Boynton Beach Real Estate Market Report | What Has Changed In 2022?

boynton beach real estate market 2022

The Boynton Beach Real Estate team is ready to deliver the cold, hard, facts from a red-hot year in Real Estate! Without wasting another moment, let's dig into the information and learn more about the winds of change in 2022. 

Please note: We will be using year-to-year data, comparing the most recent completed data set (November 2022) to exactly one year prior (November 2021)

home price in boynton beach

Home Prices

Average List Price

Boynton Beach shifted from a largely seller's to buyer-friendly market as a result of high-interest rates driving prices down and creating greater hesitancy among many prospective home buyers. For November 2022, the year-over-year prices still increased significantly. The average list price in November 2021 was $450,203. This prior month, that number jumped 28.65% to reach the current number of $530,887.

Average Sale Price

The average sale price saw a similar year-over-year increase of 26.95%, leaping from a prior figure of $368,349 to the current average sale price of $429,242. It is noteworthy that the average sale price is nearly identical to the Median List Price of $429,000.

Interest Rates

The most notable change in the market came from the Federal Reserve, which attempted to cool rising inflation in the wake of COVID-19 economic policies and the devastation of the shutdown. For decades, home buyers enjoyed record-low interest rates, with the 30-year fixed mortgage rate in November 2021 sitting at 3.33%. Today, that rate has more than doubled, with rates as high as 7%. This has caused a demonstrable cooling in buyer activity. For now, these rates are likely to remain the same or similar until inflation begins to taper off and consumers are spending more again.

consumer activity in boynton beach

Consumer Activity

Following the significant adjustments at the federal level, consumer activity has followed in a reactionary suit. Despite the consistent transfer of wealth and new residents to Boynton Beach, no market was entirely shielded from the noteworthy changes to federal interests rates and rising household expenses. 

Days On Market

In November 2021, the average days on market per listing in Boynton Beach was 23 days. That has now ballooned by over 50%, with current days on market as of November 2022 resting at 35 days

New Listings

The red hot sellers market is no more, despite strong numbers and continued interest in Boynton Beach real estate for sale. Surprisingly enough, the year-to-year change in listings between November 2021 and 2022 is only 3 listings. The current quantity of 410 is only 3 more than last year's new listings total of 407. 

Sold Listings

The quantity of sold listings much more clearly reflects the disparity in days on market, with a major separation in totals from November 2021 to 2022. Last November, 371 listings were successfully sold. This year that number has dropped precipitously, from 371 to 243 - a change of -34.5%.

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