Boca Raton Homes are Selling 8% Below List Price

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It’s no secret that the Boca Raton real estate market is shifting and settling into a new, normal pattern. 

Over the past two years, we’ve seen a huge disruption in the real estate market – with a large demand, under supply of homes, and a new bar set for home pricing. A time where the only offers that were considered were over asking, cash, with waived inspections and appraisals. 

The market finally started to shift away from this chaos in the second half of 2022, and is continuing to normalize in 2023. 

How Does the Boca Raton Market Compare?

Compared to June 2022, the number of homes for sale in Boca are up 31% – bringing that number to 309 active listings today. 

Homes also aren’t flying off the shelves anymore. Back in June 2022, the average days on market was 15 days. Today, the average days on market for a Boca Raton home is 64 days. A crazy 326% increase!

We’re also seeing tons of price reductions, as sellers are realizing that they need to readjust their expectations to attract interested buyers and sell their home. Homes are now selling, on average, for 8% below list price. 

What to Expect Going Forward

Now, don’t expect the Boca Raton market to ever return to what it once was. As much as sellers are readjusting expectations, buyers must as well. A single-family, 3-bedroom, pool home in Boca for under $500K is simply unrealistic. With the increase in new residents, there’s still a lack of housing supply, keeping prices and competition relatively high. 

Buyers who are considering Boca Raton homes, talk to your agents and loan officers. How should you adjust your expectations, criteria, and budget to fall in line with today’s pricing and interest rates. 

If you’re curious about what you can buy in today’s market, check out our list of most motivated sellers in Boca Raton. 

If you’re ready to sell your home quickly, at top value, start the process with a free home evaluation from our team of experts. 

The Mendel Group is the key to your next home. Contact us with all your real estate needs.