectations with a Seller.  Things are taking longer to sell, that’s the takeaway here. 

Median price per square foot:

So if you’ve listened to me for a few months, tune this out, it’s the same thing still. Median price per square foot of Jupiter Florida home sales, still on the high side of this chart, but at $450 psf you’re above this time last year which was $404 psf.  The good stuff is selling and the good stuff costs more. I just keep saying this.  What’s selling are repaired properties in good shape and people are paying up for those.  How’s it possible to have higher prices with fewer sales is what you may be asking yourself right about now.  I’ll give you my thoughts at the end on that.

Total dollar volume of Jupiter Home Sales:

How much does total dollar volume really matter? Here’s why I’m giving that thought.  We have fewer sales, but median price has run up.  So is this a stat that’s reflective of the market, or deceiving? We know in Jupiter that we’re going to have a handful of sales north of $10 million each month. That’s going to pad this stat.  In prior videos I’ve illustrated this by taking the top 5 sales out and you see the total volume number plummet. If you’re looking at a full year of data, not simply a year over year figure, I think volume, debatably, can be seen as important. But for the purposes of these monthly videos, I’d put more focus on total sales and supply more than anything else.

There’s a lot of data out there about Palm Beach County real estate statistics.  You can find data on all of Jupiter in my videos.  But what about those who live in specific places like Jupiter Farms (where I live), or zip code 33458.  There is no data set like that, so I created it and put together a report covering the last 5 years.  If you’re thinking of Buying or Selling a home in Jupiter please call, or text me at (786)443-7203, and ask for a copy of the report.  I’ll be happy to email it over.  I think it’s really interesting data, and I created it for free to give out with no obligation, so call or text me (786)443-7203.

Months of inventory

I’ve saved the best stat, in my opinion, for last.  Less inventory is good for Sellers and bad for Buyers.  I said this last month but I think it’s worth repeating. The yardstick is supposed to be 6 months of inventory is a neutral market favoring neither Buyers not Sellers. Less than 6 months of inventory favors Sellers, more than 6 months favors Buyers.  However, that’s a national standard.  Take a look at the chart here in Jupiter. I think you can argue somewhere around 4 months is the average amount of supply.  Should supply come down, this should, in theory, allow prices to again push up as Buyers will have to outbid one another for the limited supply.  That’s why prices rose during COVID right? Look at this chart carefully, take it seriously.

So let’s put this all together in a little package, and of course look into my cloudy crystal ball.

Is the Jupiter real estate market headed for a crash?

Fewer properties are selling, taking longer to sell, selling at a higher median price, while supply constrains.  So what’s it going to take to push the market towards a pull back in pricing, or an expansion of it.  If supply goes down, prices should go up and days on market should pull down, heavily favoring Sellers.  If supply rises prices should come down and days on market should rise, favoring Sellers.

I was expecting come January 1 that a lot of new inventory was going to hit the market.  That’s the normal cycle.  People hold off on listing from Thanksgiving through New Year then go on market the first week of the New Year.  That hasn’t happened, yet.  We’re going to want to keep a close eye on the number of new listings coming out for some clarity here. But I’m not optimistic that we will have a flood of inventory, there’s not enough distress, or pressure, in the market with a whole lot of people sitting with sub 4% mortgage rates.

The easiest way to find me is just to call me.  My cell number is 786-443-7203.  Don’t be shy. Don’t just lurk on my videos, give me a call, let’s chat. I sincerely appreciate each and every one of you that watches these videos. Whether you’re thinking of Buying or Selling a property, and that includes Land and Commercial properties, pick up that phone!