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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



West Miami, FL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

West Miami, FL Housing Market Trends

With 6,992 people, 2,695 houses or apartments, and a median cost of homes of $693,184, West Miami house prices are not only among the most expensive in Florida, West Miami real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in West Miami, accounting for 53.14% of the city's housing units. Other types of housing that are prevalent in West Miami include large apartment complexes or high rise apartments ( 31.08%), row houses and other attached homes ( 7.44%), and a few mobile homes or trailers ( 4.72%).

People in West Miami primarily live in small (one, two or no bedroom) single-family detached homes. West Miami has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. West Miami's housing was primarily built during this period, from the '40s through the '60s. A full 56.86% of the city's housing hails from this era. Other housing ages represented in West Miami include homes built between 2000 and later ( 24.26%) and housing constructed between 1970-1999 ( 18.23%).

West Miami Home Appreciation Rates

In the last 10 years, West Miami has experienced some of the highest home appreciation rates of any community in the nation. West Miami real estate appreciated 175.16% over the last ten years, which is an average annual home appreciation rate of 10.65%, putting West Miami in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, West Miami definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in West Miami that despite a nationwide downturn in the housing market, West Miami real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, West Miami appreciation rates continue to be some of the highest in America, at 14.35%, which is higher than appreciation rates in 97.02% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in West Miami. West Miami appreciation rates in the latest quarter were at 3.44%, which equates to an annual appreciation rate of 14.50%.

Importantly, this makes West Miami one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Florida, our data show that West Miami's latest annual appreciation rate is higher than 90% of the other cities and towns in Florida.

Average Home Values

Median Home Value

$693,184

West Miami, FL Home Prices
> $1,642,000
$1,231,001 - $1,642,000
$821,001 - $1,231,000
$657,001 - $821,000
$492,001 - $657,000
$329,001 - $492,000
$164,001 - $329,000
$82,001 - $164,000
$0 - $82,000
1.2%
1.2%
1.0%
1.0%
32.5%
32.5%
22.5%
22.5%
17.9%
17.9%
9.9%
9.9%
4.9%
4.9%
1.5%
1.5%
8.7%
8.7%
0% 100.0%
% of Homes
Very High

for Florida

Very High

for nation

Number of Homes And Apartments:

2,695

West Miami Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,986 / per month

Homeownership Rate

Owners
Renters
57.1%
57.1%
42.9%
42.9%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
7.1%
7.1%
92.9%
92.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
24.3%
24.3%
18.2%
18.2%
56.9%
56.9%
0.7%
0.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
53.1%
53.1%
7.4%
7.4%
3.6%
3.6%
31.1%
31.1%
4.7%
4.7%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.8%
3.8%
14.8%
14.8%
42.6%
42.6%
28.3%
28.3%
9.5%
9.5%
1.0%
1.0%
0% 100.0%
% of Homes