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 45,887, 14,345 total housing units (homes and apartments), and a median house value of $244,415, 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 46.74% of the city's housing units. Other types of housing that are prevalent in North Miami Beach include single-family detached homes ( 40.15%), duplexes, homes converted to apartments or other small apartment buildings ( 5.31%), and a few row houses and other attached homes ( 5.03%). 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 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 63.52% of the city's housing hails from this era. Other housing ages represented in North Miami Beach include homes built between 1970-1999 ( 32.81%) and housing constructed between 2000 and later ( 2.52%). There's also some housing in North Miami Beach built before 1939 ( 1.15%).
Vacant housing appears to be an issue in North Miami Beach. Fully 15.29% 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.
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 84.21% over the last ten years, which is an average annual home appreciation rate of 6.30%, 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 5.40%, which is higher than appreciation rates in 77.47% 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 1.94%, which equates to an annual appreciation rate of 7.97%.
Importantly, this makes North Miami Beach 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 Miami Beach's latest annual appreciation rate is lower 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.
|$997,001 - $1,329,000||1.3|
|$665,001 - $997,000||3.2|
|$532,001 - $665,000||2.7|
|$399,001 - $532,000||9.0|
|$266,001 - $399,000||25.4|
|$133,001 - $266,000||41.8|
|$66,001 - $133,000||10.8|
|$0 - $66,000||4.2|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2019 Q3 - 2019 Q4
Last 12 Months:
2018 Q4 - 2019 Q4
Last 2 Years:
2017 Q4 - 2019 Q4
Last 5 Years:
2014 Q4 - 2019 Q4
Last 10 Years:
2009 Q4 - 2019 Q4
2000 Q1 - 2019 Q4
|* 10 is highest|
|AGE OF North Miami Beach HOMES|
|2000 or Newer||2.5|
|1970 - 1999||32.8|
|1940 - 1969||63.5|
|1939 or Older||1.2|
|TYPE OF North Miami Beach HOMES|
|Small Apt. Buildings||5.3|
|SIZE OF North Miami Beach HOMES|
|5 or more bedrooms||1.33|