West Miami, FL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating West Miami Neighborhoods Since 2000




West 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

West Miami Housing Market Information

With a population of 6,949, 2,034 total housing units (homes and apartments), and a median house value of $353,306, real estate costs in West Miami are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Florida communities.

Single-family detached homes are the single most common housing type in West Miami, accounting for 70.31% of the city's housing units. Other types of housing that are prevalent in West Miami include large apartment complexes or high rise apartments ( 13.24%), mobile homes or trailers ( 7.22%), and a few row houses and other attached homes ( 5.42%).

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 87.64% of the city's housing hails from this era. Other housing ages represented in West Miami include homes built between 1970-1999 ( 7.67%) and housing constructed before 1939 ( 2.85%). There's also some housing in West Miami built between 2000 and later ( 1.84%).

West Miami Home Appreciation Rates

West Miami's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in West Miami during the period has been just -1.25%, which is lower than 70% of US communities.

Appreciation rates are so strong in West Miami that despite a nationwide downturn in the housing market, West Miami real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, West Miami appreciation rates continue to be some of the highest in America, at 9.62%, which is higher than appreciation rates in 92.72% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in West Miami. West Miami appreciation rates in the latest quarter were at 1.80%, which equates to an annual appreciation rate of 7.39%.

Importantly, this makes West 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 West Miami's latest annual appreciation rate is higher than 60% of the other cities and towns in Florida.

Average Home Values

 

Median Home Value:
$353,306

West Miami, FL HOME PRICES

Value Range
> $1,464,000 2.1
$1,098,001 - $1,464,000 0.0
$732,001 - $1,098,000 0.0
$586,001 - $732,000 2.9
$439,001 - $586,000 20.7
$293,001 - $439,000 36.1
$147,001 - $293,000 29.6
$73,001 - $147,000 2.7
$0 - $73,000 5.8

High for FL
Very High for Nation

Value Relative to Nation Value Relative to State
11.9418727294035 20.5128205128205

Number Of Homes And Apartments:
2,034

West 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
109.65% 4.38% 9 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,502 / per month

Homeownership Rate

Homeownership
Owners 56.24
Renters 43.76
Vacant 6.53

Housing Market Details

 

Age of Homes

AGE OF West Miami HOMES
2000 or Newer 1.8
1970 - 1999 7.7
1940 - 1969 87.6
1939 or Older 2.8

Types of Homes

TYPE OF West Miami HOMES
Single-Family 70.3
Townhomes 5.4
Small Apt. Buildings 3.0
Apt. Complexes 13.2
Mobile Homes 7.2
Other 0.8

Home Size

SIZE OF West Miami HOMES
No Bedroom 2.67
1 Bedroom 11.58
2 Bedrooms 38.83
3 Bedrooms 37.13
4 Bedrooms 8.55
5 or more bedrooms 1.24