Boca Raton Housing Market Update – September 2024

Curious about the current real estate trends in Boca Raton? Here’s an in-depth look at the Boca Raton housing market as of September 2024, focusing on both single-family homes and townhouses/condos to help buyers and sellers make informed decisions.

Single-Family Homes

Sales Activity

In September 2024, closed sales for single-family homes in Boca Raton decreased by 23%, with 134 homes sold compared to 174 in September 2023. Year-to-date, sales have only slightly decreased by 2.1%, showing steady demand despite seasonal fluctuations.

Price Trends

The median sales price for single-family homes surged by 20.4%, reaching $1,011,000 in September 2024, up from $839,500 in September 2023. The year-to-date median also increased by 13.9%, moving from $847,250 to $965,000, indicating sustained demand for Boca Raton's high-value homes.

Market Dynamics

Inventory levels for single-family homes grew slightly by 5.2% year-over-year, with the months’ supply of inventory increasing from 4.0 to 4.3 months. This minor increase suggests a shift toward a more balanced market, giving buyers a bit more choice while still maintaining demand.

Additional Metrics

• Average Sales Price: Increased by 15.5% to $1,692,873.
• Dollar Volume: Decreased by 11.1%, reflecting fewer sales despite higher average prices.
• Percent of Original List Price Received: Fell to 90.5%, a 3% decrease, showing a slight shift in bargaining power to buyers.

Townhouses and Condos

Sales and Prices

The Boca Raton townhouse/condo market saw a decline in closed sales, with a decrease of 11.5%, as 184 units sold in September 2024 compared to 208 in the previous year. The median sales price dropped by 5.7%, moving to $370,000 from $392,500, yet the year-to-date median increased by 8.6%—suggesting that while September saw a dip, the market for condos and townhomes remains strong overall.

Inventory Growth

Inventory for townhouses and condos saw a notable increase, with available units up by 41.9% and months’ supply of inventory rising to 5.9 months from 3.9 months. This inventory boost reflects more options for buyers in the condo market.

Additional Condo Market Insights

• Average Sales Price: Up by 9.3% to $563,639.
• Dollar Volume: Decreased by 3.3%, indicating a mixed trend with fewer sales but at higher prices.
• Percent of Original List Price Received: Fell slightly to 89.9%, down by 1.9%, giving buyers a bit more leverage.

What This Means for Buyers and Sellers

For buyers, the increased inventory—particularly in the condo and townhouse market—offers more choices. However, with single-family homes seeing a significant price increase, the market remains competitive for high-end properties.

For sellers, especially those in the single-family home market, the rising prices present an opportunity to capture higher value, though maintaining realistic listing prices is key as the market moves toward balance.

Final Thoughts

Boca Raton’s real estate market continues to show strong demand, particularly in the single-family home sector, despite an overall increase in inventory. Whether you’re buying, selling, or just watching the market, these trends highlight Boca Raton’s ongoing appeal as a sought-after destination for both luxury and affordable living.