South Palm Beach, 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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

South Palm Beach, FL Housing Market Trends

With a population of 1,470, 754 total housing units (homes and apartments), and a median house value of $568,307, South Palm Beach house prices are not only among the most expensive in Florida, South 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 South Palm Beach, accounting for 96.58% of the town's housing units. Other types of housing that are prevalent in South Palm Beach include single-family detached homes ( 2.36%). This particular housing mix is relatively uncommon and characteristic of towns that are compact and walkable, and which often have a lively downtown.

Dwellings in South Palm Beach tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 93.28% of the homes in South Palm Beach have two or fewer bedrooms.

There is a lot of housing in South 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 South Palm Beach built between 1940-1969 ( 18.44%). A lesser amount of the housing stock also hails from between 2000 and later ( 1.00%).

A decent proportion of the South Palm Beach housing stock is seasonally occupied. That is, homes and condos in South 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 South Palm Beach housing market speaks to its popularity as a vacation location of choice.

South Palm Beach Home Appreciation Rates

In the last 10 years, South Palm Beach has experienced some of the highest home appreciation rates of any community in the nation. South Palm Beach real estate appreciated 81.07% over the last ten years, which is an average annual home appreciation rate of 6.12%, putting South Palm Beach in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, South 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.

NeighborhoodScout's data show that during the latest twelve months, South Palm Beach's appreciation rate, at 9.66%, has been at or slightly above the national average. In the latest quarter, South Palm Beach's appreciation rate has been 3.40%, which annualizes to a rate of 14.31%.

Relative to Florida, our data show that South Palm Beach's latest annual appreciation rate is lower than 60% of the other cities and towns in Florida.

Average Home Values

 

Median Home Value:
$568,307

South Palm Beach, FL HOME PRICES

> $1,264,000
7.9%
7.9%
$948,001 - $1,264,000
6.1%
6.1%
$632,001 - $948,000
8.2%
8.2%
$505,001 - $632,000
12.2%
12.2%
$379,001 - $505,000
13.1%
13.1%
$253,001 - $379,000
35.4%
35.4%
$126,001 - $253,000
13.5%
13.5%
$63,001 - $126,000
2.0%
2.0%
$0 - $63,000
1.6%
1.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for FL

Value Relative To Nation

Number Of Homes And Apartments:
754

South Palm Beach Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
140.13% 4.16%
5
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$3,203 / per month

Homeownership Rate

Owners
81.6%
81.6%
Renters
18.4%
18.4%
Vacant
55.6%
55.6%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1.0%
1.0%
1970 - 1999
80.6%
80.6%
1940 - 1969
18.4%
18.4%
1939 or Older
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
2.4%
2.4%
Townhomes
0.8%
0.8%
Small Apt. Buildings
0.2%
0.2%
Apt. Complexes
96.6%
96.6%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.2%
3.2%
1 Bedroom
20.6%
20.6%
2 Bedrooms
69.5%
69.5%
3 Bedrooms
6.0%
6.0%
4 Bedrooms
0.7%
0.7%
5 or more bedrooms
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in South Palm Beach

Zip Codes in South Palm Beach, FL