Miami appreciation rates and housing market information

Miami housing market information

With a population of 362,563, 148,554 total housing units (homes and apartments), and a median house value of $261,820, 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 44.37% of the city's housing units. Other types of housing that are prevalent in Miami include single-family detached homes (30.64%), duplexes, homes converted to apartments, or other small apartment buildings (12.43%), row houses and other attached homes (11.48%), and a few mobile homes or trailers (0.98%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

Miami is dominated by renter-occupied one, two, or no bedroom apartments. 58.91% 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 51.36% of the city's housing hails from this era. Other housing ages represented in Miami include homes built between 1970-1994 (33.69%), and housing constructed from 1939 and earlier (10.62%). There's also some housing in Miami built between 1995 and later (4.33%).

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 135.76% over the last ten years, which is an average annual home appreciation rate of 13.57%, 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.

Over the last year, Miami appreciation rates have trailed the rest of the nation. In the last twelve months, Miami's appreciation rate has been -4.38%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Miami were at 2.43%, which equates to an annual appreciation rate of 9.72%.

Importantly, this makes Miami one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Florida, our data show that Miami's latest annual appreciation rate is higher than 85% 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 1990, to assist you in making the best Miami real estate investment or home purchase decisions.