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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



South 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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

South Miami, FL Housing Market Trends

With 11,744 people, 4,736 houses or apartments, and a median cost of homes of $943,577, South Miami house prices are not only among the most expensive in Florida, South Miami 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 South Miami, accounting for 54.00% of the city's housing units. Other types of housing that are prevalent in South Miami include large apartment complexes or high rise apartments ( 33.95%), duplexes, homes converted to apartments or other small apartment buildings ( 8.52%), and a few row houses and other attached homes ( 3.37%).

The most prevalent building size and type in South Miami are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.86% owning and 43.14% renting.

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. South Miami's housing was primarily built during this period, from the '40s through the '60s. A full 52.85% of the city's housing hails from this era. Other housing ages represented in South Miami include homes built between 1970-1999 ( 30.59%) and housing constructed between 2000 and later ( 15.78%).

South Miami Home Appreciation Rates

In the last 10 years, South Miami has experienced some of the highest home appreciation rates of any community in the nation. South Miami real estate appreciated 130.30% over the last ten years, which is an average annual home appreciation rate of 8.70%, putting South Miami in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, South Miami 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 South Miami that despite a nationwide downturn in the housing market, South Miami real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, South Miami appreciation rates continue to be some of the highest in America, at 7.63%, which is higher than appreciation rates in 79.27% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in South Miami. South Miami appreciation rates in the latest quarter were at 1.92%, which equates to an annual appreciation rate of 7.90%.

Relative to Florida, our data show that South Miami's latest annual appreciation rate is higher than 70% of the other cities and towns in Florida.

Average Home Values

Median Home Value

$943,577

South Miami, FL Home Prices
> $1,468,000
$1,101,001 - $1,468,000
$734,001 - $1,101,000
$587,001 - $734,000
$440,001 - $587,000
$294,001 - $440,000
$147,001 - $294,000
$74,001 - $147,000
$0 - $74,000
20.3%
20.3%
19.0%
19.0%
23.5%
23.5%
10.1%
10.1%
9.5%
9.5%
13.4%
13.4%
0.8%
0.8%
2.0%
2.0%
1.4%
1.4%
0% 100.0%
% of Homes
Very High

for Florida

Very High

for nation

Number of Homes And Apartments:

4,736

South Miami Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,796 / per month

Homeownership Rate

Owners
Renters
56.9%
56.9%
43.1%
43.1%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
7.3%
7.3%
92.7%
92.7%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
15.8%
15.8%
30.6%
30.6%
52.8%
52.8%
0.8%
0.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
54.0%
54.0%
3.4%
3.4%
8.5%
8.5%
34.0%
34.0%
0.2%
0.2%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
4.0%
4.0%
19.6%
19.6%
21.2%
21.2%
37.0%
37.0%
12.4%
12.4%
5.8%
5.8%
0% 100.0%
% of Homes