Longboat Key appreciation rates and housing market information

Longboat Key housing market information

With 7,575 people, 8,864 houses or apartments, and a median cost of homes of $715,804, Longboat Key house prices are not only among the most expensive in Florida, Longboat Key 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 Longboat Key, accounting for 65.05% of the town's housing units. Other types of housing that are prevalent in Longboat Key include single-family detached homes (22.50%), duplexes, homes converted to apartments, or other small apartment buildings (5.36%), row houses and other attached homes (3.76%), and a few mobile homes or trailers (2.97%). This particular housing mix is relatively uncommon and characteristic of towns that are compact and walkable, and which often have a lively downtown.

Dwellings in Longboat Key tend to be quite small (one, two, or no bedrooms) and owner-occupied. In fact, 66.03% of the homes in Longboat Key have two or fewer bedrooms.

There is a lot of housing in Longboat Key built from 1970-1994, 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 Longboat Key built from 1940-1969 (15.43%). A lesser amount of the housing stock also hails from 1995 and later (9.08%), and some were built from 1939 and earlier (9.08%).

A decent proportion of the Longboat Key housing stock is seasonally occupied. That is, homes and condos in Longboat Key are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Longboat Key housing market speaks to its popularity as a vacation location of choice.

Longboat Key home appreciation rates

Appreciation rates for homes in Longboat Key have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 102.41%, which ranks in the top 20% nationwide. This equates to an annual average Longboat Key house appreciation rate of 10.24%.

Over the last year, Longboat Key appreciation rates have trailed the rest of the nation. In the last twelve months, Longboat Key's appreciation rate has been -13.29%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Longboat Key were at 5.61%, which equates to an annual appreciation rate of 22.44%.

Importantly, this makes Longboat Key one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

Relative to Florida, our data show that Longboat Key's latest annual appreciation rate is higher than 45% of the other cities and towns in Florida.