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Palm Springs, FL Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Palm Springs, FL Housing Market Trends

With 26,780 people, 8,066 houses or apartments, and a median cost of homes of $297,013, Palm Springs real estate prices are well above average cost compared to national prices.

Large apartment complexes or high rise apartments are the single most common housing type in Palm Springs, accounting for 39.40% of the village's housing units. Other types of housing that are prevalent in Palm Springs include single-family detached homes ( 27.79%), duplexes, homes converted to apartments or other small apartment buildings ( 19.78%), and a few row houses and other attached homes ( 10.26%). Villages with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact villages that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

People in Palm Springs primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. 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 ( 25.43%). A lesser amount of the housing stock also hails from between 2000 and later ( 9.02%).

Vacant housing appears to be an issue in Palm Springs. Fully 13.18% 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.

Palm Springs Home Appreciation Rates

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 256.12% over the last ten years, which is an average annual home appreciation rate of 13.54%, 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.

Appreciation rates are so strong in Palm Springs that despite a nationwide downturn in the housing market, Palm Springs real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Palm Springs appreciation rates continue to be some of the highest in America, at 25.09%, which is higher than appreciation rates in 98.50% 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 Springs. Palm Springs appreciation rates in the latest quarter were at 5.94%, which equates to an annual appreciation rate of 25.95%.

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

Relative to Florida, our data show that Palm Springs's latest annual appreciation rate is higher than 70% 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 village. 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.

Average Home Values

 

Median Home Value:
$297,013

Palm Springs, FL HOME PRICES

> $1,649,000
$1,237,001 - $1,649,000
$824,001 - $1,237,000
$660,001 - $824,000
$495,001 - $660,000
$330,001 - $495,000
$165,001 - $330,000
$82,001 - $165,000
$0 - $82,000
0.7%
0.7%
0.4%
0.4%
1.0%
1.0%
1.4%
1.4%
6.7%
6.7%
27.3%
27.3%
38.7%
38.7%
13.7%
13.7%
10.2%
10.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Average for FL

Value Relative To Nation

Number Of Homes And Apartments:
8,066

Palm Springs Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2022 Q2 - 2022 Q3
Last 12 Months:
2021 Q3 - 2022 Q3
Last 2 Years:
2020 Q3 - 2022 Q3
Last 5 Years:
2017 Q3 - 2022 Q3
Last 10 Years:
2012 Q3 - 2022 Q3
Since 2000:
2000 Q1 - 2022 Q3
288.61% 6.15%
9
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,264 / per month

Homeownership Rate

Owners
Renters
Vacant
43.7%
43.7%
56.3%
56.3%
13.2%
13.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
9.0%
9.0%
64.8%
64.8%
25.4%
25.4%
0.8%
0.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
27.8%
27.8%
10.3%
10.3%
19.8%
19.8%
39.4%
39.4%
2.8%
2.8%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.4%
1.4%
21.8%
21.8%
47.0%
47.0%
25.4%
25.4%
3.9%
3.9%
0.6%
0.6%
0.0% 100.0%
% OF HOMES