Heavily boron‐doped p‐type diamond is a key material for developing diamond‐based applications in various fields. We obtain information about changes in the valence band edge of homoepitaxial boron‐doped diamond films around and below Mott's critical density for a metal–non‐metal transition. For a boron concentration of about 2–3 × 1020 cm−3, where this transition is expected to occur, a metal‐like behaviour is observed at room temperature (RT) with the Fermi‐level lying 0.1 eV above the valence band edge. For a boron concentration about 4 × 1019 cm−3, which is well below the critical density, the valence band edge is quite different from that of lightly doped samples. It is proposed as an explanation for these experimental differences that the excited‐states of acceptors overlap.