Boca Raton and surrounding areas like Delray Beach are on a strong long-term upward trend, significantly outperforming Florida and US averages. Although 2021 represents an outlier year with three sales over $75M each, 2024 is very much on-trend; average sales prices are up to $31M and represent a 33% increase over 2023.
Highlights
Sales prices of $31.1M on average are up 33% YOY
2024 continues a strong multi-year upward pattern
In a growing market, pricing well can be complicated
A sunny market, in the middle of the action
The east coast of Florida has some of the most dynamic luxury markets in the United States. Boca Raton and Delray Beach are no exception. Coinciding with strong upward price momentum, the average property moves significantly faster than it did pre-pandemic. The average Days On Market (DOM) were 312 days in 2024. However, with dynamic price action comes challenges in establishing a realistic listing price. On average, ultra luxury properties are sold at just 83% of the initial listing price. For sellers who took over 180 days to sell this number dropped to just 77%. Sellers should be advised to research to define a realistic listing price to capture enough buyer interest.
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