South Miami appreciation rates and housing market information

South Miami housing market information

With a population of 10,939, 4,553 total housing units (homes and apartments), and a median house value of $369,361, 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 65.06% of the city's housing units. Other types of housing that are prevalent in South Miami include large apartment complexes or high rise apartments (25.63%), duplexes, homes converted to apartments, or other small apartment buildings (5.38%), and a few row houses and other attached homes (3.65%).

People in South Miami primarily live in small (one, two, or no bedroom) single-family detached homes. South Miami has a mixture of owner-occupied and renter-occupied housing.

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 67.41% of the city's housing hails from this era. Other housing ages represented in South Miami include homes built between 1970-1994 (25.02%), and housing constructed from 1939 and earlier (5.70%). There's also some housing in South Miami built between 1995 and later (1.87%).

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 141.45% over the last ten years, which is an average annual home appreciation rate of 14.14%, 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.

Over the last year, South Miami appreciation rates have trailed the rest of the nation. In the last twelve months, South Miami's appreciation rate has been -3.81%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in South Miami were at 2.57%, which equates to an annual appreciation rate of 10.28%.

Importantly, this makes South 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 South Miami's latest annual appreciation rate is higher than 89% of the other cities and towns in Florida.