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 a population of 66,498, 19,154 total housing units (homes and apartments), and a median house value of $155,889, Homestead real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Homestead, accounting for 40.46% of the city's housing units. Other types of housing that are prevalent in Homestead include large apartment complexes or high rise apartments ( 35.77%), row houses and other attached homes ( 11.38%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.63%).
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 39.13% owning and 60.87% renting.
Homestead homes and real estate are some of the newest in America. 51.76% 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 ( 36.31%), and between 1940-1969 ( 10.65%). There's also some housing in Homestead built before 1939 ( 1.27%).
Vacant housing appears to be an issue in Homestead. Fully 15.25% 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.
Homes have actually lost value in Homestead over the last then years, as home values have seen a decline of 23.87% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Homestead home appreciation rates at 2.75%, which equates to an annual appreciation rate of 11.48%.
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 8.96%, which is higher than appreciation rates in 87.93% 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 2.75%, which equates to an annual appreciation rate of 11.48%.
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.
|$1,077,001 - $1,436,000||0.1|
|$718,001 - $1,077,000||0.2|
|$575,001 - $718,000||0.4|
|$430,001 - $575,000||5.0|
|$287,001 - $430,000||11.9|
|$143,001 - $287,000||39.5|
|$72,001 - $143,000||30.9|
|$0 - $72,000||11.9|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
2000 Q1 - 2017 Q2
|* 10 is highest|
|AGE OF Homestead HOMES|
|2000 or Newer||51.8|
|1970 - 1999||36.3|
|1940 - 1969||10.7|
|1939 or Older||1.3|
|TYPE OF Homestead HOMES|
|Small Apt. Buildings||8.6|
|SIZE OF Homestead HOMES|
|5 or more bedrooms||2.64|