North Bay Village, 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

North Bay Village, FL Housing Market Trends

With 8,057 people, 3,398 houses or apartments, and a median cost of homes of $351,304, North Bay Village 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 North Bay Village, accounting for 88.60% of the city's housing units. Other types of housing that are prevalent in North Bay Village include single-family detached homes ( 9.78%), duplexes, homes converted to apartments or other small apartment buildings ( 1.53%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

North Bay Village is dominated by renter-occupied one, two, or no bedrooms apartments. 68.73% of North Bay Village's dwellings are rentals.

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. North Bay Village's housing was primarily built during this period, from the '40s through the '60s. A full 40.14% of the city's housing hails from this era. Other housing ages represented in North Bay Village include homes built between 2000 and later ( 34.09%) and housing constructed between 1970-1999 ( 24.40%). There's also some housing in North Bay Village built before 1939 ( 1.37%).

Vacant housing appears to be an issue in North Bay Village. Fully 22.51% of the housing stock is classified as vacant. Left unchecked, vacant North Bay Village homes and apartments can be a drag on the real estate market, holding North Bay Village 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.

North Bay Village Home Appreciation Rates

In the last 10 years, North Bay Village has experienced some of the highest home appreciation rates of any community in the nation. North Bay Village real estate appreciated 116.32% over the last ten years, which is an average annual home appreciation rate of 8.02%, putting North Bay Village in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, North Bay Village 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, North Bay Village's appreciation rate, at 5.72%, has been at or slightly above the national average. In the latest quarter, North Bay Village's appreciation rate has been 1.48%, which annualizes to a rate of 6.06%.

Notably, North Bay Village's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Florida, our data show that North Bay Village's latest annual appreciation rate is lower than 80% of the other cities and towns in Florida.

Average Home Values

 

Median Home Value:
$351,304

North Bay Village, FL HOME PRICES

> $1,156,000
5.1%
5.1%
$867,001 - $1,156,000
5.3%
5.3%
$578,001 - $867,000
12.3%
12.3%
$462,001 - $578,000
14.9%
14.9%
$347,001 - $462,000
20.6%
20.6%
$232,001 - $347,000
26.2%
26.2%
$116,001 - $232,000
15.0%
15.0%
$58,001 - $116,000
0.0%
0.0%
$0 - $58,000
0.7%
0.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for FL

Value Relative To Nation

Number Of Homes And Apartments:
3,398

North Bay Village 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
193.26% 5.26%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,310 / per month

Homeownership Rate

Owners
31.3%
31.3%
Renters
68.7%
68.7%
Vacant
22.5%
22.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
34.1%
34.1%
1970 - 1999
24.4%
24.4%
1940 - 1969
40.1%
40.1%
1939 or Older
1.4%
1.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
9.8%
9.8%
Townhomes
0.1%
0.1%
Small Apt. Buildings
1.5%
1.5%
Apt. Complexes
88.6%
88.6%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
5.7%
5.7%
1 Bedroom
31.1%
31.1%
2 Bedrooms
49.7%
49.7%
3 Bedrooms
11.2%
11.2%
4 Bedrooms
1.6%
1.6%
5 or more bedrooms
0.8%
0.8%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in North Bay Village

Zip Codes in North Bay Village, FL