Top 10 Miami Neighborhoods with The Fastest-Growing Real Estate Values!

What are Miami’s most successful Neighborhoods over the last five years, and can they keep appreciating? We looked at top-level sales of all the desired neighborhoods and saw what worked the best.

Miami’s Most Successful Neighborhoods on terms of appreciation

AREA Price per SF TOP 5 SALES 2023/2024 Price per SF TOP 5 SALES 2018/2019 Market Appreciation in %
West Coral Gables - Homes $1825 $645 183%
Miami Beach - Homes $4715 $2,010 135%
Coconut Grove - Condos $2731 $1,208 126%
Pinecrest - Homes $1369 $652 110%
Surfside - Condos $4,792 $2,366 103%
South Miami - Homes $896 $459 95%
Ponce Davis - Homes $1,465 $759 93%
Key Biscayne - Homes $2,506 $1,339 87%
Coconut Grove - Homes $1,870 $1,069 75%
High Pines - Homes $1,062 $611 74%
East Coral Gables - Homes $2,662 $1,545 72%
The Roads - Homes $838 $495 69%
Bal Harbour - Condos $3,462 $2,065 68%
Shenandoah - Homes $735 $450 63%
Miami Beach - Homes $3,773 $2,495 51%
Brickell - Condos $1,802 $1.230 47%
Edgewater - Condos $1,523 $1,033 47%
Downtown Miami - Condos $1,537 $1,086 42%
Sunny Isles - Condos $2,490 $1,835 36%
Fisher Island - Condos $2,968 $2,289 30%
South of Fifth - Condos $4,040 $3,334 21%
Miami Beach - Condos $3,430 $2,960 16%
Key Biscayne - Condos $2,362 $2,173 9%

Average appreciation rates for top sales across various Miami neighborhoods from 2018/2019 to 2023/2024

The Best Performing Miami Neighborhoods: Primary Single Family Markets Take the Top Spots

It is well known that the Miami real estate market has seen remarkable property appreciations. However, what isn’t often discussed is the significant variation between different areas, with appreciation rates ranging from 9% to 183%. Why such variation? The most significant growth occurs in primary markets, where people move to live year-round and where there is a genuine need for housing. The migration wave, along with the need for Miami families to live near urban centers, their jobs, and the best schools, creates strong demand in a low-supply market. Single-family homes are particularly scarce because Miami is bordered by water and the Everglades, limiting the amount of land available for new construction. Naturally, markets with these characteristics grow faster than condo markets, which have a higher supply and are more investor-driven, resulting in more dynamic price changes.

This is the reason why the single family home markets close to the top rated schools and business centers  have outperformed all others. In addition the best performing  condo markets are the markets that cater most to end-users with large condo residences that can substitute a home.

Up and Coming Miami Neighborhoods

Single Family home markets like Shenandoah and the Roads have performed very well in recent years. As buyers are priced out of areas such as the Coral Gables, Pinecrest, Coconut Grove and Ponce Davis they start looking at Shenandoah, The Roads, previously less desired areas in West Gables and some pockets of South Miami. These are the areas where more and more new construction homes are appearing, which also lifts the overall appeal of the area.

Have We Reached the Peak?

Miami’s property values have soared due to limited supply and strong population growth. The finite land, few quality listings, and high demand for homes near city centers and top schools are driving continued market growth. High interest rates are currently causing both buyers and sellers to hold off, leading to a leveling period. Markets typically rise, stabilize, and then rise again, but the timing of the next surge is uncertain.

If interest rates drop or prices correct slightly, we can expect a new wave of buyers driven by substantial pent-up demand, ready to jump back into the market when deals improve or rates become more favorable.

What lies ahead for the Miami Real Estate Markets?

Have we already reached the summit, or is the best yet to come? Are there still good deals to be found, and will the market eventually adjust? Join Ana and Eli as they explore the economic dynamics of these Miami neighborhoods, discussing why certain areas excel and how others can continue to increase in value.

The 2024 Midyear Miami Housing Market Report and Forecast

With Ana Bozovic

2024 Market Outlook with Eli Beracha (FIU) – Forecasting the 2024 Miami Real Estate Market

With Eli Beracha

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FAQ

These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023. 

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!

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