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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



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 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (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 120,932, 49,348 total housing units (homes and apartments), and a median house value of $459,267, 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 41.50% of the city's housing units. Other types of housing that are prevalent in West Palm Beach include single-family detached homes ( 39.00%), duplexes, homes converted to apartments or other small apartment buildings ( 10.61%), and a few row houses and other attached homes ( 8.21%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

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 ( 33.17%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.63%). There's also some housing in West Palm Beach built before 1939 ( 7.80%).

Vacant housing appears to be an issue in West Palm Beach. Fully 16.70% 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 197.41% over the last ten years, which is an average annual home appreciation rate of 11.52%, 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 7.63%, which is higher than appreciation rates in 79.52% 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 1.92%, which equates to an annual appreciation rate of 7.90%.

Relative to Florida, our data show that West Palm Beach's latest annual appreciation rate is higher than 80% 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

$459,267

West Palm Beach, FL Home Prices
> $1,490,000
$1,118,001 - $1,490,000
$745,001 - $1,118,000
$596,001 - $745,000
$447,001 - $596,000
$298,001 - $447,000
$149,001 - $298,000
$74,001 - $149,000
$0 - $74,000
6.2%
6.2%
3.9%
3.9%
10.3%
10.3%
11.2%
11.2%
18.0%
18.0%
23.5%
23.5%
20.3%
20.3%
3.2%
3.2%
3.4%
3.4%
0% 100.0%
% of Homes
High

for Florida

Very High

for nation

Number of Homes And Apartments:

49,348

West Palm Beach Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,030 / per month

Homeownership Rate

Owners
Renters
48.0%
48.0%
52.0%
52.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
16.7%
16.7%
83.3%
83.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
33.2%
33.2%
40.4%
40.4%
18.6%
18.6%
7.8%
7.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
39.0%
39.0%
8.2%
8.2%
10.6%
10.6%
41.5%
41.5%
0.5%
0.5%
0.1%
0.1%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.5%
3.5%
17.9%
17.9%
41.2%
41.2%
28.8%
28.8%
7.3%
7.3%
1.2%
1.2%
0% 100.0%
% of Homes