While South Florida has generally seen modest home value growth, some neighborhood values have increased by double digits this year. According to a recent Redfin study, nearly half of the top 23 increasing home values throughout the area belong to neighborhoods in Miami-Dade county.
Redfin collected sales data across the tri-county area from January 2017 to June 2017. Researchers then ranked each neighborhood by greatest price change year-over-year. Each zip code ranked in the study had at least 100 sales by the end of June, and 11 Miami neighborhoods made the list.
According to the report, neighborhoods outside central cities like Miami saw the most notable gains. Suburbs such as South Miami, North Miami and West Kendall ranked high on the list partially due to their large amount of open space available for further development. None of Miami’s downtown neighborhoods made the list.
While South Florida’s luxury market sales have slowed in recent years, some of these markets still ranked within the top 23. Affluent zip codes like Miami Beach and Pinecrest experienced strong sales growth this year compared to other neighborhoods in the area.
Some Miami-Dade spots, on the other hand, didn’t fare so well. Sales in downtown Miami/Brickell decreased by 11.1 percent, while the area of Sunny Isles Beach/Golden Beach/North Miami Beach dropped 10.3 percent, according to the report.
|Ranking||Name, Zip Code||Median Sale Price||YoY Price Change||YoY Sale Volume Change|
|3||North Miami, 33161||$259,000||44.70%||5.40%|
|5||South Miami, 33143||$462,500||40.20%||18.20%|
|23||West Kendall, 33193||$279,500||34.40%||-0.07%|
|23||Miami Beach, 33140||$620,000||24%||-26.10%|
|23||Miami Gardens, 33169||$187,000||23.40%||-12.70%|
|23||Palm Springs North, 33015||$232,250||23.40%||6.00%|
|23||Miami Gardens, 33056||$210,000||22.10%||14.70%|