Home prices in Miami-Dade have risen by leaps and bounds over the past five years, more than doubling in some neighborhoods, according to a new report.

Between 2012 and 2017, the median home price in Miami rose 57 percent to $275,000, according to Property Shark. In 39 of Miami’s 54 zip codes, the median price grew by more than $100,000. And the fastest growing zip codes included Edgewater, Buena Vista and Little Haiti, Coral Gables and Silver Bluff.

Property Shark looked at closed residential deals in 2012 and compared them to 2017.

In the zip code 33137, which includes Edgewater, Beverly Terrace, Buena Vista, Morningside, and parts of Little Haiti and the Upper East Side, the median sale price in 2017 was $587,450, up from about $248,000 in 2012. New condo development in Edgewater has contributed to quickly rising prices.

The 33156 zip code covering Gables by the Sea, Pinecrest, Hammock Oaks, Old Cutler, Gables Estates and parts of Dadeland, saw the second fastest growing median home price over the last five years. Luxury single-family homes accounted for the 39 percent price jump to $710,000 from $200,000 in 2012, according to the report.

Single-family homes again accounted for the jump in price growth in the 33146 area. The median price increased 32 percent over five years to $768,000 from $188,000. The zip code covers other portions of Coral Gables, including Riviera, French Country Village, the Chinese Village, University of Miami and Golden Gate.

Zip codes 33145 and 33138 also made the cut. The fourth quickest rising zip code, 33145, includes Coral Way and Silver Bluff. Prices rose from $176,300 in 2012 to $335,000 last year. Further northeast in the 33138 zip code, prices were up to $385,000 from $176,000. That area includes parts of Miami Shores and El Portal.


Source: The Real Deal

By Katherine Kallergis | February 06, 2018 04:30PM