Miami Shores, FL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Miami Shores Neighborhoods Since 2000




Miami Shores, FL Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Miami Shores Housing Market Information

With 10,831 people, 3,250 houses or apartments, and a median cost of homes of $553,084, Miami Shores house prices are not only among the most expensive in Florida, Miami Shores 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 Miami Shores, accounting for 80.31% of the village's housing units. Other types of housing that are prevalent in Miami Shores include large apartment complexes or high rise apartments ( 10.18%), row houses and other attached homes ( 6.85%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.47%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Miami Shores. Owner-occupied housing accounts for 81.73% of Miami Shores's homes, and 65.59% have either three or four bedrooms, which is average sized relative to America.

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 Shores's housing was primarily built during this period, from the '40s through the '60s. A full 67.96% of the village's housing hails from this era. Other housing ages represented in Miami Shores include homes built before 1939 ( 17.19%) and housing constructed between 1970-1999 ( 12.81%). There's also some housing in Miami Shores built between 2000 and later ( 2.04%).

Vacant housing appears to be an issue in Miami Shores. Fully 12.70% of the housing stock is classified as vacant. Left unchecked, vacant Miami Shores homes and apartments can be a drag on the real estate market, holding Miami Shores 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.

Miami Shores Home Appreciation Rates

Appreciation rates for homes in Miami Shores have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 0.53%, which ranks in the top 50% nationwide. This equates to an annual average Miami Shores house appreciation rate of 0.05%.

Appreciation rates are so strong in Miami Shores that despite a nationwide downturn in the housing market, Miami Shores real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Miami Shores appreciation rates continue to be some of the highest in America, at 10.39%, which is higher than appreciation rates in 94.81% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Miami Shores. Miami Shores appreciation rates in the latest quarter were at 1.80%, which equates to an annual appreciation rate of 7.39%.

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

Relative to Florida, our data show that Miami Shores's latest annual appreciation rate is higher than 60% of the other cities and towns in Florida.

Average Home Values

 

Median Home Value:
$553,084

Miami Shores, FL HOME PRICES

Value Range
> $1,447,000 3.2
$1,086,001 - $1,447,000 2.7
$724,001 - $1,086,000 14.7
$579,001 - $724,000 9.7
$434,001 - $579,000 17.5
$289,001 - $434,000 15.8
$145,001 - $289,000 26.7
$72,001 - $145,000 7.3
$0 - $72,000 2.3

Very High for FL
Very High for Nation

Value Relative to Nation Value Relative to State
4.6847533106762 7.58547008547009

Number Of Homes And Apartments:
3,250

Miami Shores Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
157.24% 5.63% 10 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,653 / per month

Homeownership Rate

Homeownership
Owners 81.73
Renters 18.27
Vacant 12.70

Housing Market Details

 

Age of Homes

AGE OF Miami Shores HOMES
2000 or Newer 2.0
1970 - 1999 12.8
1940 - 1969 68.0
1939 or Older 17.2

Types of Homes

TYPE OF Miami Shores HOMES
Single-Family 80.3
Townhomes 6.8
Small Apt. Buildings 2.5
Apt. Complexes 10.2
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Miami Shores HOMES
No Bedroom 0.51
1 Bedroom 3.71
2 Bedrooms 25.30
3 Bedrooms 52.46
4 Bedrooms 13.13
5 or more bedrooms 4.89