West 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 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

West Miami, FL Housing Market Trends

With a population of 8,767, 2,632 total housing units (homes and apartments), and a median house value of $430,603, West Miami house prices are not only among the most expensive in Florida, West 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 West Miami, accounting for 61.18% of the city's housing units. Other types of housing that are prevalent in West Miami include large apartment complexes or high rise apartments ( 21.02%), row houses and other attached homes ( 8.55%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.33%).

People in West Miami primarily live in small (one, two or no bedroom) single-family detached homes. West 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. West Miami's housing was primarily built during this period, from the '40s through the '60s. A full 74.70% of the city's housing hails from this era. Other housing ages represented in West Miami include homes built between 1970-1999 ( 12.83%) and housing constructed between 2000 and later ( 11.96%).

West Miami Home Appreciation Rates

In the last 10 years, West Miami has experienced some of the highest home appreciation rates of any community in the nation. West Miami real estate appreciated 120.43% over the last ten years, which is an average annual home appreciation rate of 8.22%, putting West Miami in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, West Miami 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, West Miami's appreciation rate, at 5.70%, has been at or slightly above the national average. In the latest quarter, West Miami's appreciation rate has been 1.46%, which annualizes to a rate of 5.98%.

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

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

Average Home Values

 

Median Home Value:
$430,603

West Miami, FL HOME PRICES

> $1,256,000
0.6%
0.6%
$942,001 - $1,256,000
0.2%
0.2%
$628,001 - $942,000
5.0%
5.0%
$502,001 - $628,000
13.7%
13.7%
$377,001 - $502,000
47.3%
47.3%
$251,001 - $377,000
23.2%
23.2%
$125,001 - $251,000
4.7%
4.7%
$63,001 - $125,000
2.1%
2.1%
$0 - $63,000
3.1%
3.1%
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:
2,632

West Miami 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
164.93% 4.75%
9
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,874 / per month

Homeownership Rate

Owners
54.8%
54.8%
Renters
45.2%
45.2%
Vacant
4.6%
4.6%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
12.0%
12.0%
1970 - 1999
12.8%
12.8%
1940 - 1969
74.7%
74.7%
1939 or Older
0.5%
0.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
61.2%
61.2%
Townhomes
8.6%
8.6%
Small Apt. Buildings
5.3%
5.3%
Apt. Complexes
21.0%
21.0%
Mobile Homes
3.9%
3.9%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.6%
2.6%
1 Bedroom
13.6%
13.6%
2 Bedrooms
35.0%
35.0%
3 Bedrooms
39.6%
39.6%
4 Bedrooms
7.9%
7.9%
5 or more bedrooms
1.3%
1.3%
0.0% 100.0%
% OF HOMES