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 Q4 2020. 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 a population of 99,805, 41,504 total housing units (homes and apartments), and a median house value of $574,124, 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 77.76% over the last ten years, which is an average annual home appreciation rate of 5.92%, 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.

NeighborhoodScout's data show that during the latest twelve months, Boca Raton's appreciation rate, at 5.73%, has been at or slightly above the national average. In the latest quarter, Boca Raton's appreciation rate has been 1.48%, which annualizes to a rate of 6.07%.

Notably, Boca Raton's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Florida, our data show that Boca Raton's latest annual appreciation rate is lower than 80% 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:
$574,124

Boca Raton, FL HOME PRICES

> $1,187,000
12.6%
12.6%
$890,001 - $1,187,000
8.2%
8.2%
$593,001 - $890,000
19.0%
19.0%
$475,001 - $593,000
13.5%
13.5%
$356,001 - $475,000
16.9%
16.9%
$237,001 - $356,000
13.7%
13.7%
$119,001 - $237,000
10.7%
10.7%
$59,001 - $119,000
3.8%
3.8%
$0 - $59,000
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:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
153.94% 4.54%
8
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,445 / 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