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 a population of 9,251, 5,359 total housing units (homes and apartments), and a median house value of $3,616,955, Palm Beach house prices are not only among the most expensive in Florida, Palm Beach 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 Palm Beach, accounting for 69.22% of the town's housing units. Other types of housing that are prevalent in Palm Beach include single-family detached homes ( 25.73%), duplexes, homes converted to apartments or other small apartment buildings ( 3.52%), and a few row houses and other attached homes ( 1.53%). Towns with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact towns that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.
Dwellings in Palm Beach tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 58.51% of the homes in Palm Beach have two or fewer bedrooms.
There is a lot of housing in Palm Beach 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 Beach built between 1940-1969 ( 36.90%). A lesser amount of the housing stock also hails from before 1939 ( 11.12%). There's also some housing in Palm Beach built between 2000 and later ( 6.34%).
A decent proportion of the Palm Beach housing stock is seasonally occupied. That is, homes and condos in Palm Beach 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 Palm Beach housing market speaks to its popularity as a vacation location of choice.
In the last 10 years, Palm Beach has experienced some of the highest home appreciation rates of any community in the nation. Palm Beach real estate appreciated 223.13% over the last ten years, which is an average annual home appreciation rate of 12.44%, putting Palm Beach in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Palm Beach definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Palm Beach that despite a nationwide downturn in the housing market, Palm Beach real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Palm Beach appreciation rates continue to be some of the highest in America, at 21.33%, which is higher than appreciation rates in 99.04% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Palm Beach. Palm Beach appreciation rates in the latest quarter were at 2.93%, which equates to an annual appreciation rate of 12.26%.
Importantly, this makes Palm Beach 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 Palm Beach's latest annual appreciation rate is higher than 60% 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 town. Individual neighborhoods within Palm Beach differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Palm Beach - 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 Beach real estate investment or home purchase decisions.
$3,491 / per month