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The best neighborhood to find a bargain in Miami

by Zachary Wright

While home price growth has slowed, many are still unable to afford a home in some of America’s biggest cities. But Realtor.com may have a few suggestions. In a recently published survey, Realtor.com listed the best neighborhoods to find a bargain in the 10 largest cities in the country including Miami.

For each market, Realtor.com researched ZIP codes measuring median prices, days on market and the number of homes for sale. Narrowing down even further, Realtor.com only included ZIP codes with 12 homes for sale in any given month.

Urban areas have seen the highest growth in home prices. The median home price in urban areas has increased 36.1 percent over the past three years. In suburban areas, home prices have increased around 24 percent, and rural areas have seen an 18 percent increase.

In Miami, potential buyers may want to consider living downtown. While it is slightly more expensive – the median listing price downtown is $416,900 – it’s only 4 percent more than the city’s median listing price of $399,000. In exchange, downtown residents mostly live in high-end condos and enjoy higher-quality amenities.

Danielle Hale, chief economist of Realtor.com, said buyers across the country are trying to be more realistic with their budgets and the areas that they look. “They’re looking for homes that might be smaller or maybe require some work, or to neighborhoods that are less expensive that might be their second pick,” Hale said.

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