Palestine, TX
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Palestine Neighborhoods Since 2000




Palestine, TX Real Estate Data


Palestine Housing Market Information

With a population of 18,288, 6,309 total housing units (homes and apartments), and a median house value of $94,696, house prices in Palestine are solidly below the national average.

Single-family detached homes are the single most common housing type in Palestine, accounting for 74.67% of the city's housing units. Other types of housing that are prevalent in Palestine include large apartment complexes or high rise apartments ( 11.48%), mobile homes or trailers ( 6.71%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.33%).

The most prevalent building size and type in Palestine are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 59.87% owning and 40.13% renting.

There is a lot of housing in Palestine 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 Palestine built between 1940-1969 ( 35.85%). A lesser amount of the housing stock also hails from before 1939 ( 11.60%). There's also some housing in Palestine built between 2000 and later ( 9.73%).

Vacant housing appears to be an issue in Palestine. Fully 15.52% of the housing stock is classified as vacant. Left unchecked, vacant Palestine homes and apartments can be a drag on the real estate market, holding Palestine 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.

Palestine Home Appreciation Rates

In the last 10 years, Palestine has experienced some of the highest home appreciation rates of any community in the nation. Palestine real estate appreciated 26.26% over the last ten years, which is an average annual home appreciation rate of 2.36%, putting Palestine in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Palestine 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 Palestine that despite a nationwide downturn in the housing market, Palestine real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Palestine appreciation rates continue to be some of the highest in America, at 7.59%, which is higher than appreciation rates in 89.10% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Palestine. Palestine appreciation rates in the latest quarter were at 2.87%, which equates to an annual appreciation rate of 11.99%.

Importantly, this makes Palestine 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 Texas, our data show that Palestine's latest annual appreciation rate is higher than 70% of the other cities and towns in Texas.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Palestine differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Palestine - 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 Palestine real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$94,696

Palestine, TX HOME PRICES

Value Range
> $1,143,000 0.2
$857,001 - $1,143,000 0.0
$572,001 - $857,000 0.1
$457,001 - $572,000 0.6
$343,001 - $457,000 3.3
$229,001 - $343,000 3.2
$114,001 - $229,000 27.6
$57,001 - $114,000 43.3
$0 - $57,000 21.7

Low for TX
Very Low for Nation

Value Relative to Nation Value Relative to State
82.3622416115243 71.9417475728155

Number Of Homes And Apartments:
6,309

Rent & Ownership

 

Average Market Rent:
$964 / per month

Homeownership Rate

Homeownership
Owners 59.87
Renters 40.13
Vacant 15.52

Housing Market Details

 

Age of Homes

AGE OF Palestine HOMES
2000 or Newer 9.7
1970 - 1999 42.8
1940 - 1969 35.8
1939 or Older 11.6

Types of Homes

TYPE OF Palestine HOMES
Single-Family 74.7
Townhomes 1.7
Small Apt. Buildings 5.3
Apt. Complexes 11.5
Mobile Homes 6.7
Other 0.1

Home Size

SIZE OF Palestine HOMES
No Bedroom 2.25
1 Bedroom 7.03
2 Bedrooms 28.88
3 Bedrooms 52.83
4 Bedrooms 6.92
5 or more bedrooms 2.09

Palestine Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TX*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
61.20% 2.85% 4 7
* 10 is highest