South Miami, FL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating South Miami Neighborhoods Since 2000




South Miami, 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

South Miami Housing Market Information

With a population of 12,242, 4,221 total housing units (homes and apartments), and a median house value of $483,757, South Miami house prices are not only among the most expensive in Florida, South Miami 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 South Miami, accounting for 57.17% of the city's housing units. Other types of housing that are prevalent in South Miami include large apartment complexes or high rise apartments ( 32.69%), row houses and other attached homes ( 5.07%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.53%).

The most prevalent building size and type in South Miami are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 60.76% owning and 39.24% 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. South Miami's housing was primarily built during this period, from the '40s through the '60s. A full 58.61% of the city's housing hails from this era. Other housing ages represented in South Miami include homes built between 1970-1999 ( 25.61%) and housing constructed between 2000 and later ( 13.93%). There's also some housing in South Miami built before 1939 ( 1.86%).

Vacant housing appears to be an issue in South Miami. Fully 14.81% of the housing stock is classified as vacant. Left unchecked, vacant South Miami homes and apartments can be a drag on the real estate market, holding South Miami 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.

South Miami Home Appreciation Rates

Appreciation rates for homes in South Miami have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 8.33%, which ranks in the top 40% nationwide. This equates to an annual average South Miami house appreciation rate of 0.80%.

Appreciation rates are so strong in South Miami that despite a nationwide downturn in the housing market, South Miami real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, South Miami appreciation rates continue to be some of the highest in America, at 8.49%, which is higher than appreciation rates in 88.89% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in South Miami. South Miami appreciation rates in the latest quarter were at 1.80%, which equates to an annual appreciation rate of 7.39%.

Importantly, this makes South Miami 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 South Miami'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 South Miami differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in South Miami - 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 South Miami real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$483,757

South Miami, FL HOME PRICES

Value Range
> $1,395,000 3.6
$1,046,001 - $1,395,000 6.0
$698,001 - $1,046,000 19.1
$558,001 - $698,000 10.3
$419,001 - $558,000 23.1
$279,001 - $419,000 22.1
$139,001 - $279,000 13.5
$70,001 - $139,000 1.2
$0 - $70,000 1.0

Very High for FL
Very High for Nation

Value Relative to Nation Value Relative to State
6.35181061760225 10.6837606837607

Number Of Homes And Apartments:
4,221

South Miami 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
164.42% 5.80% 10 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,683 / per month

Homeownership Rate

Homeownership
Owners 60.76
Renters 39.24
Vacant 14.81

Housing Market Details

 

Age of Homes

AGE OF South Miami HOMES
2000 or Newer 13.9
1970 - 1999 25.6
1940 - 1969 58.6
1939 or Older 1.9

Types of Homes

TYPE OF South Miami HOMES
Single-Family 57.2
Townhomes 5.1
Small Apt. Buildings 3.5
Apt. Complexes 32.7
Mobile Homes 1.1
Other 0.4

Home Size

SIZE OF South Miami HOMES
No Bedroom 3.25
1 Bedroom 17.94
2 Bedrooms 25.33
3 Bedrooms 37.34
4 Bedrooms 13.10
5 or more bedrooms 3.05