Key Biscayne, FL Housing Market Trends
With a population of 14,414, 4,985 total housing units (homes and apartments), and a median house value of $3,015,595, 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 77.87% of the village's housing units. Other types of housing that are prevalent in Key Biscayne include single-family detached homes ( 18.54%), row houses and other attached homes ( 3.22%). Villages with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact villages that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.
Dwellings in Key Biscayne tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 53.56% 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 ( 22.07%). A lesser amount of the housing stock also hails from between 2000 and later ( 14.39%).
Vacant housing appears to be an issue in Key Biscayne. Fully 33.50% of the housing stock is classified as vacant. Left unchecked, vacant Key Biscayne homes and apartments can be a drag on the real estate market, holding Key Biscayne 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.
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 164.72% over the last ten years, which is an average annual home appreciation rate of 10.22%, 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 7.53%, has been at or slightly above the national average. In the latest quarter, Key Biscayne's appreciation rate has been 0.73%, which annualizes to a rate of 2.94%.
Relative to Florida, our data show that Key Biscayne's latest annual appreciation rate is higher 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 village. Individual neighborhoods within Key Biscayne differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Key Biscayne - 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 Key Biscayne real estate investment or home purchase decisions.
Median Home Value
$3,015,595
Very High
for Florida
Very High
for nation
Number of Homes And Apartments:
4,985
FL
America
2024 Q3 - 2024 Q4
2023 Q4 - 2024 Q4
2022 Q4 - 2024 Q4
2019 Q4 - 2024 Q4
2014 Q4 - 2024 Q4
2000 Q1 - 2024 Q4
Average Market Rent:
$6,011 / per month