Key Biscayne, FL Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Key Biscayne, FL Housing Market Trends

With 12,846 people, 4,422 houses or apartments, and a median cost of homes of $2,034,127, Key Biscayne house prices are not only among the most expensive in Florida, Key Biscayne real estate also is some of the most expensive in all of America.

Large apartment complexes or high rise apartments are the single most common housing type in Key Biscayne, accounting for 78.09% of the village's housing units. Other types of housing that are prevalent in Key Biscayne include single-family detached homes ( 19.16%), row houses and other attached homes ( 1.80%). Villages that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of villages are often walkable and compact, and often have a lively downtown.

Dwellings in Key Biscayne tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 54.03% of the homes in Key Biscayne have two or fewer bedrooms.

There is a lot of housing in Key Biscayne 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 Key Biscayne built between 1940-1969 ( 17.46%). A lesser amount of the housing stock also hails from between 2000 and later ( 17.09%).

A decent proportion of the Key Biscayne housing stock is seasonally occupied. That is, homes and condos in Key Biscayne are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Key Biscayne housing market speaks to its popularity as a vacation location of choice.

Key Biscayne Home Appreciation Rates

In the last 10 years, Key Biscayne has experienced some of the highest home appreciation rates of any community in the nation. Key Biscayne real estate appreciated 160.02% over the last ten years, which is an average annual home appreciation rate of 10.03%, putting Key Biscayne in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Key Biscayne definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Key Biscayne's appreciation rate, at 10.21%, has been at or slightly above the national average. In the latest quarter, Key Biscayne's appreciation rate has been 3.44%, which annualizes to a rate of 14.49%.

Relative to Florida, our data show that Key Biscayne's latest annual appreciation rate is lower than 50% of the other cities and towns in Florida.

Average Home Values

 

Median Home Value:
$2,034,127

Key Biscayne, FL HOME PRICES

> $1,206,000
60.0%
60.0%
$904,001 - $1,206,000
11.4%
11.4%
$604,001 - $904,000
16.4%
16.4%
$483,001 - $604,000
4.5%
4.5%
$362,001 - $483,000
3.3%
3.3%
$241,001 - $362,000
2.2%
2.2%
$121,001 - $241,000
1.4%
1.4%
$60,001 - $121,000
0.0%
0.0%
$0 - $60,000
0.6%
0.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for FL

Value Relative To Nation

Number Of Homes And Apartments:
4,422

Key Biscayne Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
271.44% 6.29%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$3,868 / per month

Homeownership Rate

Owners
69.5%
69.5%
Renters
30.5%
30.5%
Vacant
39.2%
39.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
17.1%
17.1%
1970 - 1999
65.2%
65.2%
1940 - 1969
17.5%
17.5%
1939 or Older
0.3%
0.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
19.2%
19.2%
Townhomes
1.8%
1.8%
Small Apt. Buildings
0.4%
0.4%
Apt. Complexes
78.1%
78.1%
Mobile Homes
0.6%
0.6%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.8%
0.8%
1 Bedroom
7.4%
7.4%
2 Bedrooms
45.8%
45.8%
3 Bedrooms
26.4%
26.4%
4 Bedrooms
11.3%
11.3%
5 or more bedrooms
8.2%
8.2%
0.0% 100.0%
% OF HOMES