Move over, Palm Beach, there’s a new luxury enclave drawing deep-pocketed homebuyers in South Florida. Jupiter, a coastal town perched in northeastern Palm Beach County, is fast becoming the destination of choice for the country’s affluent looking for a sun-drenched, golf-filled, and tax-friendly lifestyle.
Jupiter has long been admired for its laid-back charm and coastal beauty. But now, real estate experts say it’s on the verge of a high-end housing boom.
“I’m seeing a lot of wealthy people come to Jupiter because they are able to enjoy a storybook lifestyle in a relaxed setting,” said Seth Mansfield, an agent with Douglas Elliman and a Forte Luxe sales executive, in an interview.
Big Lifestyle, Smaller Price Tag
What’s the draw? For starters, Jupiter delivers a premium lifestyle without the eye-watering prices of Palm Beach or Miami.
“They get access to great restaurants, shopping, idyllic waterways, and more world-class golf courses than they have time to play, all within a 15-mile radius of their home,” Mansfield added.
Jenna Stauffer of Sotheby’s International Realty echoed the sentiment, telling that Jupiter offers the “best of South Florida living” at prices that “still feel reasonable to affluent buyers, especially compared to Palm Beach or Miami.”
That affordability, at least in luxury market terms is a major factor. In April, the median asking price for homes in Palm Beach sat at $3 million, with final sale prices averaging $3.4 million, according to Realtor.com. In contrast, Jupiter’s listings show a broader range. On Zillow, recent homes were priced from $29 million to $45 million lavish, yes, but often representing significant savings for comparable properties.
A Pandemic-Driven Surge That Never Let Up
The COVID-19 pandemic played a key role in accelerating the migration of wealthy buyers to South Florida. With flexible work and tax migration top-of-mind, buyers from New York, California, and other high-tax states began eyeing Florida for its lifestyle and financial perks.
Mansfield noted Jupiter was “no stranger to wealth” even before the pandemic. But recent years have brought an undeniable shift.
According to Stauffer, those buyers have stuck around thanks to Florida’s “tax-friendly and business-friendly environment.” And for some, Jupiter has become a smart and quieter, alternative to Palm Beach.
“Jupiter offers a more accessible alternative while still delivering a lot of the same benefits–boating, golf, luxury homes, and privacy,” said Stauffer.
“It has that upscale feel without the same level of attention and some buyers really prefer that.”
Skyrocketing Prices, Shrinking Inventory
As more wealth has poured into the area, Jupiter’s real estate market has transformed.
“More wealth coming into Jupiter has elevated the floor, and especially the ceiling of Jupiter’s real estate market,” Mansfield said.
He provided eye-opening figures: “The median price for a single-family home 5 years ago was $530,000 and the ceiling price was $12,250,000. Over the past year, those numbers are $980,000 and $48,000,000, respectively,” he said. “I don’t believe we’ve seen Jupiter’s ceiling.”
Inventory is tightening, especially for luxury homes that are move-in ready, Stauffer said.
“There’s definitely more competition for turn-key luxury homes, and we’ve seen a rise in high-end renovations and new construction as sellers and developers respond to demand,” she added.
The ‘Undervalued’ Gem of the Coast?
Mansfield believes Jupiter is still flying under the radar, and buyers are taking notice.
“In addition to the steady migration from the northeast and California, we’re seeing more and more buyers shift their attention from Palm Beach to Jupiter,” he said. “You can get the same house on the same Bahama blue water for a 50-60% discount relative to Palm Beach, with access to all the creature comforts that you’re used to, even more options for golf, and Palm Beach is still at your fingertips. I truly believe Jupiter is undervalued, as crazy as that may sound to some.”
Indeed, many A-listers have already made the move. According to the Palm Beach Post, Michael Jordan, Wayne Gretzky, Kid Rock, and golf legend Tiger Woods all call Jupiter home. The late actor Burt Reynolds, a longtime resident, once called it “the best place in the world.”
With its perfect mix of prestige, privacy, and paradise, Jupiter may just be Florida’s next luxury capital.
