St. Petersburg appreciation rates and housing market information

St. Petersburg housing market information

With 247,793 people, 124,525 houses or apartments, and a median cost of homes of $165,820, St. Petersburg real estate prices are well above average cost compared to national prices.

single-family detached homes are the single most common housing type in St. Petersburg, accounting for 58.41% of the city's housing units. Other types of housing that are prevalent in St. Petersburg include large apartment complexes or high rise apartments (28.08%), duplexes, homes converted to apartments, or other small apartment buildings (7.45%), mobile homes or trailers (3.30%), and a few row houses and other attached homes (2.64%).

People in St. Petersburg primarily live in small (one, two, or no bedroom) single-family detached homes. St. Petersburg has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. St. Petersburg's housing was primarily built during this period, from the '40s through the '60s. A full 53.74% of the city's housing hails from this era. Other housing ages represented in St. Petersburg include homes built between 1970-1994 (33.68%), and housing constructed from 1939 and earlier (10.24%). There's also some housing in St. Petersburg built between 1995 and later (2.34%).

Vacant housing appears to be an issue in St. Petersburg. Fully 12.05% of the housing stock is classified as vacant. Left unchecked, vacant St. Petersburg homes and apartments can be a drag on the real estate market, holding St. Petersburg 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.

St. Petersburg home appreciation rates

Appreciation rates for homes in St. Petersburg have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 90.36%, which ranks in the top 30% nationwide. This equates to an annual average St. Petersburg house appreciation rate of 9.03%.

Over the last year, St. Petersburg appreciation rates have trailed the rest of the nation. In the last twelve months, St. Petersburg's appreciation rate has been -14.15%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in St. Petersburg were at 2.26%, which equates to an annual appreciation rate of 9.04%.

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

Relative to Florida, our data show that St. Petersburg's latest annual appreciation rate is higher than 38% 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 St. Petersburg differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in St. Petersburg - 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 1990, to assist you in making the best St. Petersburg real estate investment or home purchase decisions.