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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 70,477 people, 18,499 houses or apartments, and a median cost of homes of $206,520, 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 40.34% of the city's housing units. Other types of housing that are prevalent in Homestead include large apartment complexes or high rise apartments ( 34.84%), row houses and other attached homes ( 15.56%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.21%).
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 38.92% owning and 61.08% renting.
Homestead homes and real estate are some of the newest in America. 52.65% 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 ( 35.73%), and between 1940-1969 ( 10.51%). There's also some housing in Homestead built before 1939 ( 1.11%).
Vacant housing appears to be an issue in Homestead. Fully 12.26% 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.
In the last 10 years, Homestead has experienced some of the highest home appreciation rates of any community in the nation. Homestead real estate appreciated 78.62% over the last ten years, which is an average annual home appreciation rate of 5.97%, putting Homestead in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Homestead 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 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 4.96%, which is higher than appreciation rates in 70.44% 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 0.78%, which equates to an annual appreciation rate of 3.17%.
Notably, Homestead's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Florida, our data show that Homestead'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 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 2000, to assist you in making the best Homestead real estate investment or home purchase decisions.
|$1,118,001 - $1,491,000||0.9|
|$745,001 - $1,118,000||0.1|
|$596,001 - $745,000||2.7|
|$447,001 - $596,000||7.0|
|$298,001 - $447,000||20.7|
|$149,001 - $298,000||42.5|
|$75,001 - $149,000||16.6|
|$0 - $75,000||9.4|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2019 Q2 - 2019 Q3
Last 12 Months:
2018 Q3 - 2019 Q3
Last 2 Years:
2017 Q3 - 2019 Q3
Last 5 Years:
2014 Q3 - 2019 Q3
Last 10 Years:
2009 Q3 - 2019 Q3
2000 Q1 - 2019 Q3
|* 10 is highest|
|AGE OF Homestead HOMES|
|2000 or Newer||52.7|
|1970 - 1999||35.7|
|1940 - 1969||10.5|
|1939 or Older||1.1|
|TYPE OF Homestead HOMES|
|Small Apt. Buildings||6.2|
|SIZE OF Homestead HOMES|
|5 or more bedrooms||2.88|