Polk City, FL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Polk City, FL Real Estate Data


Polk City Housing Market Information

With a population of 1,907, 681 total housing units (homes and apartments), and a median house value of $114,822, house prices in Polk City are solidly below the national average.

Single-family detached homes are the single most common housing type in Polk City, accounting for 59.55% of the town's housing units. Other types of housing that are prevalent in Polk City include mobile homes or trailers ( 28.27%), large apartment complexes or high rise apartments ( 5.15%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.77%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Polk City. Owner-occupied housing accounts for 69.31% of Polk City's homes, and 69.60% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Polk City 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 Polk City built between 2000 and later ( 11.81%). A lesser amount of the housing stock also hails from between 1940-1969 ( 10.30%). There's also some housing in Polk City built before 1939 ( 4.65%).

Vacant housing appears to be an issue in Polk City. Fully 14.45% of the housing stock is classified as vacant. Left unchecked, vacant Polk City homes and apartments can be a drag on the real estate market, holding Polk City 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.

Polk City Home Appreciation Rates

Homes have actually lost value in Polk City over the last then years, as home values have seen a decline of 20.63% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Polk City home appreciation rates at 3.83%, which equates to an annual appreciation rate of 16.22%.

Appreciation rates are so strong in Polk City that despite a nationwide downturn in the housing market, Polk City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Polk City appreciation rates continue to be some of the highest in America, at 9.25%, which is higher than appreciation rates in 96.27% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Polk City. Polk City appreciation rates in the latest quarter were at 3.83%, which equates to an annual appreciation rate of 16.22%.

Importantly, this makes Polk City 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 Polk City's latest annual appreciation rate is higher than 50% 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 Polk City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Polk City - 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 Polk City real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$114,822

Polk City, FL HOME PRICES

Value Range
> $1,327,000 0.6
$995,001 - $1,327,000 0.3
$663,001 - $995,000 0.0
$531,001 - $663,000 2.0
$398,001 - $531,000 4.0
$265,001 - $398,000 15.9
$133,001 - $265,000 15.5
$66,001 - $133,000 40.6
$0 - $66,000 21.2

Very Low for FL
Low for Nation

Value Relative to Nation Value Relative to State
69.3623001698191 87.8205128205128

Number Of Homes And Apartments:
681

Rent & Ownership

 

Average Market Rent:
$1,125 / per month

Homeownership Rate

Homeownership
Owners 69.31
Renters 30.69
Vacant 14.45

Housing Market Details

 

Age of Homes

AGE OF Polk City HOMES
2000 or Newer 11.8
1970 - 1999 73.2
1940 - 1969 10.3
1939 or Older 4.6

Types of Homes

TYPE OF Polk City HOMES
Single-Family 59.5
Townhomes 1.3
Small Apt. Buildings 4.8
Apt. Complexes 5.2
Mobile Homes 28.3
Other 1.0

Home Size

SIZE OF Polk City HOMES
No Bedroom 0.50
1 Bedroom 6.78
2 Bedrooms 21.86
3 Bedrooms 60.80
4 Bedrooms 8.79
5 or more bedrooms 1.26

Polk City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
51.72% 2.48% 3 6
* 10 is highest