What’s next for South Florida housing? Experts share expectations at ‘Rock the Market’ event

It was a day for Palm Beach County’s real estate moguls.

They gathered to share their expectations for one of the richest housing markets in the state at the “Rock the Market Palm Beach” event, which was presented after a yearslong hiatus.

The event came back at a time when Palm Beach County’s wealth is flourishing: West Palm Beach has seen some of the largest luxury-home-related growth in the U.S. over the past decade, with the price of a median luxury residence rising to $4.1 million, jumping more than 200% since 2015, a recent Redfin study found.

Development is booming, too. Many celebrities and athletes live in the region. And people are flocking to what’s billed as “Wall Street South,” not only from the northeast, but from Miami-Dade and Broward counties.

According to some of Rock the Market’s keynote speakers, the market still is cooling down a bit, at least in comparison to the unprecedented explosion during and right after the COVID-19 pandemic.

People mingled in brightly colored blazers while drinking coffee from disposable cups and ice water from glasses in a conference room at the Embassy Suites by Hilton in Palm Beach Gardens along PGA Boulevard on Wednesday.

Speakers either gave quick-hit presentations or participated in question-and-answer panels, and nearly a dozen people had addressed the room before lunch was served. Many engaged with the attendees the way a motivational speaker would by attempting to drum up passion; not necessarily for one’s inner psyche but for the world of real estate.

Wedged among tips on achieving ultra-luxury sales, networking with billionaires and cashing in big on crypto, Brad O’Connor, the chief economist for Florida Realtors, provided a market update for the county. This included the reality that mortgage and property insurance rates still are high, domestic migration and job growth have slowed, and condo issues pervade.

Because of this, “closed sales in Palm Beach county have significantly declined,” O’Connor said. “Psychologically, I am sure that is painful.”

This tracks with what the Broward, Palm Beaches & St. Lucie Realtors’ May market report found, which was an about 7% decrease in closed sales of single-family homes and a 17% decrease in townhome and condo sales from May 2024 to May 2025 in Palm Beach County.

But though the county’s market may be slowing down, O’Connor reiterated that a significant number of homes are selling, just not at the rate they were a few years ago. And the dollar amount of closed sales for this year so far in the county is at nearly $10 billion, which is 3.6% higher than this time last year, O’Connor said.

That could perhaps be attributed to the fact that the number of South Florida homes selling for at least $1 million has been going up since 2019, especially in Palm Beach County, Gay Cororaton, a research economist at the National Association of Realtors, said in her presentation.

Cororaton went on to present a real estate outlook, which mirrored the update given by O’Connor. She said she expects:

— Mortgage rates to lower in 2026 to between 6% and 6.5%.
— An rise in single-family home sales.
— A “modest price appreciation,” particularly in the million-dollar homes pocket.
— Consistent demand for office and multifamily space.
— Less demand for industrial and retail space because of the federal tariffs.

When it comes specifically to the condo market, the challenges there may weaken with the passage of House Bill 913, which Gov. Ron DeSantis signed Monday.

The law will “increase transparency and accountability” on condo associations and provide “needed financial relief for condo owners” through reserve study extensions, reserve fund contribution pauses, providing alternative funding options and requiring associations to make it easier for residents to access records, such as financial records.

Erin Michelle Miller, a Florida attorney focused on transactional real estate law, advised the crowd to become “condo connoisseurs” by remaining updated on requirements and laws such as HB 913.

“You want your deal to stick together,” she said.

Michael Meyers, the Palm Atlantic Division president for Lennar, a developer with projects across South Florida, believes the negative influences in the market — elevated insurance rates, for example — will pass.

“We’re still in Florida, we’re still in one of the greatest places to live and work,” he said.

Meyers offered this insight while sharing the floor with Joey Hartman, the vice president of sales at developer PulteGroup.

Hartman promised an aggressiveness with purchasing land and chasing affordability for buyers, which could be a welcome refrain for much of the South Florida market not in the upper echelon of people seeking new million-dollar homes.

Redevelopment also was discussed as an opportunity for buyers, sellers and developers.

“There’s an opportunity to purchase those buildings that are not good anymore and look for value in them, see opportunities where there might be assessments as we continue to improve this incredible state of Florida,” said Jay Parker, the president of Douglas Elliman Development Marketing, a luxury real estate firm.