Miami Shores, 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

Miami Shores, FL Housing Market Trends

With a population of 10,365, 3,221 total housing units (homes and apartments), and a median house value of $662,353, Miami Shores house prices are not only among the most expensive in Florida, Miami Shores real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Miami Shores, accounting for 82.86% of the village's housing units. Other types of housing that are prevalent in Miami Shores include large apartment complexes or high rise apartments ( 10.33%), row houses and other attached homes ( 4.48%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.89%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Miami Shores. Owner-occupied housing accounts for 80.57% of Miami Shores's homes, and 62.40% have either three or four bedrooms, which is average sized relative to America.

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. Miami Shores's housing was primarily built during this period, from the '40s through the '60s. A full 70.75% of the village's housing hails from this era. Other housing ages represented in Miami Shores include homes built before 1939 ( 15.86%) and housing constructed between 1970-1999 ( 11.47%). There's also some housing in Miami Shores built between 2000 and later ( 1.92%).

Vacant housing appears to be an issue in Miami Shores. Fully 10.35% of the housing stock is classified as vacant. Left unchecked, vacant Miami Shores homes and apartments can be a drag on the real estate market, holding Miami Shores 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.

Miami Shores Home Appreciation Rates

In the last 10 years, Miami Shores has experienced some of the highest home appreciation rates of any community in the nation. Miami Shores real estate appreciated 153.71% over the last ten years, which is an average annual home appreciation rate of 9.76%, putting Miami Shores in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Miami Shores 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 Miami Shores that despite a nationwide downturn in the housing market, Miami Shores real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Miami Shores appreciation rates continue to be some of the highest in America, at 10.65%, which is higher than appreciation rates in 72.80% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Miami Shores. Miami Shores appreciation rates in the latest quarter were at 3.46%, which equates to an annual appreciation rate of 14.58%.

Relative to Florida, our data show that Miami Shores's latest annual appreciation rate is higher than 50% of the other cities and towns in Florida.

Average Home Values

 

Median Home Value:
$662,353

Miami Shores, FL HOME PRICES

> $1,361,000
6.1%
6.1%
$1,020,001 - $1,361,000
7.4%
7.4%
$680,001 - $1,020,000
24.7%
24.7%
$544,001 - $680,000
15.1%
15.1%
$408,001 - $544,000
15.6%
15.6%
$272,001 - $408,000
14.4%
14.4%
$136,001 - $272,000
11.6%
11.6%
$68,001 - $136,000
2.8%
2.8%
$0 - $68,000
2.3%
2.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for FL

Value Relative To Nation

Number Of Homes And Apartments:
3,221

Miami Shores 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
255.33% 6.07%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,206 / per month

Homeownership Rate

Owners
80.6%
80.6%
Renters
19.4%
19.4%
Vacant
10.4%
10.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1.9%
1.9%
1970 - 1999
11.5%
11.5%
1940 - 1969
70.7%
70.7%
1939 or Older
15.9%
15.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
82.9%
82.9%
Townhomes
4.5%
4.5%
Small Apt. Buildings
1.9%
1.9%
Apt. Complexes
10.3%
10.3%
Mobile Homes
0.4%
0.4%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.7%
2.7%
1 Bedroom
4.8%
4.8%
2 Bedrooms
27.6%
27.6%
3 Bedrooms
44.3%
44.3%
4 Bedrooms
18.1%
18.1%
5 or more bedrooms
2.5%
2.5%
0.0% 100.0%
% OF HOMES