Playground of the rich and famous, real estate in Miami is big business, especially at the upper end of the market. Miami’s median home price jumped by 57% over the past five years, hitting $275,000 in 2017. Significant price growth can be observed on a zip code level as well. In fact, 39 of Miami’s 54 priciest zips saw the median price grow by more than $100,000, while the remaining 15 saw their medians appreciate by more than $50,000 each.
For an in-depth view on how Miami’s housing market is trending, we analyzed all closed residential transactions in the city in 2012 and compared them to 2017 figures. Read on to see which five Miami zips had the highest increases in median home prices compared to 2012.
Median sale price: $587,450
Change in median sale price compared to 2012: $248,438
Bordering Downtown Miami and stretching north along Biscayne Bay, 33137 includes some of Miami’s most iconic waterfront neighborhoods. Covering Edgewater, Beverly Terrace, Buena Vista, Morningside, and slices of Little Haiti and the Upper East Side, 33137 is Miami’s #1 fastest rising area, with a price appreciation of $248,438 between 2012 and 2017. The Biscayne Bay waterfront’s price surge has been significantly driven by condo sales, 320 of which closed at an average sale price of $725,000. It’s also right next to prime Miami office space.
The Biscayne Bay Waterfront Residence condos at 2900 NE 7 Avenue were also a boon for home price medians in the area. Opened in 2016, the 399-unit luxury condo sold 182 units in 2017 with the average price clocking in at $1,000,000.
Median sale price: $710,000
Change in median sale price compared to 2012: $200,000
Including long-established luxury neighborhoods such as Gables By The Sea, Pinecrest, Hammock Oaks, Old Cutler, Gables Estates and parts of Dadeland, 33156 ranks as #2 fastest rising area in Miami, with a 39% median price growth. Overwhelmingly comprised of single-family neighborhoods, 33156 registered most of its sales activity in the single-family market. The luxury market was especially active in this pricey zip, with 76 sales closed at an average price of $1,267,500, pushing up the median home price by 39%.
Median sale price: $768,000
Change in median sale price compared to 2012: $188,000
The priciest zip code among Miami’s fastest rising areas, 33146 saw 2017 median prices expand by 32% over 2012 levels. Including established Coral Gables residential neighborhoods like Riviera, French Country Village, Chinese Village, parts of Golden Gate, and the University of Miami campus, 33146’s sales activity was concentrated in the single-family market, not the condo market. Upper-end homes drove the neighborhood’s price growth, with home prices averaging $985,000. Condo sales averaged significantly less at $345,000, but showed $84,000 in median price growth over 2012 numbers.
Median sale price: $335,000
Change in median sale price compared to 2012: $176,300
2017 sales were also below 2012 levels in Miami’s #4 fastest rising zip, 33145. Covering the neighborhoods of Coral Way and Silver Bluff Estates, 33145 saw the median home price more than double in 2017. The jaw-dropping 111% median price growth was fueled by single-family home purchases, which accounted for most sales. Condos here remained cheaper than detached homes, but at a $254,500 average, 2017 condo prices were noticeably higher than even 2012 detached home prices.
Just 3 miles from Downtown Miami, Coral Way offers a more budget-friendly housing market close to Miami’s vibrant core. The neighborhood is mostly single-family residential and is known for its tree cover.
Median sale price: $385,000
Change in median sale price compared to 2012: $176,000
The #5 fastest rising zip in Miami, 33138 is also an established residential area, with houses outnumbering and outpricing condos by a significant margin. Median prices grew by 84%, fueled by strong sales activity and high medians in the single-family market. 191 houses sold here last year at an average price of $526,600. Although condos sold in smaller numbers and for lower prices, averages grew here as well, increasing by more than 20%.
Methodology: To determine which are the fastest-developing zips in terms of home prices, we looked at all residential transactions closed in 2012 and compared them with the figures from 2017. We considered condos, co-ops, and single- and two-family homes. All package deals were excluded.