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
With a population of 111,398, 41,691 total housing units (homes and apartments), and a median house value of $335,640, West Palm Beach 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 West Palm Beach, accounting for 41.21% of the city's housing units. Other types of housing that are prevalent in West Palm Beach include single-family detached homes ( 39.29%), duplexes, homes converted to apartments or other small apartment buildings ( 11.69%), and a few row houses and other attached homes ( 7.46%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.
People in West Palm Beach primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. West Palm Beach has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in West 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 West Palm Beach built between 2000 and later ( 27.72%). A lesser amount of the housing stock also hails from between 1940-1969 ( 21.50%). There's also some housing in West Palm Beach built before 1939 ( 7.73%).
Vacant housing appears to be an issue in West Palm Beach. Fully 21.04% of the housing stock is classified as vacant. Left unchecked, vacant West Palm Beach homes and apartments can be a drag on the real estate market, holding West Palm Beach 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.
In the last 10 years, West Palm Beach has experienced some of the highest home appreciation rates of any community in the nation. West Palm Beach real estate appreciated 88.44% over the last ten years, which is an average annual home appreciation rate of 6.54%, putting West Palm Beach in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, West 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 West Palm Beach that despite a nationwide downturn in the housing market, West Palm Beach real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, West Palm Beach appreciation rates continue to be some of the highest in America, at 6.99%, which is higher than appreciation rates in 75.87% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in West Palm Beach. West Palm Beach appreciation rates in the latest quarter were at 0.30%, which equates to an annual appreciation rate of 1.20%.
Notably, West Palm Beach's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Florida, our data show that West Palm Beach'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 city. Individual neighborhoods within West Palm Beach differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in West 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 West Palm Beach real estate investment or home purchase decisions.
|$958,001 - $1,277,000||2.6|
|$639,001 - $958,000||6.2|
|$511,001 - $639,000||5.8|
|$383,001 - $511,000||12.6|
|$255,001 - $383,000||24.1|
|$128,001 - $255,000||28.6|
|$64,001 - $128,000||13.1|
|$0 - $64,000||4.0|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2019 Q4 - 2020 Q1
Last 12 Months:
2019 Q1 - 2020 Q1
Last 2 Years:
2018 Q1 - 2020 Q1
Last 5 Years:
2015 Q1 - 2020 Q1
Last 10 Years:
2010 Q1 - 2020 Q1
2000 Q1 - 2020 Q1
|* 10 is highest|
|AGE OF West Palm Beach HOMES|
|2000 or Newer||27.7|
|1970 - 1999||43.0|
|1940 - 1969||21.5|
|1939 or Older||7.7|
|TYPE OF West Palm Beach HOMES|
|Small Apt. Buildings||11.7|
|SIZE OF West Palm Beach HOMES|
|5 or more bedrooms||2.31|