The affluent city of Boca Raton is a haven for homebuyers looking to settle on the southeastern coast of the Sunshine State. Popular for its luxurious lifestyle, stunning beaches, and bustling economy, the city has a lot to offer to anyone looking to invest in a home. The Boca Raton real estate market continues to thrive even as a decreasing inventory and increasing demand continue to favor sellers. Below, we look at some of the market trends in the Boca Raton market and how they will affect homebuyers in 2024.
Steady Population Growth
The cost of living in Boca Raton is relatively high. Despite this, the attractive inventory of Boca Raton homes for sale and luxury properties continues to attract homebuyers and renters to the sprawling town. Boca Raton has been experiencing a steady population growth since the 1920s and at a rate of about 17 percent between 2016 and 2023. This trend, which continued in 2023 (1 percent), is expected to persist in 2024 and increase the demand for housing.
Increasing Median Sale Prices
Naturally, an increased demand for housing in Boca Raton will flip the market in the sellers’ favor, forcing up the prices of homes. This is because more people are competing for a limited number of properties. Already in 2023, the median sale price of single-family units in Boca Raton rose by 2 percent from $1.67 million in 2022 to $1.7 million. This change was consistent in the different counties, with prices in Palm Beach going from $615,000 to $620,000. As Boca Raton’s luxury home market continues to draw buyers, median prices may continue to rise.
The upward trend of median home sale prices in Boca Raton, which is expected to hold in 2024, means that homes cost more for buyers. However, because the population in the city continues to grow, the inventory is decreasing rather than increasing to meet the demand. Active listings in Boca Raton dropped steadily in 2023 from 4,000 in January to 3,900 in March and 3,500 by May. These numbers, however, were a significant increase from 2022, so it remains to be seen how inventory will change in 2024. A decreasing inventory will mean increasing prices.
Wide Variety of Luxury Homes
Despite a decreasing inventory, Boca Raton is still a rich haven for luxury homebuyers. Boca Raton Luxury Homes continue to be in steady supply, ranging from charming single-family units and penthouse condominiums to sprawling waterfront properties. Homebuyers and renters have the option of living in quiet suburban neighborhoods or golf communities with the best modern amenities. Working with an experienced agent, you can find the perfect high-end property in Boca Raton in 2024 with stunning views, top-range amenities, privacy, and more.
Thinking of Moving to Boca Raton? Consult a Boca Raton Agent
Like most markets, the Boca Raton real estate market remains unpredictable. Changes in the population or economy can impact seller and buyer sentiments, quickly affecting factors like price, supply, and demand. That said, an experienced Boca Raton real estate agent can help you better predict and understand the local market. Contact the Aaron Buchbinder Group if you are considering living in Boca Raton to explore the inventory and different price points.