Homestead, 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 Q1 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

Homestead, FL Housing Market Trends

With a population of 69,523, 18,938 total housing units (homes and apartments), and a median house value of $307,695, Homestead real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Homestead, accounting for 39.25% of the city's housing units. Other types of housing that are prevalent in Homestead include large apartment complexes or high rise apartments ( 32.96%), row houses and other attached homes ( 18.99%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.58%).

The most prevalent building size and type in Homestead are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 40.59% owning and 59.41% renting.

Homestead homes and real estate are some of the newest in America. 52.75% of Homestead's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Homestead real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 34.14%), and between 1940-1969 ( 11.97%). There's also some housing in Homestead built before 1939 ( 1.14%).

Homestead Home Appreciation Rates

In the last 10 years, Homestead has experienced some of the highest home appreciation rates of any community in the nation. Homestead real estate appreciated 157.49% over the last ten years, which is an average annual home appreciation rate of 9.92%, putting Homestead in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Homestead 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 Homestead that despite a nationwide downturn in the housing market, Homestead real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Homestead appreciation rates continue to be some of the highest in America, at 7.93%, which is higher than appreciation rates in 72.75% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Homestead. Homestead appreciation rates in the latest quarter were at 2.21%, which equates to an annual appreciation rate of 9.15%.

Relative to Florida, our data show that Homestead'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 Homestead differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Homestead - 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 Homestead real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$307,695

Homestead, FL HOME PRICES

> $1,399,000
0.1%
0.1%
$1,049,001 - $1,399,000
0.6%
0.6%
$699,001 - $1,049,000
0.4%
0.4%
$560,001 - $699,000
5.1%
5.1%
$420,001 - $560,000
13.3%
13.3%
$280,001 - $420,000
32.3%
32.3%
$140,001 - $280,000
30.4%
30.4%
$70,001 - $140,000
9.1%
9.1%
$0 - $70,000
8.7%
8.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

High for FL

Value Relative To Nation

Number Of Homes And Apartments:
18,938

Homestead Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
186.13% 5.07%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,804 / per month

Homeownership Rate

Owners
40.6%
40.6%
Renters
59.4%
59.4%
Vacant
8.4%
8.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
52.7%
52.7%
1970 - 1999
34.1%
34.1%
1940 - 1969
12.0%
12.0%
1939 or Older
1.1%
1.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
39.2%
39.2%
Townhomes
19.0%
19.0%
Small Apt. Buildings
6.6%
6.6%
Apt. Complexes
33.0%
33.0%
Mobile Homes
2.2%
2.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.4%
1.4%
1 Bedroom
6.3%
6.3%
2 Bedrooms
28.3%
28.3%
3 Bedrooms
44.2%
44.2%
4 Bedrooms
16.8%
16.8%
5 or more bedrooms
3.0%
3.0%
0.0% 100.0%
% OF HOMES