Market Overview
The Boca Raton real estate market has seen notable changes in recent months. As of June 2024, there are 3,125 properties listed, with a median list price of $320,000. The market has experienced a slight month-over-month change of 1%, with residential median list prices adjusting to $1,249,999, reflecting a 9.09% decrease (Champagne & Parisi Real Estate)(ZeroDown).
Pricing Trends
Home prices in Boca Raton have continued to rise, although at a moderated pace compared to the peak increases seen in previous years. The median sale price for single-family homes has reached $735,000, marking a 14% year-over-year increase. The average price per square foot now stands at $377, up 13% from last year (Redfin).
Market Dynamics
The Boca Raton market remains moderately competitive, with homes typically receiving around two offers and staying on the market for an average of 76 days. Single-family homes have been selling slightly faster than condos, with median days on market at 50 days compared to 53 days for condos (Redfin) (ZeroDown).
Sales and Inventory
There has been a diverse range of sales, with properties selling both above and below their list prices. For example, a home on Skyridge Circle recently sold for 2% above its list price, while another on Sabal Palm Drive sold for 22% below its list price (Redfin).
The market has also seen a significant number of price reductions, with a notable 39.15% increase in price drops over the past 12 months. This trend is more pronounced in the condo market, which has experienced a 118.44% increase in price drops over the same period (ZeroDown).
Investment Outlook
Boca Raton continues to be an attractive market for both local and international investors. The steady growth in home values, combined with the city’s appealing lifestyle and amenities, ensures continued interest in the real estate sector. As inventory levels increase and prices stabilize, the market is expected to offer more opportunities for buyers and investors alike (Redfin) (Champagne & Parisi Real Estate).
For more detailed and updated statistics, you can visit Boca Raton Real Estate and Redfin’s Boca Raton Market.
