Homestead appreciation rates and housing market information
Homestead housing market information
With 62,785 people, 18,996 houses or apartments, and a median cost of homes of $170,912, 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 38.64% of the city's housing units. Other types of housing that are prevalent in Homestead include large apartment complexes or high rise apartments (28.88%), row houses and other attached homes (20.79%), and a few duplexes, homes converted to apartments or other small apartment buildings (8.16%).
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 41.43% owning and 58.57% renting.
Homestead homes and real estate are some of the newest in America. 51.26% 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 (30.90%), and between 1940-1969 (16.81%). There's also some housing in Homestead built before 1939 (1.03%).
Vacant housing appears to be an issue in Homestead. Fully 18.60% of the housing stock is classified as vacant. Left unchecked, vacant Homestead homes and apartments can be a drag on the real estate market, holding Homestead 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.
Homestead home appreciation rates
Appreciation rates for homes in Homestead have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 10.73%, which ranks in the top 40% nationwide. This equates to an annual average Homestead house appreciation rate of 1.02%.
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 11.93%, which is higher than appreciation rates in 93.85% 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 1.86%, which equates to an annual appreciation rate of 7.66%.
Relative to Florida, our data show that Homestead's latest annual appreciation rate is higher than 80% 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 1990, to assist you in making the best Homestead real estate investment or home purchase decisions.