West Palm Beach, FL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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West Palm Beach, FL Real Estate Data

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 Q1 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

West Palm Beach Housing Market Information

With 108,161 people, 41,795 houses or apartments, and a median cost of homes of $295,255, 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 40.43% of the city's housing units. Other types of housing that are prevalent in West Palm Beach include single-family detached homes ( 40.20%), duplexes, homes converted to apartments or other small apartment buildings ( 11.97%), and a few row houses and other attached homes ( 7.00%). 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 ( 26.86%). A lesser amount of the housing stock also hails from between 1940-1969 ( 21.49%). There's also some housing in West Palm Beach built before 1939 ( 7.60%).

Vacant housing appears to be an issue in West Palm Beach. Fully 23.41% 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

Appreciation rates for homes in West Palm Beach have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 6.60%, which ranks in the top 50% nationwide. This equates to an annual average West Palm Beach house appreciation rate of 0.64%.

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 11.81%, which is higher than appreciation rates in 95.42% 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 2.46%, which equates to an annual appreciation rate of 10.22%.

Importantly, this makes West Palm Beach one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

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:
$295,255

West Palm Beach, FL HOME PRICES

Value Range
> $1,458,999 2.6
$1,094,229 - $1,458,999 2.2
$729,266 - $1,094,228 4.8
$583,562 - $729,265 4.7
$437,583 - $583,561 8.3
$291,750 - $437,582 21.4
$145,735 - $291,749 30.5
$72,879 - $145,734 19.1
$0 - $72,878 6.3

High for FL
Very High for Nation

Value Relative to Nation Value Relative to State
18.6277372262774 30.0

Number Of Homes And Apartments:
41,795

West Palm Beach Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2017 Q4 - 2018 Q1
Last 12 Months:
2017 Q1 - 2018 Q1
Last 2 Years:
2016 Q1 - 2018 Q1
Last 5 Years:
2013 Q1 - 2018 Q1
Last 10 Years:
2008 Q1 - 2018 Q1
Since 2000:
2000 Q1 - 2018 Q1
107.30% 4.08%
7
10
* 10 is highest


Rent & Ownership

 

Average Market Rent:
$1,518 / per month

Homeownership Rate

Homeownership
Owners 47.42
Renters 52.58
Vacant 23.41

Housing Market Details

 

Age of Homes

AGE OF West Palm Beach HOMES
2000 or Newer 26.9
1970 - 1999 44.1
1940 - 1969 21.5
1939 or Older 7.6

Types of Homes

TYPE OF West Palm Beach HOMES
Single-Family 40.2
Townhomes 7.0
Small Apt. Buildings 12.0
Apt. Complexes 40.4
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF West Palm Beach HOMES
No Bedroom 3.25
1 Bedroom 17.78
2 Bedrooms 40.97
3 Bedrooms 29.35
4 Bedrooms 7.02
5 or more bedrooms 1.62