Miami Beach appreciation rates and housing market information

Miami Beach housing market information

With a population of 88,061, 59,757 total housing units (homes and apartments), and a median house value of $311,927, Miami Beach real estate prices are well above average cost compared to national prices.

large apartment complexes or high rise apartments are the single most common housing type in Miami Beach, accounting for 84.42% of the city's housing units. Other types of housing that are prevalent in Miami Beach include single-family detached homes (9.34%), duplexes, homes converted to apartments, or other small apartment buildings (4.89%), and a few row houses and other attached homes (1.15%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

People in Miami Beach primarily live in small (one, two, or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Miami Beach has a mixture of owner-occupied and renter-occupied housing.

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. Miami Beach's housing was primarily built during this period, from the '40s through the '60s. A full 55.00% of the city's housing hails from this era. Other housing ages represented in Miami Beach include homes built between 1970-1994 (27.78%), and housing constructed from 1939 and earlier (11.06%). There's also some housing in Miami Beach built between 1995 and later (6.16%).

Miami Beach home appreciation rates

In the last 10 years, Miami Beach has experienced some of the highest home appreciation rates of any community in the nation. Miami Beach real estate appreciated 156.44% over the last ten years, which is an average annual home appreciation rate of 15.64%, putting Miami Beach in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Miami Beach 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, Miami Beach appreciation rates have trailed the rest of the nation. In the last twelve months, Miami Beach's appreciation rate has been -2.31%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Miami Beach were at 2.95%, which equates to an annual appreciation rate of 11.80%.

Importantly, this makes Miami Beach one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Florida, our data show that Miami Beach's latest annual appreciation rate is higher than 94% 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 Miami Beach differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Miami 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 1990, to assist you in making the best Miami Beach real estate investment or home purchase decisions.