Boca Raton Update

Real Estate Trends in Boca Raton, FL (2024) 🏡📈

Boca Raton’s real estate market has been strong, influenced by Florida’s population growth, favorable tax environment, and demand for luxury properties. Here are the latest trends:

1. Home Prices & Market Conditions

• Median Home Price: Around $650,000 - $800,000, depending on the neighborhood. Luxury waterfront and gated communities go much higher.

• Price Growth: Home values have increased ~5-10% YoY (Year-over-Year), though growth has slowed compared to 2021-2022.

• Market Type: Slightly shifting from a seller’s market to a more balanced one as inventory rises.

2. Inventory & Days on Market

• Inventory Increasing: More homes are hitting the market, giving buyers more options.

• Days on Market: Homes are sitting longer, averaging 45-60 days, compared to 2021’s fast-paced sales (~20-30 days).

3. Luxury & Waterfront Market

• Boca’s luxury market ($2M-$10M+) remains strong, especially in areas like Royal Palm Yacht & Country Club, The Sanctuary, and Boca Bridges.

• Waterfront properties continue to command premium prices, with oceanfront condos seeing steady demand.

4. Mortgage Rates & Affordability

• Current mortgage rates: ~6.5%-7% (higher than 2021’s low rates, impacting affordability).

• Cash buyers: Still significant, especially in the luxury market (~30-40% of transactions).

5. Rental Market

• Strong demand, but rent prices have stabilized after huge spikes in 2021-2022.

• Median Rent: ~$3,000 - $5,000/month for a single-family home.

• High investor interest, especially in short-term rentals near the beach.

6. Future Outlook (2024-2025)

• More inventory = slightly better deals for buyers.

• Luxury & waterfront demand remains high.

• Prices stabilizing but still growing, just at a slower pace.

Powered by ChatGPT