If you’re thinking of making Delray Beach your second home or even your permanent domicile, you might want to check out the trends in its real estate market this 2018. In general, the market remains relatively stable and the prices of various types of real estate are well within the pockets of average Americans. Here are some of the Delray Beach real estate trends in 2018 that you might be interested in.
Delray Beach Has Global Appeal
Delray Beach continues to have its global appeal, attracting people from all parts of the world, thanks to its charm and the many benefits it provides to individuals and families who would like to set up a business or even to simply enjoy the lifestyle that only this ‘village by the sea’ is known to provide. It is perhaps for this reason that the real estate market in Delray Beach is expected to continue to grow and 2018 is bound to open a lot more opportunities for both investors and retirees alike.
Asking Prices Expected To Increase in Delray
Two years ago, the average asking price for a 3-bedroom property in Delray Beach was at $467,000. This year it currently stands at $586,000 for an increase of about 25% over the same 2-year period. The median sales price remains relatively stable, however, hovering well between $180,000 and $190,000 which is essentially not far off from the 2016-2017 data. The average price per square feet, nevertheless, is expected to continue rising, potentially breaching the $160 per square foot which the market tested in 2017.
A Greater Proportion of Condos and Townhomes For Sale
In 2017, single-family homes accounted for roughly 44% of the share in the type of available property in Delray Beach. This January 2018, realtors are saying that the proportion of homes to condos and townhomes for sale might be lower because of the near completion of several ongoing condominium and townhomes projects. By the end of the year, it is expected that more than 56% of the market will be coming from the condominium sector of the city. For those who want a taste of the good life, this can be the perfect opportunity.
Rental Prices Remain Stable
As for the properties that are leased or rented, the rates remain relatively stable within the range of $2,200 to $2,300 with the average number of rentals expected to rise towards February. At the very least, what this essentially means is that folks who are not yet ready to purchase a home of their own can still find the rental rates of Delray Beach to be a lot more affordable than neighboring cities such as Fort Lauderdale and West Palm Beach.
On a general sense, the real estate market in Delray Beach continues to attract a lot of people not only from within the country itself but also from the rest of the world. The excellent weather, amazing investment opportunities, and the moniker ‘village by the sea’ all make Delray Beach a viable option to call your home.