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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 5,082 people, 1,880 houses or apartments, and a median cost of homes of $328,772, Palmetto real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Palmetto, accounting for 71.52% of the city's housing units. Other types of housing that are prevalent in Palmetto include large apartment complexes or high rise apartments ( 13.02%), duplexes, homes converted to apartments or other small apartment buildings ( 8.49%), and a few row houses and other attached homes ( 6.97%).
The most prevalent building size and type in Palmetto are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 52.33% owning and 47.67% renting.
There is a lot of housing in Palmetto 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 Palmetto built between 2000 and later ( 29.01%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.32%). There's also some housing in Palmetto built before 1939 ( 2.29%).
Vacant housing appears to be an issue in Palmetto. Fully 10.31% of the housing stock is classified as vacant. Left unchecked, vacant Palmetto homes and apartments can be a drag on the real estate market, holding Palmetto 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.
In the last 10 years, Palmetto has experienced some of the highest home appreciation rates of any community in the nation. Palmetto real estate appreciated 131.64% over the last ten years, which is an average annual home appreciation rate of 8.76%, putting Palmetto in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Palmetto definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Palmetto appreciation rates have trailed the rest of the nation. In the last twelve months, Palmetto's appreciation rate has been 5.24%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Palmetto were at 2.20%, which equates to an annual appreciation rate of 9.09%.
Relative to Georgia, our data show that Palmetto's latest annual appreciation rate is lower than 70% of the other cities and towns in Georgia.
$328,772
for Georgia
for nation
1,880
$2,188 / per month