The real estate market is always changing. It can be hard to know what to expect, and it can be difficult to pinpoint your Palm Beach County home worth at any given time. And although you can’t predict the future, you can learn about the present. Here’s a brief overview of what the current market is like in Palm Beach County.
Current Palm Beach County Home Values
Home values in Palm Beach County are on the rise. Since last year, there has been an increase of about 9% of home values in the area. This increase brings the median home value to $251,00, or a median list price per square foot of $180. Looking and the list price for homes in the area gets you an even higher number. The median price of listed homes is $325,000.
Where did this growth come from? Delray Beach had a significant impact on those numbers. The city experienced one of the most significant increases in home values, with them rising 10% from the year before. Ahead of Delray is Riviera Beach. The city saw a whopping increase in property values of 32%. Experts attribute the growth to the completion of a new powerplant.
Other Palm Beach County cities with impressive numbers include Boynton Beach (which had a 9% increase), Boca Raton (which had a 7% increase), and West Palm Beach (which had a 12% increase). Homes throughout West Palm Beach County are on the rise, and the future looks bright.
Palm Beach has a median list price value per square foot ($180) lower than that of the Miami-Fort Lauderdale Metro ($205). The trend carries over to rent. While the median rent in Palm Beach is $1,825, the median rent in the Miami-Fort Lauderdale Metro is slightly higher, valued at $1,950. However, as property values rise, Palm Beach may have values closer to those of the Metro area.
What To Expect In The Future
For four consecutive years, the value of homes in Palm Beach County is on the rise. The trend is a positive sign of things to come. According to Zillow, the median values of homes in the county should rise another .6% by the end of the year.
What Determines A Home’s Worth?
You can only learn so much by looking at the median values of homes. Some homes are well below that median, and some are well above it. Where a home falls in that range depends on a variety of factors.
1. Waterfront Access
Palm Beach has some beautiful beaches and waterways. Waterfront property anywhere in the US, including Palm Beach, is coveted. Generally speaking, waterfront homes are more than twice as much as ones that aren’t on the water. The actual cost varies depending on the type of waterfront and the specifics of the home. A beachfront home in West Palm Beach County has a value much higher than one overlooking a canal.
2. Your Location
Some cities in Palm Beach County have property values much higher than others. West Palm Beach tends to have some homes with very high property values, while Boynton Beach has some homes with lower values.
3. The Age of Your Home
A home doesn’t need to be brand new for it to have a high value. But, homes that are outdated or have unusual layouts are not in high-demand. While a home built 60 years ago could have historical value, an outdated home built 30 years ago doesn’t have the same charm. Newer or historical properties are more popular, so they have higher property values.
Sure, renovations can add to a home’s property value. But they can also take away from if you tailored your renovations to your likes and wants, they may not be appealing to buyers. If your personal style shows too much in your Palm Beach County home, your property value may be less than you think.
5. The Size
There is such a thing as too big, at least when it comes to houses. Buyers may find a house that is too small unappealing, just as they might find a house that is too large to be too much work. People have less interest in McMansions than they used to have. A vast amount of space doesn’t always translate into a higher property value.
Why Has The Average Home Value Increased?
It’s great to know about a trend, but it’s equally important to understand why that trend is happening. There are several explanations for the rise in West Palm Beach home values. For one, there’s the employment rate. There have been more jobs available in the county, and more people can consider buying a house. An improving economy has also made it possible for lower interest rates and fewer fears about home foreclosures. People are buying homes, and the market is on the mend.
Determining The Worth of Your Palm Beach County Home
The only way to accurately assess the value of your home is to find someone to appraise it. You can request a home valuation to learn how much your home is worth.