West 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 Q4 2020. 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

West Palm Beach, FL Housing Market Trends

With a population of 111,955, 41,511 total housing units (homes and apartments), and a median house value of $334,925, 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 40.73% of the city's housing units. Other types of housing that are prevalent in West Palm Beach include single-family detached homes ( 39.05%), duplexes, homes converted to apartments or other small apartment buildings ( 11.94%), and a few row houses and other attached homes ( 7.94%). 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 ( 28.13%). A lesser amount of the housing stock also hails from between 1940-1969 ( 21.53%). There's also some housing in West Palm Beach built before 1939 ( 7.43%).

Vacant housing appears to be an issue in West Palm Beach. Fully 20.52% 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.

West Palm Beach Home Appreciation Rates

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 109.13% over the last ten years, which is an average annual home appreciation rate of 7.66%, 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.

NeighborhoodScout's data show that during the latest twelve months, West Palm Beach's appreciation rate, at 5.82%, has been at or slightly above the national average. In the latest quarter, West Palm Beach's appreciation rate has been 1.58%, which annualizes to a rate of 6.46%.

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 lower 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.

Average Home Values

 

Median Home Value:
$334,925

West Palm Beach, FL HOME PRICES

> $1,245,000
3.3%
3.3%
$934,001 - $1,245,000
3.1%
3.1%
$622,001 - $934,000
6.2%
6.2%
$498,001 - $622,000
6.3%
6.3%
$373,001 - $498,000
13.3%
13.3%
$249,001 - $373,000
25.2%
25.2%
$124,001 - $249,000
28.5%
28.5%
$62,001 - $124,000
10.6%
10.6%
$0 - $62,000
3.4%
3.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for FL

Value Relative To Nation

Number Of Homes And Apartments:
41,511

West Palm Beach Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
145.38% 4.37%
7
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,770 / per month

Homeownership Rate

Owners
47.5%
47.5%
Renters
52.5%
52.5%
Vacant
20.5%
20.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
28.1%
28.1%
1970 - 1999
42.9%
42.9%
1940 - 1969
21.5%
21.5%
1939 or Older
7.4%
7.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
39.1%
39.1%
Townhomes
7.9%
7.9%
Small Apt. Buildings
11.9%
11.9%
Apt. Complexes
40.7%
40.7%
Mobile Homes
0.3%
0.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.2%
3.2%
1 Bedroom
16.9%
16.9%
2 Bedrooms
39.0%
39.0%
3 Bedrooms
31.6%
31.6%
4 Bedrooms
7.2%
7.2%
5 or more bedrooms
2.1%
2.1%
0.0% 100.0%
% OF HOMES