Highland Beach Real Estate Market Report (Summer 2023)
Highland Beach has seen exploding home prices in recent years. Stemming primarily from the COVID pandemic and subsequent urban crime wave across several cities normally associated with relocations to Florida, these effects were only exacerbated following these events. With very few single-family housing, townhomes, and undeveloped land, the Highland Beach Real Estate market is built much more on the value of its existing assets than its potential to develop further. Read on and learn much more about the state of the market in Highland Beach and how this unique community has been impacted by the winds of change.
All data is sourced from FlexMLS and compares the current 6-month period with the previous year.
New Construction Condos in Highland Beach
Highland Beach is just 1.1 miles of waterfront real estate along the Atlantic Ocean. Save for a new construction mansion in Bel Lido Isle currently listed at $12,500,000, there are no new significant projects underway in the limited space Highland Beach provides. Instead, the unique nature of Highland Beach allows for condo owners to continuously remodel, reinvest, and reinvigorate their spaces. In conjunction with the governing associations, these Highland Beach condos see continual improvement and a pride of ownership rarely seen in even the finest neighboring communities.
Highland Beach Home Prices
Highland Beach is unique in that it has no businesses, restaurants, schools, or municipal structures beyond city hall. This means that fewer decisions are factored in when purchasing Highland Beach properties, and a more refined clientele can be expected. This is not to say that Highland Beach can't be a great place to raise a family. Without the expected trappings of suburban living, retirees and childless residents are more common, seeking ease of living and resort-style amenities instead of connection to community infrastructure. Despite the unique nature of the community and the homeowners who search here, the prevailing trends still hold firm.
The average listing price of a Highland Beach property is down -2.98%, from last year's $3,112,741 to $2,869,836. In addition, the average days on the market have nearly doubled from 54 days to 95 days. The disparity in the average sale price is even more significant, down nearly 35% from $1,532,800 to $1,081,833. The chasm between listing and sale price averages may be a result of several high-end properties sitting on the market for more than a few months. Not shown on our statistic sheet are the multitude of high-end rentals, some nearing $20,000 per month that have become a popular option for newcomers to Highland Beach. These high-end rentals are perfect for seasonal vacationers, but also upscale homebuyers looking to plant their feet and scout the real estate market for their purchase.
Reporting from the Ground: What Our Agents See
Our Realtors have seen increased interest in these aforementioned rentals, with a particular nod to a $14,000/month property at the Townhouses of Highland Beach. Oftentimes, the clientele seeking luxury condos from Boca Raton to Delray Beach may not be honed in on Highland Beach, but available to the options that lie within the city limits. Considering it is adjacent to these larger cities and it offers a similar lifestyle, Highland Beach condos are not always the bullseye of a home search, but a clear part of the broader dragnet that includes nearby waterfront real estate.
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