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FORT WALTON BEACH HOUSING MARKET INFORMATION
With a population of 21,895, 8,947 total housing units (homes and apartments), and a median house value of $198,556, Fort Walton Beach real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Fort Walton Beach, accounting for 65.37% of the city’s housing units. Other types of housing that are prevalent in Fort Walton Beach include large apartment complexes or high rise apartments ( 19.51%), duplexes, homes converted to apartments or other small apartment buildings ( 10.14%), and a few row houses and other attached homes ( 3.93%).
The most prevalent building size and type in Fort Walton Beach are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 53.30% owning and 46.70% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America’s cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Fort Walton Beach’s housing was primarily built during this period, from the ’40s through the ’60s. A full 49.02% of the city’s housing hails from this era. Other housing ages represented in Fort Walton Beach include homes built between 1970-1999 ( 41.09%) and housing constructed between 2000 and later ( 8.58%). There’s also some housing in Fort Walton Beach built before 1939 ( 1.30%).
Vacant housing appears to be an issue in Fort Walton Beach. Fully 12.29% of the housing stock is classified as vacant. Left unchecked, vacant Fort Walton Beach homes and apartments can be a drag on the real estate market, holding Fort Walton Beach 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.
FORT WALTON BEACH HOME APPRECIATION RATES
Appreciation rates for homes in Fort Walton Beach have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 13.51%, which ranks in the top 50% nationwide. This equates to an annual average Fort Walton Beach house appreciation rate of 1.28%.
NeighborhoodScout’s data show that during the latest twelve months, Fort Walton Beach’s appreciation rate, at 6.64%, has been at or slightly above the national average. In the latest quarter, Fort Walton Beach’s appreciation rate has been 2.19%, which annualizes to a rate of 9.06%.
Relative to Florida, our data show that Fort Walton Beach’s latest annual appreciation rate is lower than 80% of the other cities and towns in Florida.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Fort Walton Beach differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Fort Walton Beach – or in any city or town – that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Fort Walton Beach real estate investment or home purchase decisions.