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Real Estate Market Update for Delray Beach in October 2024

Real Estate Market Update for Delray Beach in October 2024

October 2024

Delray Beach Market Stats 

The real estate market in Delray Beach showed notable trends in October 2024, with both single-family homes and townhouse/condo properties experiencing a mix of steady and shifting metrics. Whether you’re a buyer or a seller, understanding these data points is essential for navigating the current market conditions. Here's a closer look at how the market performed.

Delray Beach Single-Family Home 

  • Closed Sales: Flat from last year with 48 homes sold.

  • Median Sales Price: $679,500, a significant 15% increase from October 2023, reflecting strong demand and upward pricing trends.

  • Active Inventory: 290 homes, up 12% year-over-year, indicating more options for buyers.

  • Months Supply of Inventory: Increased to 5.6 months from 4.6 months last year, signifying a shift toward a more balanced market.

  • New Listings: 92, a slight decrease of 3.2% compared to last year.

  • New Pending Sales: 46, up 31%, suggesting continued buyer activity and demand.

Delray Beach Townhouse and Condos  

  • Closed Sales: 45 units, down 6.3% from a year ago, signaling a slight cooling in completed transactions.

  • Median Sales Price: $339,000, a minor 0.3% decline, showing relative price stability.

  • Active Inventory: 382 units, up a remarkable 77% year-over-year, providing a wider selection for buyers.

  • Months Supply of Inventory: Increased dramatically to 7.3 months from 3.6 months last year, reflecting a more pronounced shift toward a buyer’s market.

  • New Listings: 95, a 5.6% increase compared to October 2023.

  • New Pending Sales: 53, up 26%, highlighting strong interest in townhouses and condos despite inventory surges.

The Delray Beach market showed significant price growth for single-family homes, while townhouse/condo prices remained stable. Inventory growth across both categories signals increased options for buyers, but rising months of supply indicates a market moving toward equilibrium. Sellers should carefully consider pricing strategies, while buyers may find more opportunities, particularly in the townhouse/condo segment.

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