Delray Beach Real Estate Market Report (Summer 2023)

delray beach summer market report

Delray Beach has been one of the most meteorically rising housing markets in the country. With Atlantic Avenue firmly planted among the best main streets and tourist attractions in the U.S., the cityscape around Downtown Delray is teeming with new condos, while the westerly regions of the city continue adding beautiful new single-family gated communities like Dakota Delray. As the year unfolded, many of these new homes went for sale and found the fortunate few to make them their own. For the rest of us still looking, here are the latest facts, figures, and updates from the midsummer in Delray Beach Real Estate.

All data is sourced from FlexMLS and compares the current 6-month period with the previous year.

new construction delray beach real estate

New Construction Homes and Condos in Delray Beach

Perhaps no community has exploded in new construction real estate more than Delray Beach. Not only have major undertakings like the New Sundy Village and Atlantic Crossing added more dynamism to downtown, but condos have popped up all around Atlantic Avenue, mainly in the areas East of I95. These are some of the following new construction properties underway or built in the last couple of years alone:

  • 111 First
  • Onix Residences
  • 1009 Casuarina
  • 1177 Moderne
  • 236 Fifth Avenue

These are just a few of the new condos and townhomes permeating the area east of I-95. This doesn't include newer communities like Dakota Delray or new single family homes added in the Lake Ida region. The city still has plenty of space west of Military Trail to develop, and though it hasn't shown the initiative to build new gated communities like Boca Raton and Boynton Beach flanking on either side, it's only a matter of time until more single-family housing opportunities are provided to meet the surging demand.

price value graphic

Delray Beach Home Prices

Delray Beach home values have continued to rise. Despite recent reductions across many listings reflecting the economic pressure implemented by the federal government, home values have held close to the midline. The average listing price of a Delray Beach property is currently -4.3% compared to 2022. In 2022, listings averaged $1,115,436.

Today, the average is $1,106,245. This price still reflects the meteoric rise in prices that never fully recovered to pre-2020 levels but has balanced out following the imposition of increased rates. Much like the other communities in focus, the average sale price also reflects a wider disparity than list prices. The average sale price is up over 26%, from a 2022 value of $614,960 to $885,861. If there is one statistic that balks at neighboring towns, it's the (still) dramatically lower average days on the market. From a searing 8-day average, this number has risen over 200% to 25 days but is still far lower than neighboring towns like Highland Beach, which currently have an average of over 90 days on the market. 

realtor handing keys across desk

Reporting from the Ground: What Our Agents See

As Champagne & Parisi expands, so has its imprint in Delray Beach. More families have chosen gated communities like The Bridges rather than higher-value and similar communities in Boca Raton. While the area north of The Bridges in Boynton Beach is heavily dedicated to 55+ communities, more young couples and retirees are looking to Downtown Delray Beach real estate than ever before. Our agents expect the Boca Raton audience to continue looking towards Delray Beach as an alternative, especially when encountering out of state or international buyers who have heard the renown of Boca Raton and are unaware of the jewel just to the north. Delray Beach rivals Boca Raton in new condo construction, while offering a more community oriented lifestyle and affordable prices in comparison.

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