Miami Beach, 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 Q4 2020. 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

Miami Beach, FL Housing Market Trends

With a population of 88,885, 43,326 total housing units (homes and apartments), and a median house value of $522,615, Miami Beach house prices are not only among the most expensive in Florida, Miami Beach 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 Miami Beach, accounting for 82.03% of the city's housing units. Other types of housing that are prevalent in Miami Beach include single-family detached homes ( 9.30%), duplexes, homes converted to apartments or other small apartment buildings ( 7.23%), and a few row houses and other attached homes ( 1.29%). 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 46.70% of the city's housing hails from this era. Other housing ages represented in Miami Beach include homes built between 1970-1999 ( 30.92%) and housing constructed between 2000 and later ( 11.55%). There's also some housing in Miami Beach built before 1939 ( 10.82%).

Vacant housing appears to be an issue in Miami Beach. Fully 37.00% of the housing stock is classified as vacant. Left unchecked, vacant Miami Beach homes and apartments can be a drag on the real estate market, holding Miami 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.

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 102.65% over the last ten years, which is an average annual home appreciation rate of 7.32%, 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.

NeighborhoodScout's data show that during the latest twelve months, Miami Beach's appreciation rate, at 5.72%, has been at or slightly above the national average. In the latest quarter, Miami Beach's appreciation rate has been 1.48%, which annualizes to a rate of 6.05%.

Notably, Miami Beach's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Florida, our data show that Miami 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 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 2000, to assist you in making the best Miami Beach real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$522,615

Miami Beach, FL HOME PRICES

> $1,162,000
19.4%
19.4%
$871,001 - $1,162,000
7.6%
7.6%
$581,001 - $871,000
12.5%
12.5%
$464,001 - $581,000
10.5%
10.5%
$349,001 - $464,000
17.3%
17.3%
$232,001 - $349,000
19.2%
19.2%
$117,001 - $232,000
10.7%
10.7%
$58,001 - $117,000
1.8%
1.8%
$0 - $58,000
1.0%
1.0%
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:
43,326

Miami Beach Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
195.77% 5.30%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,919 / per month

Homeownership Rate

Owners
36.2%
36.2%
Renters
63.8%
63.8%
Vacant
37.0%
37.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
11.6%
11.6%
1970 - 1999
30.9%
30.9%
1940 - 1969
46.7%
46.7%
1939 or Older
10.8%
10.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
9.3%
9.3%
Townhomes
1.3%
1.3%
Small Apt. Buildings
7.2%
7.2%
Apt. Complexes
82.0%
82.0%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
18.4%
18.4%
1 Bedroom
40.4%
40.4%
2 Bedrooms
27.6%
27.6%
3 Bedrooms
8.2%
8.2%
4 Bedrooms
3.4%
3.4%
5 or more bedrooms
2.0%
2.0%
0.0% 100.0%
% OF HOMES