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 4,357 people, 1,948 houses or apartments, and a median cost of homes of $1,305,262, Isle of Palms house prices are not only among the most expensive in South Carolina, Isle of Palms real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Isle of Palms, accounting for 68.89% of the city's housing units. Other types of housing that are prevalent in Isle of Palms include large apartment complexes or high rise apartments ( 23.28%), row houses and other attached homes ( 4.52%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.32%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Isle of Palms. Owner-occupied housing accounts for 90.04% of Isle of Palms's homes, and 63.45% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Isle of Palms 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 Isle of Palms built between 1940-1969 ( 17.77%). A lesser amount of the housing stock also hails from between 2000 and later ( 17.68%).
Vacant housing appears to be an issue in Isle of Palms. Fully 56.02% of the housing stock is classified as vacant. Left unchecked, vacant Isle of Palms homes and apartments can be a drag on the real estate market, holding Isle of Palms 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, Isle of Palms has experienced some of the highest home appreciation rates of any community in the nation. Isle of Palms real estate appreciated 135.52% over the last ten years, which is an average annual home appreciation rate of 8.94%, putting Isle of Palms in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Isle of Palms 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 Isle of Palms that despite a nationwide downturn in the housing market, Isle of Palms real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Isle of Palms appreciation rates continue to be some of the highest in America, at 11.57%, which is higher than appreciation rates in 92.63% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Isle of Palms. Isle of Palms appreciation rates in the latest quarter were at 2.07%, which equates to an annual appreciation rate of 8.55%.
Relative to South Carolina, our data show that Isle of Palms's latest annual appreciation rate is higher than 70% of the other cities and towns in South Carolina.
$1,305,262
$5,531 / per month