West Palm Beach Real Estate Market Trends as Many More Call it Home.
This is the first of a series of snapshots of major population centers served by Spaulding Home Inspections. Today we’re taking a look at West Palm Beach which is the administrative center "county seat" of Palm Beach County and one of the three main population centers in South Florida. Comprised of an estimated 108,896 residents, West Palm Beach continues to experience dramatic growth. The area has seen its population rise from an estimated 57,000 in 1970, 82,000 in 2000, 100,000 in 2010, to a staggering 108,000 and counting in 2016 according to The University of Florida Bureau of Economic and Business Research (BEBR). This shows an approximated 8.0 % increase from 2010 - 2016 alone. Although located 68 miles north, West Palm Beach is considered to be within the Miami Metropolitan Area. The Miami Metropolitan area in its entirety, including West Palm Beach, was at an estimated population of 6,012,331 according to a 2015 census. Three bridges connect Palm Beach to the mainland of West Palm Beach, Manalapan, and Lake Worth. The islands make for the epitome of a subtropical paradise and seaside resort along the intracoastal.
Approximately 450 West Palm Beach homes sold during the first quarter of 2017. The median price of those homes was $180,000 at an average price per square foot of $135 - fully 12% higher than same period last year. This represents the approximate average annual increase over the past five years. While the median home price in West Palm Beach is about the same as the national average, the median rent is approximately 15% higher than the national average. Sounds like one more good reason to become a homeowner in West Palm Beach! When we take into account the BEBR census reports detailing the rise in population, as well as both the current and forecasted real estate market trends, it becomes apparent that sooner is better if you are considering homeownership in the Palm Beaches and South Florida area. Spaulding Home Inspections would be pleased to answer your questions and when you're ready, inspect your future home. Don't pay more by not paying attention. Protect your new home, and let Spaulding Home Inspections welcome you and your loved ones to West Palm Beach!
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