Delray Beach Real Estate Quarterly Market Update | (Q1 2024)

delray beach market updates (q1)

Delray Beach Real Estate is a community-oriented seaside town that blends opportunities for new families and starter residents with magnificent megamansions that line its vaunted beachfront. When contrasted with its neighbors to the north and south, Boynton Beach and Boca Raton, respectively, the real estate market indicates a broader range of available housing at more reasonable prices. The significant quantity of 55+ communities in Boynton Beach keeps their overall prices down, while high insurance costs, new constructions, and the general wealth of Boca Raton keep their prices high. Delray Beach has put a greater focus on accessibility, and while price points are still higher than most can afford, there is so much more to see in Delray Beach than these numbers would indicate. We never suggest timing the market, but inversely, do not recommend ignoring it altogether regardless of your liquidable wealth. Read on and learn how these 4 key statistics indicate a broader top-down approach to understanding our market, and how they may lend credence to your individual circumstances and guide your hand moving forward.

Please note: All commentary and reflections on this blog are informed opinions, and should not constitute actionable financial, legal, or any form of advice otherwise. 

delray beach average listing price (q1, 2024)

Average Listing Price

  • $892,662 | +1.3%

Similar to most neighboring cities, the prices have responded to the rate increases, and are now showing signs of stagnation. With the expected slowdown occurring as expected following the federal intervention, houses are still moving faster than in previous years, but at a price point that has flatlined, much to the benefit of its prospective residents. There are several listings that on their own may have moved this number higher, including a $60 Million mega mansion, Mar Pietra, another $74 million listing, and numerous new construction beachfront condos and townhomes, such as the magnificent 1625 Ocean.

delray beach average sale price (q1, 2024)

Average Sale Price

  • $677,247 | -0.39%

Reflecting the expected downturn in home prices and volume sales, the current average sale price of $677,247 is a 0.39% decrease from the same time in 2023. Interestingly enough, though likely an aberration to the overall trend, home sale prices in March alone averaged an 18.75% increase from the previous March. This number may reflect a few sizable home sales that could have skewed the numbers, but in all likelihood mirrors Boca Raton in the same way. Both cities saw flattening averages with listing prices, but significant jumps in sale value - which may indicate this real estate market is not as accessible to the middle class as it seems. A friendly city nonetheless, Delray Beach has a highly active chamber of commerce and Downtown Development Authority (DDA), both organizations are important players in the economic future of the city, and always account for increasing accessibility. 

Delray Beach average CDOM (q1, 2024)

Average CDOM

  • 62 Days | +14.81%

The average cumulative days on market looks similar to the adjacent communities in the area. The increase is a reflection of buyer hesitancy, plateauing prices, and the challenge to sell condos within a reasonable window of time. We see no harm in the increased days on market. It is a portrayal of what buyers are thinking and doing, rather than a direct inflection of their financial state. Compared to March itself, the number is slightly higher and may continue to recede as more buyers become comfortable with the direction of the economy.

delray beach average listings (q1, 2024)

Active Listings

  • 3,257 | +29.8%

Active listings are exploding in comparison to last year, with sellers feeling more confident with the shifts in our economy, and buyers settling into the new normal of rates well above the 2-3% homeowners enjoyed for years. While there are numerous new construction projects spread across the past few years, there are fewer large-scale communities being constructed that would skew this number in the positive direction. We hope to see more housing become available more affordably as the economy recovers from the dramatic contraction of 2020.

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