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 Q3 2021. 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 13,859 people, 4,879 houses or apartments, and a median cost of homes of $522,250, 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 119.29% over the last ten years, which is an average annual home appreciation rate of 8.17%, 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.

Appreciation rates are so strong in Miami Springs that despite a nationwide downturn in the housing market, Miami Springs real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Miami Springs appreciation rates continue to be some of the highest in America, at 16.16%, which is higher than appreciation rates in 80.43% 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 Springs. Miami Springs appreciation rates in the latest quarter were at 6.29%, which equates to an annual appreciation rate of 27.65%.

Importantly, this makes Miami Springs 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 Miami Springs's latest annual appreciation rate is lower than 70% of the other cities and towns in Florida.

Average Home Values

 

Median Home Value:
$522,250

Miami Springs, FL HOME PRICES

> $1,365,000
2.1%
2.1%
$1,024,001 - $1,365,000
1.7%
1.7%
$683,001 - $1,024,000
16.7%
16.7%
$546,001 - $683,000
25.0%
25.0%
$409,001 - $546,000
29.4%
29.4%
$273,001 - $409,000
15.3%
15.3%
$137,001 - $273,000
8.7%
8.7%
$68,001 - $137,000
0.7%
0.7%
$0 - $68,000
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:
2021 Q2 - 2021 Q3
Last 12 Months:
2020 Q3 - 2021 Q3
Last 2 Years:
2019 Q3 - 2021 Q3
Last 5 Years:
2016 Q3 - 2021 Q3
Last 10 Years:
2011 Q3 - 2021 Q3
Since 2000:
2000 Q1 - 2021 Q3
210.72% 5.35%
9
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,777 / 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