Palmetto, FL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Palmetto Neighborhoods Since 2000




Palmetto, FL Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Palmetto Housing Market Information

With 13,249 people, 4,859 houses or apartments, and a median cost of homes of $141,651, Palmetto real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Palmetto, accounting for 34.87% of the city's housing units. Other types of housing that are prevalent in Palmetto include mobile homes or trailers ( 28.71%), large apartment complexes or high rise apartments ( 19.48%), and a few row houses and other attached homes ( 9.46%).

Dwellings in Palmetto tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 63.90% of the homes in Palmetto have two or fewer bedrooms.

There is a lot of housing in Palmetto 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 Palmetto built between 2000 and later ( 24.40%). A lesser amount of the housing stock also hails from between 1940-1969 ( 24.15%). There's also some housing in Palmetto built before 1939 ( 3.51%).

Vacant housing appears to be an issue in Palmetto. Fully 29.47% of the housing stock is classified as vacant. Left unchecked, vacant Palmetto homes and apartments can be a drag on the real estate market, holding Palmetto 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.

Palmetto Home Appreciation Rates

Homes have actually lost value in Palmetto over the last then years, as home values have seen a decline of 20.11% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Palmetto home appreciation rates at 2.40%, which equates to an annual appreciation rate of 9.95%.

Appreciation rates are so strong in Palmetto that despite a nationwide downturn in the housing market, Palmetto real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Palmetto appreciation rates continue to be some of the highest in America, at 9.75%, which is higher than appreciation rates in 93.17% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Palmetto. Palmetto appreciation rates in the latest quarter were at 2.40%, which equates to an annual appreciation rate of 9.95%.

Importantly, this makes Palmetto 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 Palmetto'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 city. Individual neighborhoods within Palmetto differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Palmetto - 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 Palmetto real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$141,651

Palmetto, FL HOME PRICES

Value Range
> $1,418,000 1.5
$1,064,001 - $1,418,000 1.3
$709,001 - $1,064,000 1.7
$567,001 - $709,000 1.8
$426,001 - $567,000 5.5
$284,001 - $426,000 11.1
$142,001 - $284,000 30.3
$71,001 - $142,000 25.2
$0 - $71,000 21.5

Low for FL
Average for Nation

Value Relative to Nation Value Relative to State
54.0255478729638 67.7350427350427

Number Of Homes And Apartments:
4,859

Palmetto Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
74.22% 3.27% 5 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,088 / per month

Homeownership Rate

Homeownership
Owners 65.77
Renters 34.23
Vacant 29.47

Housing Market Details

 

Age of Homes

AGE OF Palmetto HOMES
2000 or Newer 24.4
1970 - 1999 47.9
1940 - 1969 24.2
1939 or Older 3.5

Types of Homes

TYPE OF Palmetto HOMES
Single-Family 34.9
Townhomes 9.5
Small Apt. Buildings 7.2
Apt. Complexes 19.5
Mobile Homes 28.7
Other 0.2

Home Size

SIZE OF Palmetto HOMES
No Bedroom 0.93
1 Bedroom 17.26
2 Bedrooms 45.71
3 Bedrooms 29.71
4 Bedrooms 6.14
5 or more bedrooms 0.25