Palm Springs Real Estate

Everything you need to know about Palm Springs’ current real estate market

Location

Once known as the Boutwell dairy farm, modern-day Palm Springs is a small residential community boasting a vibrant and diverse community. Located in Palm Beach County, Palm Springs lies inland from Florida's southern Atlantic coast. A smaller municipality, Palm Springs is perfect for retirees and families seeking a quiet, peaceful lifestyle. 

However, the village is close to well-known beach towns like Boynton Beach, Boca Raton, and West Palm Beach, which is ideal for anyone who likes the opportunity to make a quick day trip or seek entertainment nearby. Palm Springs continues to expand and is home to the Fulton-Holland Education Services Center, the School District of Palm Beach County headquarters. 

Home Types in Palm Springs

The predominant house style in Palm Springs is mid-century modern, often designed in various colors, which is a popular trend in Floridian communities. However, Spanish styles also continue to persist throughout the area since the Spanish settled the state. Spanish homes typically feature asymmetric front exteriors and flat roofs with Spanish tile. 

Hacienda-style properties are generally bigger than other Palm Springs properties and homes for sale. This style has a rich history that can be traced back to the Spanish and Mexican immigrants that first settled the region between 1600-1800. As a result, these homes are usually dripping in grandeur and significant living space. 

These homes almost always feature an expansive courtyard, swimming pool, patio, deck, and a kitchenette. Today, many hacienda-style properties have also received some renovations to update the house into something contemporary. These homes can also vary from low to high millions in the dynamic market. 

Palm Springs By the Numbers

As of 2019, the current population in Palm Springs is approximately 24,843. The average number of days Palm Springs homes stay on the market is 48, which is about level with the timeframe in 2020. The median price per square foot in Palm Springs is $156. The median listing home price in Palm Springs was $195K, trending up 17.1% year-over-year, and the median sold home price is $130.5K. Palm Spring has many affordable homes alongside luxury estates, and prices generally range from $56.5K to $1.4M. 

Palm Springs Real Estate Market Trends

The list price of homes in Palm Springs, Florida, has increased by 9.5% since last year. Volumes of homes for sale have changed with the number of one-bedroom homes remaining the same, the quantity of two-bedroom homes have not changed, the quantity of three-bedroom homes went down by 40%, the number of four-bedroom homes decreased by 14.3%, and five-bedroom homes became 100% more available. Three-bedroom homes are appreciating faster than others, and single-family homes have a greater supply than condominiums. The market is currently neutral, meaning the supply and demand are relatively equal. 

Palm Springs Real Estate Investment Opportunities

The Village of Palm Springs is an ideal location for prospective investors thanks to its central location in eastern Palm Beach County, which includes highly sought-after commercial corridors on Forest Hill Boulevard, Lake Worth Road, Military Trail, and Congress Avenues. These roads are major thoroughfares, so residential and commercial endeavors constructed along these roads are likely to see an influx of traffic and business. 

Palm Springs also offers small business resources and economic development incentives, such as long-term financing for structural improvements that encourage renewable generation, energy efficiency, and wind resistance. They also provide state and country-specific assistance, like a Job Growth Incentive Grant for those who create new businesses that stimulate the economy and provide career opportunities within Palm Beach County.