Daily Tax Report: State

Palm Beach Draws Flood of Wealthy Homebuyers in Covid Exodus

Jan. 21, 2021, 3:10 PM

The housing market in Palm Beach is booming. Good luck finding something to buy.

Sales of single-family homes in the tony South Florida market, home to former President Donald Trump’s Mar-a-Lago, more than quadrupled in the fourth quarter from a year earlier, the largest increase in more than a decade.

The surge in demand helped lift the median sale price 29% to $4.9 million, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Thursday.

The inventory of condos and single-family homes to buy, meanwhile, is the lowest it’s been in nearly nine years of tracking,...

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