Miami, 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, FL Housing Market Trends

With a population of 467,963, 176,777 total housing units (homes and apartments), and a median house value of $364,072, Miami 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 Miami, accounting for 57.84% of the city's housing units. Other types of housing that are prevalent in Miami include single-family detached homes ( 24.49%), row houses and other attached homes ( 9.28%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.99%). 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.

Miami is dominated by renter-occupied one, two, or no bedrooms apartments. 71.01% of Miami'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. Miami's housing was primarily built during this period, from the '40s through the '60s. A full 36.24% of the city's housing hails from this era. Other housing ages represented in Miami include homes built between 1970-1999 ( 28.04%) and housing constructed between 2000 and later ( 26.53%). There's also some housing in Miami built before 1939 ( 9.19%).

Vacant housing appears to be an issue in Miami. Fully 15.03% of the housing stock is classified as vacant. Left unchecked, vacant Miami homes and apartments can be a drag on the real estate market, holding Miami 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 Home Appreciation Rates

In the last 10 years, Miami has experienced some of the highest home appreciation rates of any community in the nation. Miami real estate appreciated 139.07% over the last ten years, which is an average annual home appreciation rate of 9.11%, putting Miami in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Miami definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Miami's appreciation rate, at 10.12%, has been at or slightly above the national average. In the latest quarter, Miami's appreciation rate has been 3.43%, which annualizes to a rate of 14.43%.

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

Average Home Values

 

Median Home Value:
$364,072

Miami, FL HOME PRICES

> $1,315,000
4.8%
4.8%
$986,001 - $1,315,000
2.9%
2.9%
$658,001 - $986,000
9.6%
9.6%
$526,001 - $658,000
9.3%
9.3%
$394,001 - $526,000
16.6%
16.6%
$263,001 - $394,000
26.1%
26.1%
$132,001 - $263,000
20.3%
20.3%
$66,001 - $132,000
7.3%
7.3%
$0 - $66,000
3.0%
3.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for FL

Value Relative To Nation

Number Of Homes And Apartments:
176,777

Miami 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
221.88% 5.59%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,663 / per month

Homeownership Rate

Owners
29.0%
29.0%
Renters
71.0%
71.0%
Vacant
15.0%
15.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
26.5%
26.5%
1970 - 1999
28.0%
28.0%
1940 - 1969
36.2%
36.2%
1939 or Older
9.2%
9.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
24.5%
24.5%
Townhomes
9.3%
9.3%
Small Apt. Buildings
8.0%
8.0%
Apt. Complexes
57.8%
57.8%
Mobile Homes
0.4%
0.4%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
7.9%
7.9%
1 Bedroom
29.8%
29.8%
2 Bedrooms
39.2%
39.2%
3 Bedrooms
17.5%
17.5%
4 Bedrooms
4.5%
4.5%
5 or more bedrooms
1.1%
1.1%
0.0% 100.0%
% OF HOMES