North 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 Q2 2021. 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 Miami Beach, FL Housing Market Trends

With 43,041 people, 13,676 houses or apartments, and a median cost of homes of $278,894, North Miami Beach 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 Miami Beach, accounting for 46.59% of the city's housing units. Other types of housing that are prevalent in North Miami Beach include single-family detached homes ( 40.58%), duplexes, homes converted to apartments or other small apartment buildings ( 5.96%), and a few row houses and other attached homes ( 4.78%). 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 Miami Beach primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. North 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. North Miami Beach's housing was primarily built during this period, from the '40s through the '60s. A full 64.28% of the city's housing hails from this era. Other housing ages represented in North Miami Beach include homes built between 1970-1999 ( 29.50%) and housing constructed between 2000 and later ( 4.67%). There's also some housing in North Miami Beach built before 1939 ( 1.56%).

Vacant housing appears to be an issue in North Miami Beach. Fully 15.11% of the housing stock is classified as vacant. Left unchecked, vacant North Miami Beach homes and apartments can be a drag on the real estate market, holding North 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.

North Miami Beach Home Appreciation Rates

In the last 10 years, North Miami Beach has experienced some of the highest home appreciation rates of any community in the nation. North Miami Beach real estate appreciated 168.28% over the last ten years, which is an average annual home appreciation rate of 10.37%, putting North Miami Beach in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, North 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.

Appreciation rates are so strong in North Miami Beach that despite a nationwide downturn in the housing market, North Miami Beach real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, North Miami Beach appreciation rates continue to be some of the highest in America, at 10.72%, which is higher than appreciation rates in 73.72% 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 Miami Beach. North Miami Beach appreciation rates in the latest quarter were at 3.45%, which equates to an annual appreciation rate of 14.52%.

Relative to Florida, our data show that North Miami Beach's latest annual appreciation rate is higher than 50% 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 North Miami Beach differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in North 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 North Miami Beach real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$278,894

North Miami Beach, FL HOME PRICES

> $1,415,000
2.0%
2.0%
$1,061,001 - $1,415,000
0.9%
0.9%
$708,001 - $1,061,000
2.8%
2.8%
$566,001 - $708,000
3.1%
3.1%
$425,001 - $566,000
11.4%
11.4%
$283,001 - $425,000
28.2%
28.2%
$142,001 - $283,000
38.9%
38.9%
$71,001 - $142,000
9.5%
9.5%
$0 - $71,000
3.2%
3.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Average for FL

Value Relative To Nation

Number Of Homes And Apartments:
13,676

North Miami Beach Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
223.71% 5.62%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,764 / per month

Homeownership Rate

Owners
50.3%
50.3%
Renters
49.7%
49.7%
Vacant
15.1%
15.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
4.7%
4.7%
1970 - 1999
29.5%
29.5%
1940 - 1969
64.3%
64.3%
1939 or Older
1.6%
1.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
40.6%
40.6%
Townhomes
4.8%
4.8%
Small Apt. Buildings
6.0%
6.0%
Apt. Complexes
46.6%
46.6%
Mobile Homes
2.1%
2.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.5%
2.5%
1 Bedroom
28.7%
28.7%
2 Bedrooms
34.0%
34.0%
3 Bedrooms
26.1%
26.1%
4 Bedrooms
7.4%
7.4%
5 or more bedrooms
1.3%
1.3%
0.0% 100.0%
% OF HOMES