Miami Springs, FL Real Estate Market

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 Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Miami Springs, FL Housing Market Trends

With 13,917 people, 4,879 houses or apartments, and a median cost of homes of $454,831, Miami Springs house prices are not only among the most expensive in Florida, Miami Springs 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 Springs, accounting for 63.64% of the city's housing units. Other types of housing that are prevalent in Miami Springs include large apartment complexes or high rise apartments ( 30.52%), duplexes, homes converted to apartments or other small apartment buildings ( 3.92%), and a few row houses and other attached homes ( 1.91%).

The most prevalent building size and type in Miami Springs are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 55.01% owning and 44.99% renting.

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 Springs's housing was primarily built during this period, from the '40s through the '60s. A full 65.46% of the city's housing hails from this era. Other housing ages represented in Miami Springs include homes built between 1970-1999 ( 25.55%) and housing constructed before 1939 ( 5.95%). There's also some housing in Miami Springs built between 2000 and later ( 3.04%).

Miami Springs Home Appreciation Rates

In the last 10 years, Miami Springs has experienced some of the highest home appreciation rates of any community in the nation. Miami Springs real estate appreciated 82.72% over the last ten years, which is an average annual home appreciation rate of 6.21%, putting Miami Springs in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Miami Springs definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Miami Springs's appreciation rate, at 5.70%, has been at or slightly above the national average. In the latest quarter, Miami Springs's appreciation rate has been 1.46%, which annualizes to a rate of 5.98%.

Notably, Miami Springs's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Florida, our data show that Miami Springs's latest annual appreciation rate is lower than 90% of the other cities and towns in Florida.

Average Home Values

 

Median Home Value:
$454,831

Miami Springs, FL HOME PRICES

> $1,189,000
2.1%
2.1%
$892,001 - $1,189,000
1.7%
1.7%
$595,001 - $892,000
16.7%
16.7%
$476,001 - $595,000
25.0%
25.0%
$357,001 - $476,000
29.4%
29.4%
$238,001 - $357,000
15.3%
15.3%
$119,001 - $238,000
8.7%
8.7%
$59,001 - $119,000
0.7%
0.7%
$0 - $59,000
0.4%
0.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for FL

Value Relative To Nation

Number Of Homes And Apartments:
4,879

Miami Springs Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
171.23% 4.87%
9
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,529 / per month

Homeownership Rate

Owners
55.0%
55.0%
Renters
45.0%
45.0%
Vacant
8.4%
8.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
3.0%
3.0%
1970 - 1999
25.5%
25.5%
1940 - 1969
65.5%
65.5%
1939 or Older
6.0%
6.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
63.6%
63.6%
Townhomes
1.9%
1.9%
Small Apt. Buildings
3.9%
3.9%
Apt. Complexes
30.5%
30.5%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
6.0%
6.0%
1 Bedroom
17.2%
17.2%
2 Bedrooms
24.3%
24.3%
3 Bedrooms
37.5%
37.5%
4 Bedrooms
12.3%
12.3%
5 or more bedrooms
2.7%
2.7%
0.0% 100.0%
% OF HOMES