Boca Raton, FL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Boca Raton, FL Housing Market Trends

With 99,805 people, 41,504 houses or apartments, and a median cost of homes of $614,256, Boca Raton house prices are not only among the most expensive in Florida, Boca Raton real estate also is some of the most expensive in all of America.

Large apartment complexes or high rise apartments are the single most common housing type in Boca Raton, accounting for 44.48% of the city's housing units. Other types of housing that are prevalent in Boca Raton include single-family detached homes ( 44.32%), row houses and other attached homes ( 7.51%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.31%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

Dwellings in Boca Raton tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 49.22% of the homes in Boca Raton have two or fewer bedrooms.

There is a lot of housing in Boca Raton built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Boca Raton built between 1940-1969 ( 18.87%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.84%).

Vacant housing appears to be an issue in Boca Raton. Fully 21.56% of the housing stock is classified as vacant. Left unchecked, vacant Boca Raton homes and apartments can be a drag on the real estate market, holding Boca Raton real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Boca Raton Home Appreciation Rates

In the last 10 years, Boca Raton has experienced some of the highest home appreciation rates of any community in the nation. Boca Raton real estate appreciated 101.00% over the last ten years, which is an average annual home appreciation rate of 7.23%, putting Boca Raton in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Boca Raton definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Boca Raton that despite a nationwide downturn in the housing market, Boca Raton real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Boca Raton appreciation rates continue to be some of the highest in America, at 10.39%, which is higher than appreciation rates in 70.23% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Boca Raton. Boca Raton appreciation rates in the latest quarter were at 3.45%, which equates to an annual appreciation rate of 14.52%.

Relative to Florida, our data show that Boca Raton's latest annual appreciation rate is higher than 50% of the other cities and towns in Florida.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Boca Raton differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Boca Raton - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Boca Raton real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$614,256

Boca Raton, FL HOME PRICES

> $1,270,000
12.6%
12.6%
$953,001 - $1,270,000
8.2%
8.2%
$635,001 - $953,000
19.0%
19.0%
$508,001 - $635,000
13.5%
13.5%
$381,001 - $508,000
16.9%
16.9%
$254,001 - $381,000
13.7%
13.7%
$127,001 - $254,000
10.7%
10.7%
$64,001 - $127,000
3.8%
3.8%
$0 - $64,000
1.6%
1.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for FL

Value Relative To Nation

Number Of Homes And Apartments:
41,504

Boca Raton Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
175.44% 4.83%
8
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,664 / per month

Homeownership Rate

Owners
68.5%
68.5%
Renters
31.5%
31.5%
Vacant
21.6%
21.6%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
10.8%
10.8%
1970 - 1999
69.9%
69.9%
1940 - 1969
18.9%
18.9%
1939 or Older
0.4%
0.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
44.3%
44.3%
Townhomes
7.5%
7.5%
Small Apt. Buildings
3.3%
3.3%
Apt. Complexes
44.5%
44.5%
Mobile Homes
0.4%
0.4%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.9%
1.9%
1 Bedroom
7.7%
7.7%
2 Bedrooms
39.6%
39.6%
3 Bedrooms
31.0%
31.0%
4 Bedrooms
14.4%
14.4%
5 or more bedrooms
5.4%
5.4%
0.0% 100.0%
% OF HOMES