Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 45,019 people, 23,673 houses or apartments, and a median cost of homes of $617,058, real estate costs in Palm Springs are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive California communities.
Single-family detached homes are the single most common housing type in Palm Springs, accounting for 38.68% of the city's housing units. Other types of housing that are prevalent in Palm Springs include large apartment complexes or high rise apartments ( 28.18%), row houses and other attached homes ( 17.12%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 11.01%).
People in Palm Springs primarily live in small (one, two or no bedroom) single-family detached homes. Palm Springs has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Palm Springs built from 1970 to 1999 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 Palm Springs built between 1940-1969 ( 28.89%). A lesser amount of the housing stock also hails from between 2000 and later ( 12.87%). There's also some housing in Palm Springs built before 1939 ( 2.86%).
Vacant housing appears to be an issue in Palm Springs. Fully 35.10% of the housing stock is classified as vacant. Left unchecked, vacant Palm Springs homes and apartments can be a drag on the real estate market, holding Palm Springs 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.
In the last 10 years, Palm Springs has experienced some of the highest home appreciation rates of any community in the nation. Palm Springs real estate appreciated 164.32% over the last ten years, which is an average annual home appreciation rate of 10.21%, putting Palm Springs in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Palm Springs definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Palm Springs's appreciation rate, at 10.48%, has been at or slightly above the national average. In the latest quarter, Palm Springs's appreciation rate has been -1.52%, which annualizes to a rate of -5.96%.
Notably, Palm Springs's appreciation rate in the latest quarter is one of the lowest in America.
Relative to California, our data show that Palm Springs's latest annual appreciation rate is higher than 80% of the other cities and towns in California.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Palm Springs differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Palm Springs - 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 2000, to assist you in making the best Palm Springs real estate investment or home purchase decisions.
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