Miami Real Estate & Home Prices

What’s life like in Miami? 

From a distance, life in Miami may seem like a non-stop party filled with glitz and glam. And to be sure: Miami’s nightlife is boisterous and brimming with clubs and bars. But there’s more to Miami than meets the eye, including lush landscapes, a vibrant art scene, and amazing food everywhere you turn. 

Named after the Miami River, which flows out of the Everglades, cuts through the city’s downtown, and empties into Biscayne Bay, the city was first inhabited by a Native American tribe known as the Tequesta. The Spanish didn’t arrive until 1513, when Juan Ponce de Léon sailed in Biscayne Bay. A few centuries later, one of Miami’s most famous settlers arrived — William Brickell, who moved to Miami from Ohio with his wife, Julia Tuttlel. The Brickells put down roots on the south bank of the river, where they set up a trading post and a post office. Today, Brickell’s legacy lives on in the city’s eponymous financial district, which has also become one of Miami’s most trendiest neighborhoods with lux hotels like the W Miami and the Mandarin Oriental, Miami. 

In more recent history, Miami has seen waves of Cuban immigrants fleeing the Castro regime. The result is a city full of diverse cultures and influences. It’s no surprise that this rich melting pot has been home to musicians like Gloria Estefan, Enrique Iglesias, Pitbull, DJ Khaled, and many more. And since 2002, the city has also hosted one of the world’s most famous art fairs, Art Basel Miami, which attracts tens of thousands of art fans from around the world. 

If you’re more drawn to natural landscapes, there are Miami’s white-sand beaches (of course). But the city also boasts 147 parks covering 1,400 acres, including David T. Kennedy Park and Biscayne National Park.    

Architecture and home trends in Miami 

Miami’s architectural scene has boomed along with its growth over the past few decades. But when you think of Miami’s buildings, you’re probably imagining elegant curves on symmetrical structures, geometric neon lighting, chrome accents, glass blocks, pastels, and rich terrazzo floors — all elements of Miami’s famous Art Deco style. With more than 800 Art Deco buildings, the city lays claim to the highest concentration of Art Deco architecture in the world. Most were built during the period between the World Wars, before the Great Depression. The Miami Art Deco Historic District, along Miami Beach, has stunning examples of this style, including notable buildings like The Breakwater Hotel, The Colony Theatre, The Webster, and The McAlpin. 

While you will find Art Deco homes in Miami, the city’s Spanish history is also evident, with Mission style homes among some of the more popular styles. With its stucco or limestone exteriors, arched doorways, and tiled roofs, this style is reminiscent of the city’s early Spanish Mission churches. 

If you’re looking in the Coconut Grove or Overtown neighborhoods, you may find homes built in the Bahamian and Conch style. More commonly associated with Key West, homes in this style are typically elevated or built on piers, allowing airflow under the home. They also feature porches that stretch across the full width of the house, clapboard siding, and low gabled roofs. 

Other styles you may see when searching the Miami housing market: Mediterranean Revival (which often feature lush gardens), quaint bungalows, and of course, lots of luxury condos. Given Miami’s warm, sunny weather, it will come as no surprise that some of the most popular home features draw you outside. Realm’s data revealed that more than 3,800 listings in the last year featured a pool, while another 1,686 homes noted a patio. You’re also likely to find listings with fresh kitchen updates, as kitchen remodels were noted in 1,376 listings. 

Tips if you're looking for a Miami home

Although Miami is currently in the midst of a major building boom — new condos alone could add more than 10,000 units to the city in the coming years — many of the city’s housing inventory dates back decades. In fact, Realm’s data analysis found that most homes in the city were built in 1950. These older homes have tons of charm and character, but they may also need extra attention, particularly more costly systems, like electrical, plumbing, and HVAC. 

As with any real estate purchase, it’s imperative that you get a thorough inspection before committing to buy. Many homes built during the 1950s have cast-iron sewer lines that can corrode or crack. If the electrical wiring hasn’t been upgraded, you want to look out for ungrounded outlets, which increase the risk of an electrical fire. 

Of course, if you’re thinking about purchasing a home in Miami, you also have to consider the potential for floods. Hurricane season runs each year from June 1 - November 30 and it can bring severe storms to the area. Rising sea levels, which are projected to increase 10-17 inches by 2040, also present water risks for homeowners. If you’re looking for a home in Miami, take note that 30% of homes in the city are within a flood zone. It’s critical that you know whether your potential property is within a flood zone and if it is, that you get the proper flood insurance to protect yourself and your asset. It almost goes without saying, but given Miami’s wet weather and general humidity, wildfires aren’t an issue. Realm’s data revealed that no homes in the city are within the designated perimeter of a wildfire that’s occurred within the past five years. 

Frequently asked questions about Miami real estate

Are real estate prices going down in Miami? 

Like much of the country, Miami has seen home prices increase over the past year. But even before 2021, Miami’s housing market was on the rise. Homes in the city averaged an annual appreciation increase of 8.38% over the last decade. From 2020 to 2021, the median price for single family homes rose 31.6%, from $380,000 to $500,000. 

What’s a good salary in Miami? 

According to research from the Economic Policy Institute, the average family of four living in Miami spends nearly $85,000 annually. Given that the average salary in the Miami-Fort Lauderdale-Pompano Beach area was about $60,000 in 2019, that means that to live comfortably, you’d likely need one adult with an above-average salary or a two-income household. 

Is Miami a good place to do real estate? 

It depends on your role in the housing market. If you’ve owned a home for several years and are looking to sell, prices continue to climb and you’re likely in a good position to make some money off your home. And it seems sellers are taking advantage of the hot market. From 2020 to 2021, Miami-Dade County’s single-family home sales jumped 66.9%. Of course, if you’re a real estate agent or broker, increased sales and higher prices mean increased revenue. 

What’s the best area of Miami to live in? 

That all depends on what you’re looking for. Love the big-city feel? Miami Beach, Edgewater, or Brickell might be best. Looking for an area with great schools? Check out Pinecrest. Love historic homes in lush surroundings? Coconut Grove is like a tropical paradise. And if you want to be surrounded by Latin culture, you’ll want to explore Little Havana.