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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 8,302, 3,219 total housing units (homes and apartments), and a median house value of $315,374, 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 88.92% of the city's housing units. Other types of housing that are prevalent in North Bay Village include single-family detached homes ( 9.80%). 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. 66.69% 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 43.40% of the city's housing hails from this era. Other housing ages represented in North Bay Village include homes built between 2000 and later ( 33.88%) and housing constructed between 1970-1999 ( 22.11%).
Vacant housing appears to be an issue in North Bay Village. Fully 30.22% 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.
Appreciation rates for homes in North Bay Village have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 1.70%, which ranks in the top 50% nationwide. This equates to an annual average North Bay Village house appreciation rate of 0.17%.
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 9.32%, which is higher than appreciation rates in 91.80% 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 1.80%, which equates to an annual appreciation rate of 7.39%.
Importantly, this makes North Bay Village one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Florida, our data show that North Bay Village's latest annual appreciation rate is higher than 50% of the other cities and towns in Florida.
|$1,043,001 - $1,390,000||6.2|
|$695,001 - $1,043,000||7.2|
|$556,001 - $695,000||11.9|
|$417,001 - $556,000||18.7|
|$278,001 - $417,000||24.7|
|$139,001 - $278,000||18.8|
|$70,001 - $139,000||8.4|
|$0 - $70,000||3.2|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF North Bay Village HOMES|
|2000 or Newer||33.9|
|1970 - 1999||22.1|
|1940 - 1969||43.4|
|1939 or Older||0.6|
|TYPE OF North Bay Village HOMES|
|Small Apt. Buildings||0.2|
|SIZE OF North Bay Village HOMES|
|5 or more bedrooms||0.52|