The Miami Heatmap

Much like the weather of Miami, the real estate market has been hot.  With miles of beach, a diverse population and summer weather year round, Miami has been a popular destination for many home and condo buyers.  However, there are indications of some cooling indicated by rising inventory (houses currently for sale) according to the Miami Housing Tracker.  Even back in February of this year, the Miami Herald was talking of a slower market.  Zillow shows a small blip, but not quite a slowdown in house values.  Looking into our data, it appears that the declining sale prices might be a result of changing inventory.  Specifically, the condo market has risen dramatically over the past years while housing construction has not quite been as strong.  Take a look at Stan’s post about the South Florida market for more details and analysis.

Now that we know a little bit more about the Miami market let’s take a visual look at the data.  The Miami Herald has already given us median home prices for 2005 as well as home price appreciation from 2000 to 2005.  And above you can see the Zestimate price per square foot for the Miami-Dade area.  The most exclusive and expensive neighborhoods can be found around Miami Beach, on Fisher Island and Coconut Grove.  Just a bit south, Key Biscayne and on the mainland in Coral Gables you will also find more prime real estate.  The most affordable beach real estate can be found in North Miami Beach up through Beverley Beach and into the Hollywood Beach area.  Not surprisingly, you will find the most affordable real estate inland near downtown Miami, North Miami and up into Carol City.

For heat maps of other cities, check out our new heat map page.