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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



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 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (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 7,884 people, 3,395 houses or apartments, and a median cost of homes of $555,563, real estate costs in North Bay Village are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Florida communities.

Large apartment complexes or high rise apartments are the single most common housing type in North Bay Village, accounting for 88.62% of the city's housing units. Other types of housing that are prevalent in North Bay Village include single-family detached homes ( 7.57%), duplexes, homes converted to apartments or other small apartment buildings ( 2.66%), and a few row houses and other attached homes ( 1.15%). 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.

People in North Bay Village primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. North Bay Village 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. North Bay Village's housing was primarily built during this period, from the '40s through the '60s. A full 40.21% of the city's housing hails from this era. Other housing ages represented in North Bay Village include homes built between 2000 and later ( 29.99%) and housing constructed between 1970-1999 ( 26.79%). There's also some housing in North Bay Village built before 1939 ( 3.02%).

Vacant housing appears to be an issue in North Bay Village. Fully 20.64% 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 116.33% over the last ten years, which is an average annual home appreciation rate of 8.02%, putting North Bay Village in the top 20% 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.

Appreciation rates are so strong in North Bay Village that despite a nationwide downturn in the housing market, North Bay Village real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, North Bay Village appreciation rates continue to be some of the highest in America, at 7.63%, which is higher than appreciation rates in 79.63% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in North Bay Village. North Bay Village appreciation rates in the latest quarter were at 1.92%, which equates to an annual appreciation rate of 7.90%.

Relative to Florida, our data show that North Bay Village's latest annual appreciation rate is higher than 90% of the other cities and towns in Florida.

Average Home Values

Median Home Value

$555,563

North Bay Village Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,736 / per month

Homeownership Rate

Owners
Renters
35.5%
35.5%
64.5%
64.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
20.6%
20.6%
79.4%
79.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
30.0%
30.0%
26.8%
26.8%
40.2%
40.2%
3.0%
3.0%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
7.6%
7.6%
1.1%
1.1%
2.7%
2.7%
88.6%
88.6%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
4.5%
4.5%
31.9%
31.9%
52.1%
52.1%
8.1%
8.1%
2.9%
2.9%
0.5%
0.5%
0% 100.0%
% of Homes

Popular Neighborhoods in North Bay Village

Zip Codes in North Bay Village, FL