South Miami, 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

South Miami, FL Housing Market Trends

With a population of 12,026, 4,431 total housing units (homes and apartments), and a median house value of $708,541, 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 57.39% of the city's housing units. Other types of housing that are prevalent in South Miami include large apartment complexes or high rise apartments ( 33.33%), row houses and other attached homes ( 5.24%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.56%).

People in South Miami primarily live in small (one, two or no bedroom) single-family detached homes. South Miami has a mixture of owner-occupied and renter-occupied housing.

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 54.88% of the city's housing hails from this era. Other housing ages represented in South Miami include homes built between 1970-1999 ( 26.76%) and housing constructed between 2000 and later ( 17.43%).

South Miami Home Appreciation Rates

In the last 10 years, South Miami has experienced some of the highest home appreciation rates of any community in the nation. South Miami real estate appreciated 121.94% over the last ten years, which is an average annual home appreciation rate of 8.30%, putting South Miami in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, South Miami 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 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 15.86%, which is higher than appreciation rates in 78.41% 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 6.29%, which equates to an annual appreciation rate of 27.62%.

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 70% 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:
$708,541

South Miami, FL HOME PRICES

> $1,423,000
5.8%
5.8%
$1,067,001 - $1,423,000
12.6%
12.6%
$711,001 - $1,067,000
34.0%
34.0%
$569,001 - $711,000
8.8%
8.8%
$427,001 - $569,000
22.2%
22.2%
$284,001 - $427,000
11.5%
11.5%
$142,001 - $284,000
3.8%
3.8%
$71,001 - $142,000
0.4%
0.4%
$0 - $71,000
0.9%
0.9%
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:
4,431

South Miami 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
266.36% 6.15%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,168 / per month

Homeownership Rate

Owners
53.1%
53.1%
Renters
46.9%
46.9%
Vacant
7.9%
7.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
17.4%
17.4%
1970 - 1999
26.8%
26.8%
1940 - 1969
54.9%
54.9%
1939 or Older
0.9%
0.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
57.4%
57.4%
Townhomes
5.2%
5.2%
Small Apt. Buildings
3.6%
3.6%
Apt. Complexes
33.3%
33.3%
Mobile Homes
0.2%
0.2%
Other
0.3%
0.3%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.3%
4.3%
1 Bedroom
13.2%
13.2%
2 Bedrooms
30.8%
30.8%
3 Bedrooms
34.6%
34.6%
4 Bedrooms
12.9%
12.9%
5 or more bedrooms
4.2%
4.2%
0.0% 100.0%
% OF HOMES